August Stock Market Wrap-Up: Tech Giants Boost Dow, Fed Hike Odds Rise

The final trading day of August saw Wall Street close out the month with mixed results. The Dow Jones Industrial Average posted a 2.1% gain for the month, its fifth consecutive monthly increase. However, this was largely driven by a small group of tech giants, including Nvidia and Microsoft, which surged over 8% and 10%, respectively.

The S&P 500, on the other hand, finished at 7,711.76, a 0.25% decline from its previous close. The Nasdaq Composite also fell, down 0.52%. Meanwhile, small-cap stocks suffered, with the Russell 2000 closing below its August peak.

The Federal Reserve's chances of raising interest rates in September jumped to 58%, following comments from Chair Kevin Warsh at the Jackson Hole conference. This sent the two-year Treasury yield soaring to 4.36%, its highest level since July 24.