Stocks in the red in the final trading session of August. Weakness in oil weighing on stocks, including Exxon and Chevron. They were among the top drags on the S&P 500. For the month the major U.S. indexes were mostly lower with the Nasdaq adding one percent.
Two-year U.S. Treasury yields posting their biggest monthly increase since December on growing expectations for a Federal Reserve rate hike.
“We have the increased likelyhood, it looks like the Fed may actually raise interest rates again and, in my contention, perhaps, two more times this year, with a 25 basis point hike in September, and a 25 basis point hike in December, so that’s a lot for investors to digest right now, ” according to Kevin Mahn of Hennion and Walsh.
The ADP National Employment Report showed U.S. private employers added 177,000 jobs in August, that is better than expected. The news comes just two days ahead of the Labor Department’s monthly jobs report.
Mattel stock in the red despite announcing plans to sell some of their American Girl dolls in select Toys “R” Us retail stores.
In Europe, red across the board as well with losses in miners and energy stocks.
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