S&P 500 keeping momentum into September | Big jobs Friday | Chip shortages hit auto industry

The S&P 500 and the Nasdaq Composite climbed to new respective records on Thursday after weekly U.S. jobless claims reached their lowest level since the start of the Covid crisis.

VIEW IN BROWSER | SUBSCRIBE THU, SEP 02, 2021 EVENING BRIEF AS OF THU, SEP 02, 2021 • 04:26 ET DJIA 35443.82 +0.37% +131.29 S&P 500 4536.95 +0.28% +12.86 NASDAQ 15331.18 +0.14% +21.80   Most Active DOW NAME LAST CHG %CHG AAPL 153.65 +1.14 +0.75% V 224.18 -5.94 -2.58% MSFT 301.15 -0.68 -0.23% S&P 500 NAME LAST CHG %CHG AAPL 153.65 +1.14 +0.75% T 27.64 +0.45 +1.66% F 13.01 -0.10 -0.76% NASDAQ NAME LAST CHG %CHG AAPL 153.65 +1.14 +0.75% AMD 109.20 -0.79 -0.72% NVDA 223.96 -0.45 -0.20%   EDITOR'S NOTE The S&P 500 hit another record high Thursday, but trading remained muted with all eyes on Friday's jobs report. It will likely be a key market-moving event with investors trying to decipher how fast the Federal Reserve will remove easy monetary policy. Fed Chairman Jerome Powell has emphasized the need for more strong jobs data before the central bank would start to unwind its massive bond-buying program, putting heightened focus on the payroll number. Economists polled by Dow Jones predict 720,000 jobs were added in August, down from 943,000 added in July.   "We could experience a bit of a tug and a pull — on one hand a solid jobs report is a positive indication of economic recovery, and on the other it backs up the Fed's case to begin tapering," said Mike Loewengart, managing director of investment strategy at E-Trade. When the eventual time comes for the Fed to taper, many on Wall Street expect bond yields to go higher, including Bill Gross, the onetime bond king who co-founded fixed income giant Pimco.   In fact, the 77-year-old investor said the rise in long-term bond yields will erode the asset's value so significantly that it would be as useless as cash. Bond yields move inversely with prices.   "Cash has been trash for a long time but there are now new contenders for the investment garbage can," Gross wrote in a blog post. "Intermediate to long-term bond funds are in that trash receptacle for sure, but will stocks follow?"   Gross predicted the 10-year Treasury yield will trade around 2% for the next 12 months, which will equate to a 4% to 5% price loss and a negative total return of 2.5% to 3%. Yun Li | CNBC Markets and Investing Reporter @YunLi626 TOP NEWS  S&P 500 and Nasdaq notch record closes as jobless claims reach pandemic low Jobless claims total 340,000, lowest level since early days of pandemic Toddler among at least 29 dead as Ida batters Northeast with record rain and floods Ford's U.S. sales decline 33% in August as chip shortage devastates auto industry GM to significantly cut North American vehicle production due to chip shortage Friday's jobs report is expected to be solid, but delta variant raises downside risk Ida flooding leads to 400 Newark flight cancellations Fauci says the new mu Covid strain isn't an immediate threat in the U.S. Walmart hikes hourly pay by $1 for more than 550,000 workers ahead of the holidays Fintech wars are heating up as they encroach on each other's turf — how investors should play it   TOP VIDEO Fed pullback could happen later half of 2021, says Randy Kroszner   CNBC PRO Earnings season has wrapped up — We talked to 5 experts about what we learned   SPECIAL REPORTS Audi unveils new Grandsphere concept car as a 'private jet for the road' Here's why experts believe the U.S. is in a housing boom and not a bubble   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS