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U.S. Stocks Wobble Ahead of Another Big Earnings Week

Stock Markets Aug 01, 2022 09:50AM ET
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© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks wobbled on Monday morning ahead of another big week of earnings and closely watched jobs data expected on Friday.

At 10:24 AM ET, the Dow Jones Industrial Average fell 75 points, or 0.3%, while the S&P 500 fell 0.3% and the NASDAQ Composite was flat.

The S&P and Nasdaq closed out July with their best monthly gains since 2020, fueled by a combination of strong earnings reports and the expectation that the Federal Reserve won’t be as aggressive as feared when it comes to raising interest rates.

The central bank hiked its benchmark rate another three-quarters of a point last week but seemed to suggest it could act less drastically in future meetings if inflation trends lower. The July jobs report due out on Friday will give the Fed more data on the direction of the economy, with expectations for a continued low unemployment rate of 3.6%.

Factory activity in China and Europe is slowing, another sign the global economy is cooling. For China, some of the slowdown is attributed to Covid-19 shutdowns that continue to affect operations there. U.S. factory activity data also dipped slightly in July from the prior month but the data beat expectations.

Meanwhile, S&P 500 companies continue to report earnings. So far this season, more than three-quarters of companies have beaten profit expectations, Reuters reported.

Boeing Co (NYSE:BA) stock rose 5.7% after a report that aviation regulators approved its inspection and modification plan to allow it to resume delivering its 787 Dreamliners.

Shares of electric truck maker Nikola Corp (NASDAQ:NKLA) fell 0.3% after it announced an all-stock deal to buy battery pack maker Romeo Power.

Oil tumbled. Crude Oil WTI Futures was down 4.6% to $94.06  a barrel, while Brent Oil Futures crude was down 3.4% to $100.43 a barrel. Gold Futures rose 0.4%, to $1,788 an ounce.

U.S. Stocks Wobble Ahead of Another Big Earnings Week
 

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Comments (9)
Ayan Sahil
Ayan Sahil Aug 01, 2022 11:13AM ET
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yas
Ronald Warren
Ronald Warren Aug 01, 2022 11:04AM ET
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Look at today's calendar. Manufacturing is losing ground. ISM Price index plummeted 18.5%. This fake rally cannot last. First week of September
Brad Albright
Brad Albright Aug 01, 2022 11:04AM ET
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I may agree with you on the status of the market at this moment, but the drop in ISM Price Index is a good thing in this environment, it suggest slowing inflation.
Mitchel Pioneer
Mitchel Pioneer Aug 01, 2022 11:04AM ET
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The string of intraday miracles is extended, as the biggest investment JOKE in the world gets grander by the hour.  Assume the proper position America.
Ronald Warren
Ronald Warren Aug 01, 2022 11:04AM ET
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This situation is like a pressure cooker. Pretty soon the valve is gonna' pop!! I have to stay short. The money I lose waiting will be repaid many times over. In 2020 I was holding Chipotle puts that cost $8.90. Paid $210. It's coming. You better believe it!!
First Last
First Last Aug 01, 2022 11:04AM ET
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Ronald Warren   Pressure cookers are very safe cooking pots.  Their valves don't pop.  They open or close.
Francis Lim Wei
Francis Lim Wei Aug 01, 2022 10:44AM ET
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July's result for earnings also showed slowdown wasn't that good...
Teammarcus Finesse
Teammarcus Finesse Aug 01, 2022 10:37AM ET
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New Daily High breakout and Last Month High breakout 🤗
Andrew Sim
Andrew Sim Aug 01, 2022 10:36AM ET
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fear mongering
Casador Del Oso
Casador Del Oso Aug 01, 2022 10:14AM ET
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up already
Casador Del Oso
Casador Del Oso Aug 01, 2022 10:14AM ET
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wobble is a better description
Dave Jones
Dave Jones Aug 01, 2022 10:10AM ET
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New headlines please!
Steffen vdm
Steffen vdm Aug 01, 2022 10:10AM ET
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new comment please!
za ar
za ar Aug 01, 2022 10:10AM ET
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to da moon
First Last
First Last Aug 01, 2022 10:10AM ET
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Headline is still true.  Market did open lower.
Ricardo Diogo
Rcd72 Aug 01, 2022 10:09AM ET
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"but seemed to suggest..." ...whow!!! we are now working on real economic developments 🐑🐑🐑
First Last
First Last Aug 01, 2022 10:09AM ET
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You think the Fed should say w/ certainty what it'll do in the future?  You have the Fed confused w/ an omniscient god.
 
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