How major US stock indexes fared Thursday, 8/3/2023

Stocks drifted to a lower close as Wall Street’s red-hot rally this year cooled a bit more.

The S&P 500 slipped 0.3% Thursday, its third straight loss. The Dow fell 66 points, or 0.2%, and the Nasdaq composite lost 0.1%.

Treasury yields in the bond market continued to march higher, putting more pressure on the stock market. Yields have climbed as the economy has remained remarkably resilient despite much higher interest rates meant to drive down inflation. Reports on Thursday indicated a still-solid job market and still-growing services industries. A more impactful report on jobs will arrive Friday.

On Thursday: