Stock Market Today 8/1: Stocks Were mixed as Q2 earnings continued

Stock Market Today 8/1: Stocks Were mixed as Q2 earnings continued ...

Updated 10:35 a.m.

On the first trading day of August, U.S. stocks were mixed, as Wall Street finished its best month since 2020 amid ongoing uncertainty about the economy's direction and whether earnings will continue to exceed expectations despite persistent inflation and rising interest rates.

The Dow Jones Industrial Average fell by 0.2 percent at its most recent visit to Wall Street, while the S&P 500 was down 0.29 percent, and the Nasdaq Composite rose by 0.05%.

The Dow industrials gained 315.08 points, or 1%, to close the day at 32,845.13, marking the third day in a row; the S&P 500 gained 57.86 points, or 1.4 percent, to 4,130.29, marking the third day in a row; and the Nasdaq Composite gained 228.09 points, or 1.9 percent, to close day at 12,390.69.

According to Dow Jones Market Data, the Dow rose 3.7 percent this week, the S&P 500 rose 4.9 percent, and the tech-heavy Nasdaq gained 4.7 percent. For July, the Dow rose 6.7 percent, the S&P 500 rose 9.1%, and the Nasdaq increased 12.3%.

Following last week's dismal first-quarter report, investors are debating another huge Fed rate rise in September. FedWatch predicts a near 80% chance of a 50-basis-point increase in September.

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Despite inflation, Target, Walmart, and Amazon receive good news.

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The Bureau of Labor Statistics' Friday nonfarm payrolls report will provide further insight into the robust labor market. So far this year, economists have argued that the United States is not technically in recession, even after two consecutive quarters of negative GDP.

Reportshares rose 0.2 percent at the last check, finishing 3.3 percent higher on Friday after the world's most valuable tech company beat Wall Street's earnings expectations, noting that the expected supply chain hit was smaller than expected, while China's spring covid lockdown remained stable.

Get Amazon.com Inc. Reportshares at the last check were up 2%. They'd surged on Fridayafter its better-than-expected second-quarter sales of around $119 billion, and easing cost pressures, softening the impact-of the online retail giant's second consecutive quarterly loss.

Get Target Corporation Reportshares traded 2.2 percent higher after Wells Fargo upgraded the stock to overweight from equal weight, claiming the recent pullback was a great buying opportunity. Target shares have dropped this year due to rising inflation and persistent supply chain issues.

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