Stocks closed mostly lower on Thursday, with the S&P 500 falling for a fifth consecutive session. The S&P 500 dropped 0.4%, the Nasdaq fell 0.3%, and the Dow declined 0.3%. Investors are uncertain about interest rates ahead of Fed Chair Powell’s speech on Friday. Powell’s speech could impact the Fed’s next meeting in September. CME Group’s FedWatch Tool shows a 73.6% chance of a rate cut next month. Walmart shares tumbled 4.5% after weaker-than-expected earnings. Initial jobless claims rose to 235,000, higher than the expected 225,000. Retail and airline stocks saw weakness, while gold and oil service stocks performed well. In overseas trading, Asia-Pacific markets were mixed, while major European markets had a mixed close. Treasury yields rose as traders await Powell’s speech on Friday.

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