NEW YORK — Stocks gave up early gains and closed lower, a downbeat end to the market’s first losing month since February. The S&P 500 ended with a loss of 0.2%, breaking a four-day winning streak. The Dow fell 168 points, or 0.5%. The Nasdaq edged up 0.1%. Treasury yields fell. The government reported that the measure of inflation that’s closely tracked by the Federal Reserve remained low last month. That’s the latest sign that price increases are cooling.
Technology and communications stocks notched some of the biggest gains. Software company Salesforce rose 3.4% after raising its profit forecast for the year. Cloud-based security company CrowdStrike jumped 8.8% after reporting strong financial results. The central bank has raised its main interest rate aggressively since 2022 to the highest level since 2001. The goal has been to rein inflation back to the Fed's target of 2%. PCE measured 3.3% in July, matching economists expectations. That's down from 7% a year ago.
“The last hike they made potentially could be the last for the year,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “As long as inflation remains controlled and contained, I think the Fed is done raising interest rates.”
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