US stocks slip as traders weigh mixed data on America’s economy
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Wall Street stocks slipped on Wednesday as investors parsed through a mixed bag of data on the US economy and hawkish comments from a top American central banker.
The S&P 500 fell 0.5 per cent in early trade, after closing at a record high on Tuesday. The tech-heavy Nasdaq Composite was flat.
The soggy trading session came as investors weighed a closely watched report from the Institute for Supply Management that showed the rate of activity growth in America’s massive services sector picked up sharply last month, exceeding Wall Street expectations. The upbeat data was in contrast to a less optimistic poll of executives in the factory sector earlier this week.
Traders also on Wednesday received a disappointing report on the US labour market. Private employers added 330,000 new jobs in July,…