NASDAQ August Losses makes it the worst month of 2023, even though it closed higher. U.S. stocks gave up early gains Thursday to close mixed after key inflation data showed price increases held steady in July, making it NASDAQ’s worst month,

Though NASDAQ was the only major index to close in the green, up 0.1% to extend its winning streak to five days. The S&P 500 sank in the last 15 minutes of the day and closed down 0.2%. The Dow Jones Industrial Average fell 0.5%, dragged down by its largest component, UnitedHealth Group (UNH).

NASDAQ August losses

The Nasdaq Composite notched its fourth-straight winning session but that wasn’t enough to prevent August from becoming the index’s worst month of 2023.

The Dow closed Thursday down 168 points, 0.5%, at 34,722, the NASDAQ Composite added 16 points, 0.1%, to 14,035 and the S&P 500 shed 7 points, 0.2%, to 4,508

The Fed’s preferred inflation gauge showed prices rose 0.2% in July, the same as in June. Core PCE, which excludes volatile food and energy prices, also rose 0.2% month-over-month and 4.2% year-over-year, a slight uptick from the month before.

Global stock update

Chinese stocks fell after data showed manufacturing activity fell for the sixth straight month in August. European equities rose after reports showed euro-area core inflation slowed, raising hopes the European Central Bank will hold interest rates steady next month.

Yesterday, stocks gained for a fourth straight day after the BEA revised its estimate of second-quarter GDP growth down, and private jobs data showed a slackening labor market.

Dow Drops 170 Points extending NASDAQ August losses

Falling for the first time in five sessions, the Dow Jones Industrial Average gave up about 0.5%, or about 170 points, as investors weighed inflation data that showed consumer spending remained robust in July. The NASDAQ closed its index in August with losses down 2.5%, breaking its two-month winning streak.

August Stock update

Salesforce (CRM) shares jumped 3% after it beat earnings forecasts and raised its full-year outlook, pointing to results from its cost-cutting measures and demand for its artificial intelligence (AI) tools.

3M (MMM) shares moved up 2.1% after it was upgraded to “Equalweight” from “Underweight” by Morgan Stanley, one of three analysts to upgrade the stock in recent weeks after the conglomerate reached settlements in lawsuits over defective earplugs and contamination from “forever chemicals.”

Intel (INTC) gained 1.8% after CEO Pat Gelsinger said at a conference the chipmaker is on course to meet its third-quarter forecasts.

Apple (AAPL) rose 0.1% in August’s final trading session, but it wasn’t enough to bring it into the green for the month. That concludes the tech giant’s seven-month winning streak, making it NASDAQ worst month of 2023.

Shares of UnitedHealth Group (UNH), the Dow’s largest component, dropped 3%, dragging down the price-weighted index.

Boeing (BA) declined 2.1% despite Air China saying it would take deliveries of the company’s 737 Max for the first time in 4 years.

Futures stretches gains

U.S. consumer inflation picked up slightly in July, but was exactly as expected, according to the measure that is known to be favored by the Federal Reserve.

The personal consumption expenditures index rose by 4.2% in the year to July, the U.S. Bureau of Economic Analysis said, compared to annual growth of 4.1% in June. The index rose by 0.2%in July when compared to June.

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