Market Snapshot: U.S. stocks start August lower while Apple, Amazon earnings and jobs data loom this week

by | Aug 1, 2023 | Stock Market

U.S. stocks are trading mostly lower Tuesday afternoon, pulling back from 16-month highs and a five-month winning streak, while in a wait-and-see mode ahead of jobs numbers and major technology company earnings reports later this week. How stocks are trading
The Dow Jones Industrial Average
is up 6.4 points, or less than 0.1%, to 35,566

The S&P 500
dipped 15 points, or 0.3%, to 4,574

The Nasdaq Composite
eased 61 points, or 0.4%, to 14,286

On Monday, the Dow Jones Industrial Average rose 100 points, or 0.28%, to 35560, the S&P 500 increased 7 points, or 0.15%, to 4589, and the Nasdaq Composite gained 29 points, or 0.21%, to 14346.

What’s driving markets Stock markets were starting August in cautious mood, taking a breather after recording a five-month winning streak, the best such run in two years. The S&P 500 index closed Monday at a 16-month high having gained 19.2% so far in 2023 as investors welcomed cooling U.S. inflation and hoped that the Federal Reserve can soon stop raising interest rates. “This is not a major decline by any standard,” Steve Sosnick, chief strategist at Interactive Brokers
said in a phone interview. There’s a range of reasons for the slight slippage, but it could just be an altitude check after the stock market skyrocket. “It’s not unreasonable to see investor take some profits,” he said. Tuesday’s slippage in stock prices comes after a mixed batch of earnings reports, including Uber Technologies UBER, Caterpillar CAT, JetBlue
and Pfizer PFE. With the S&P 500 index now only 5% away from a record high, investors are taking a break before earnings reports from Apple
later this week. Investors will also be keenly eyeing jobs data during the week. Labor Department data Tuesday showed job openings dropping slightly to 9.58 million in June, down from 9.61 million in May. The number of quitting workers nudged lower to 3.8 mill …

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