U.S. stock markets experienced a decline on Thursday. At the close of trading in New York, the Dow Jones Industrial Average stood at 44,786 points, representing a decrease of 0.3 percent compared to the previous trading day.
The broader S&P 500 index followed suit, closing around 6,370 points, down 0.4 percent. Simultaneously, the Nasdaq 100 index registered a value of approximately 23,143 points, a decrease of 0.5 percent.
Recent weakness in July’s labor market data, coupled with revisions to prior months’ figures, had led many investors to anticipate a potential interest rate cut by the U.S. Federal Reserve in September. This expectation shifted the focus from inflation control to the Fed’s secondary mandate of maximizing employment. However, ahead of a highly anticipated speech by Federal Reserve Chairman Jerome Powell on Friday, some members of the Federal Open Market Committee are tempering expectations for a September rate adjustment. The prevailing sentiment indicates that a significant amount of economic data will be released before the meeting and current figures do not strongly suggest an imminent rate cut.
In currency markets, the Euro weakened on Thursday evening, trading at 1.1606 U.S. dollars. Conversely, the U.S. dollar was valued at 0.8616 Euros.
The price of gold also declined, closing at 3,338 U.S. dollars per fine ounce, a decrease of 0.3 percent, equivalent to 92.48 Euros per gram.
Oil prices, however, bucked the trend, rising significantly. A barrel of Brent crude from the North Sea traded at 67.54 U.S. dollars on Thursday evening, which was 70 cents, or 1.1 percent, higher than the closing price on the previous day.
