The last trading day in August saw modest losses for the major averages, but it closed near session highs. All in all, indexes held up fairly well despite a weak session in the oil patch. Murphy Oil (MUR), Apache (APA) and Anadarko (APC) weighed on the S&P 500 with losses ranging from 4% to 6%.
Benchmark WTI crude oil futures for October delivery slumped nearly 4% to $44.70 a barrel after the Energy Department said domestic crude stockpiles rose last week. Despite the softness, oil still clocked a 7.5% gain in August.
The Dow Jones industrial average gave up 0.3%, while the S&P 500 and Nasdaq eased 0.2% each. Preliminary data showed NYSE volume coming in higher than Tuesday. Volume on the Nasdaq was close to Tuesday's level in the stock market today.
In economic news, the U.S. economy added 177,000 private-sector jobs in August, according to the latest data from ADP. The data come ahead of Friday's jobs report.
Among the day's movers, Salesforce.com (CRM) notched its fourth straight loss and 13th straight close below its 50-day moving average. Shares dipped 0.5% during the regular session and lost another 6% in after-hours trading after its earnings report.
Meanwhile, Leaderboard name Veeva Systems (VEEV) was a bright spot. Shares gapped up and rose nearly 9% after the company reported strong earnings and gave bullish guidance late Tuesday.
Palo Alto Networks (PANW) gapped down and lost 7% after the former leader reported another quarter of decelerating earnings and sales growth.
IBD'S TAKE: Palo Alto started flashing sell signals months ago before it turned into an outright laggard. Visit IBD University to learn how to recognize sell signals when they arise.
MercadoLibre (MELI) outperformed with a 3% gain. It's vying for another new high after a bullish move on Aug. 5.
Earnings reports from Infoblox (BLOX) and Ollie's Bargain Outlet (OLLI) are due after the close. Infoblox is near an early 19.85 flat-base entry. Ollie's has been under selling pressure after a short-lived breakout over a 26.65 double-bottom entry.
