• Salesforce drops after downbeat revenue forecast
• American Eagle Outfitters surges on strong sales forecast
• US jobs data for August due on Friday
• Indexes: Dow up 0.8%, S&P 500 up 0.8%, Nasdaq up 1%

NEW YORK, Sept 4 (Reuters) - The S&P 500 posted a closing record high on Thursday as labor market data did not change expectations for an interest rate cut by the Federal Reserve, a day ahead of the key U.S. monthly jobs report.

Also boosting the market were shares of Broadcom (AVGO.O) , opens new tab, Amazon (AMZN.O) , opens new tab and Meta Platforms (META.O) , opens new tab. Chip company Broadcom, considered a major artificial intelligence player, closed up 1.2% just before releasing its quarterly results. The stock edged higher in after-hours trading, when Broadcom forecast

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Amazon.com finished up 4.3%. Shares of other consumer discretionary companies also rose sharply, with the sector (.SPLRCD) , opens new tab gaining 2.3% on the day. JetBlue Airways (JBLU.O) , opens new tab said it will partner with Amazon subsidiary Project Kuiper, a low Earth orbit satellite broadband internet network, to improve its onboard Wi-Fi. Meta Platforms rose 1.6%.

Earlier on Thursday, data showed that the number of Americans filing new applications for unemployment benefits increased more than expected last week, while hiring by private employers slowed in August, further evidence that labor market conditions were softening.

But investors are especially keen to see the U.S. monthly jobs report due on Friday.

"The labor market data we're going to get - payrolls - tomorrow I don't see really changing anything significantly because (Fed Chair Jerome) Powell has effectively already told us we're getting a cut unless it's really, really out of bounds," said Mike Dickson, head of research and quantitative strategies at Horizon Investments in Charlotte, North Carolina.

The Dow Jones Industrial Average (.DJI) , opens new tab rose 350.06 points, or 0.77%, to 45,621.29, the S&P 500 (.SPX) , opens new tab gained 53.82 points, or 0.83%, to 6,502.08 and the Nasdaq Composite (.IXIC) , opens new tab gained 209.97 points, or 0.98%, to 21,707.69.

Investors are pricing in a 95% probability of a 25 basis-point cut, CME's FedWatch Tool showed. The move was largely expected after July's bleak payrolls figures and Powell's dovish comments.

Bucking the day's trend, Salesforce (CRM.N) , opens new tab shares fell 4.9% after the company forecast third-quarter revenue below Wall Street estimates on Wednesday, signaling lagging monetization for its AI agent platform.

September is historically a weak month for stocks, with the S&P 500 losing 1.5% on average since 2000, according to LSEG data.

While AI-linked companies have driven market gains in recent years, their momentum slowed last month. Last week, shares of AI leader Nvidia NVDA.O , opens new tab fell after Sino-U.S. trade uncertainties prompted the company to exclude potential China sales from its quarterly forecast.

Among other gainers in the consumer space, American Eagle Outfitters (AEO.N) , opens new tab shares jumped 38% after the apparel company forecast third-quarter comparable sales above estimates on Wednesday.

Advancing issues outnumbered decliners by a 2.79-to-1 ratio on the NYSE. There were 303 new highs and 61 new lows on the NYSE.

On the Nasdaq, 2,741 stocks rose and 1,878 fell as advancing issues outnumbered decliners by a 1.46-to-1 ratio.

Volume on U.S. exchanges was 14.68 billion shares, compared with the 16.07 billion average for the full session over the last 20 trading days.

https://www.reuters.com/business/sp-500-registers-record-high-close-data-keeps-rate-cut-views-intact-2025-09-04/