S&P 500 Gains and Losses Today: Index Ends August Little Changed Following Inflation Data

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Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Published August 31, 2023
S&P 500 Gainers and Losers for Aug. 31, 2023

Key Takeaways

  • U.S. equities gave up early gains and ended little changed, with the S&P 500 down 0.2%, following a report showing a modest rise in inflation.
  • Cost-cutting and further expansion into AI helped Salesforce beat profit and sales estimates, and the company raised its outlook.
  • Dollar General shares plunged as the discount retailer reported slowing sales, rising capital costs, and higher theft of its products.

U.S. equities ended August little changed, with the S&P 500 slipping 0.2%, snapping its four-day winning streak. The markets gave up early gains that had been driven by an inflation report favored by the Fed which indicated prices made modest gains last month. That lifted hopes policymakers might back off raising interest rates any more. Despite a strong performance in the past week, the Dow, S&P 500, and Nasdaq all posted monthly losses.

Salesforce (CRM) shares rose 3% after the cloud computing platform beat profit and sales estimates and boosted its full-year guidance on cost-cutting and expansion of its reach into artificial intelligence (AI). Arista Networks (ANET) shares climbed 4% as Citi upgraded the stock and lifted its price target, saying the networking equipment company is an early AI stock play. 

Morgan Stanley upgraded 3M (MMM) and increased the price target because of the conglomerate’s recent settlements of lawsuits involving so-called “forever chemical” and earplugs. 3M shares moved 2% higher. Amazon (AMZN) shares added 2% after the online retailing giant struck a deal with Shopify (SHOP) allowing the Canadian e-commerce company to offer its “Buy with Prime” to merchants. Shopify shares soared almost 11%.

Dollar General (DG) shares plummeted 12% after the discount retailer’s earnings and revenue fell short of forecasts and it cut its 2023 outlook, blaming softer sales, higher expenses, and theft. Shares of rival Dollar Tree (DLTR) also lost ground, falling more than 1.7%. Hormel Foods (HRL) shares dropped 2.7% after the maker of Spam and other foods slashed its full-year forecast on lower meat prices and declining demand in China. 

C.H. Robinson Worldwide (CHRW) shares sank almost 4% after a Susquehanna analyst warned that demand for trucking logistics will be weak in 2024. Extra Space Storage (EXR) shares tumbled 1.5% after Raymond James lowered the price target as shares traded near their lowest levels in more than two years.

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