US: Stocks close lower ahead of long weekend

Published Sat, Aug 30, 2025 · 06:19 AM

Wall Street stocks fell on Friday (Aug 29) heading into a long weekend, with key employment data due next week alongside other indicators of the economy’s health.

The Dow Jones Industrial Average slipped 0.2 per cent to 45,544.88, while the broad-based S&P 500 Index dropped 0.6 per cent to 6,460.26.

The tech-focused Nasdaq Composite Index tumbled 1.2 per cent to 21,455.55.

Investors appeared to be taking in some profits ahead of an extended weekend with the Labor Day holiday on Monday, said Sam Stovall of CFRA Research.

He added that an inflation measure closely watched by the Federal Reserve also came in as expected on Friday, and was unlikely the catalyst driving markets lower.

But Stovall expects that investors will be keeping a close eye on employment numbers next week, given that the last such report released early August showed the labor market was weaker than expected.

Markets will be watching to see “whether it was an anomaly,” he said.

The payrolls data could have a bearing on the Federal Reserve’s calculus when policymakers decide if they should lower interest rates during their next meeting in September.

If the labor market worsened suddenly and sharply, the Fed could be inclined to act sooner in cutting rates to boost the economy. AFP

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