US stocks fell on Thursday, the first day of September, as traders continued to worry about the possibility of higher Federal Reserve rates.
The Dow Jones industrial average fell 260 points, or 0.8%. The S&P 500 and Nasdaq Composite fell 1.2% and 1.9%, respectively. The major averages are each on track to decline about 3% for the week.
Nvidia shares also contributed to the losses, falling more than 8% after the chipmaker said The US government restricts some sales in China.
Weekly US Jobless Claims It fell to 232,000 in the week ending August 27. That was weaker than Dow Jones had expected and economists surveyed. This was a decline from the previous period and the lowest since June 25.
The major averages are coming off four consecutive days of losses. On Wednesday, the last day of August, the Dow fell nearly 0.9%. The S&P 500 lost about 0.8%, and the Nasdaq Composite fell roughly 0.6%.
The Dow closed the month down about 4.1%, while the S&P and Nasdaq posted losses of 4.2% and 4.6%, respectively.
Investors are debating whether stocks will rechallenge June’s lows in September, a historically bad month for markets, after weighing recent dovish comments from central bank officials who show no signs of easing interest rate hikes.
“If we do revisit the low, I think it will happen in September,” SoFi’s Liz Young said Wednesday on CNBC’s “Closing Bell: Overtime.” However, “to do that, I think something would have to be materially worse than it was on June 16,” when stocks are down, such as earnings revisions that come in worse than investors expect.