- Stocks in the United States finished the day higher after swinging between modest gains and losses as mixed economic and earnings data failed to spark a broad conviction trade. The dollar and bonds both increased in value.
- The S&P 500 gained 0.2%, with volumes remaining roughly 20% below the 30-day average, exacerbating price swings. The Nasdaq 100, which was 0.3% higher after falling 0.5%, was also characterized by light trading.
- Treasury yields remained lower following comments from Federal Reserve officials in support of rate hikes.
- The weekly US jobless claims data fell for the first time in three weeks, indicating increased labor demand, while a gauge of manufacturing activity in the Philadelphia area unexpectedly expanded in August for the first time in three months, though the outlook remained bleak. Meanwhile, existing-home sales fell for the sixth consecutive month, highlighting the housing market's rapid decline.
