As Second-Quarter Profits Roll On, the Stock Market Today 8/1: Stocks Set for a Muted Open

As Second-Quarter Profits Roll On, the Stock Market Today 8/1: Stocks Set for a Muted Open ...

After Wall Street had its best month since 2020, stock-index futures fell flat to lower ahead of the first trading day of August. This is due to persistent uncertainty about the economy's direction and whether earnings will continue to exceed expectations despite persistent inflation and rising interest rates.

Futures linked to the S&

The Dow Jones Industrial Average rose 315.50 points, or 1%, to close at 32,845.13, up for the third day in a row; the S&P 500 gained 57.86 points, or 1.4 percent, to 4,130.29, up for the third day in a row; and the Nasdaq Composite gained 228.09 points, or 1.9 percent, to close at 12,390.69, up for the third day in a row.

According to Dow Jones Market Data, the Dow improved by 3%, the S&P 500 gained by 4.3 percent, and the tech-heavy Nasdaq gained 4.7 percent. For July, the Dow improved 6.7 percent, the S&P 500 gained 9.1%, and the Nasdaq gained 12.3%, and the Nasdaq's best month since April 2020.

Following the disappointing first-quarter forecast, investors are speculating on another massive Fed rate rise in September. FedWatch forecasts a near 80% chance of a 50-basis-point rise. Last month, the Fed opted for another 75-basis-point rate rise in an attempt to lower inflation.

Treasury bond rates rose for the time being, with the 10-year benchmark Treasury trading up 0.02% at 2.661%. The US dollar index, which tracks the greenback against a basket of six global currencies, was marked 0.43% lower at 105.909.

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Investors will be looking at a new round of second-quarter earnings reports this week, starting with Pinterest (PINS) - Get Pinterest Inc. Class A Report, Activision Blizzard (ATVI) - Get Activision Blizzard Inc. Report, and more on Monday, followed by earnings from Starbucks (SBUX) - Get Starbucks Corporation Report, Caterpillar (CAT) - Get Uber Technologies Inc. Report, AMD (AMD) - Get Advanced Micro Devices Inc. Report

CVS Health (CVS) - Get CVS Health Corporation Report, MGM Resorts (MGM) - Get eBay Inc. Reporton Wednesday, Alibaba (BABAF) - Get Warner Bros. Discovery Inc. Report, Amgen (AMGN) - Get Amgen Inc. Class A Report on Thursday, and AMC Networks (DKNG) - Get DraftKings Inc. Report on Friday.

The Bureau of Labor Statistics' Friday nonfarm payrolls report will provide additional insight into the robust labor market. So far this year, economists have urged the US to state that it is not technically in a recession, even after two consecutive quarters of negative GDP.

Get Apple Inc. Reportshares finished 3.2 percent higher on Friday after the world's most valuable tech company beat Street expectations, noting that the anticipated supply chain shock was lower than it had predicted, while China's sales remained stable despite the country's spring Covid lockdown.

Get Amazon.com Inc. Report, meanwhile, surged 10.4% after its better-than-expected second quarter sales of around $119 billion, and easing cost pressures, softened the impact of the online retail giant's second consecutive quarterly loss. Amazon shares were down 0.17% at $134.72.

Target (TGT) - Get Target Corporation Reportshares traded higher on Monday after Wells Fargo upgraded the stock to overweight from equal weight, claiming the recent pullback was a good buying opportunity. Target stocks have dropped 29% so far this year due to rising consumer spending and persistent supply chain concerns.

Alibaba's (BABAF) American depositary earnings, while up 1.66%, were $90.85 after the Chinese e-commerce giant announced that it would continue to market its products in New York and Hong Kong.

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