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Aseeph
Aug 02, 2023 9:48AM ET
Market in the over-buying region. Discount due
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U.S. stocks were wobbling as investors take in megacap earnings
Published Aug 01, 2023 10:01AM ET
Updated Aug 01, 2023 11:03AM ET
© Reuters.
Investing.com -- U.S. stocks were wobbling as investors digested a slew of megacap earnings reports and awaited economic data that could set the stage for the Federal Reserve’s next meeting.
At 11:01 ET (15:01 GMT), the Dow Jones Industrial Average was up 17 points or 0.1%, while the S&P 500 was down 0.3% and the NASDAQ Composite was down 0.4%.
Pharmaceutical giants report mixed results
Pharmaceutical giants Merck & Company (NYSE:MRK) and Pfizer (NYSE:PFE) reported mixed results on Tuesday. Merck raised its full-year profit outlook after a smaller-than-expected loss for the quarter, while Pfizer fell short of revenue expectations. Shares of Merck rose 0.1%, while shares of Pfizer rose 1%.
Ride-hailing platform Uber Technologies (NYSE:UBER) fell 6% after guiding for better-than-expected third quarter operating profit.
After tonight’s closing bell, Advanced Micro Devices (NASDAQ:AMD), Starbucks (NASDAQ:SBUX) and Pinterest (NYSE:PINS) will report.
Fed eyes data on labor market
The ISM manufacturing survey for July was a reading of 46.4, which was below the 46.8 expected. The June job opening reports came in at 9.582 million, also below expectations for 9.61 million.
The big economic report this week is Friday’s job report for July. The Fed, which has been trying to guide the economy to a soft landing, will be watching labor market data for signs the tight conditions are easing but without sparking massive job losses.
The Fed doesn’t meet again on interest rates until September but will meet at its annual conference in late August in Jackson Hole, Wyo., where policymakers could give more details on their thinking for the second half outlook.
Expectations that the Fed could be at or near the end of its rate increases have lifted stocks this year, sending the Nasdaq soaring 37%.
Arista Networks jumps after beating expectations
In other earnings, JetBlue Airways. (NASDAQ:JBLU) fell more than 9% after cutting its forecast for annual profit, while Arista Networks (NYSE:ANET) shares bounced over 17% after beating expectations despite fears of a slowdown in spending.
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Comments (10)
Leonard N
Aug 01, 2023 4:07PM ET
It's a bullish market, folks, but be careful. In times like this, do not put all egg eggs in one basket. Right now I'm staying diversified using the algorithmic system, which has so far netted out $80k (21%) in the past four months. I'm also keeping consumer staples and medical stocks that offer attractive dividends. These conservative and defensive stocks are expected to outperform the overall market.
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Leonard N
Aug 01, 2023 4:07PM ET
Keir Gordon "When your account replicates someone else's, the key lies in discerning whom to emulate. At present, I work with Julia Hope Marble, a registered IA at INVIGOTRUST. Her unwavering consistency and astute diversification abilities were the clinchers.
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Keir Gordon
Aug 01, 2023 4:07PM ET
Leonard N
Aug 01, 2023 4:07PM ET
Keir Gordon The ideal for this system is it works programmatically. Your brokerage accounts only copy hers in real time. You can as well opt out anytime. Charges 10% of profit as performance fee.
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Rodney Cahoon
Aug 01, 2023 4:07PM ET
Leonard N
Aug 01, 2023 4:07PM ET
Rodney Cahoon skilled and reliable. Despite the wild market since 2022, I'm content with the reassuring results. I find it better to pay a little bit more for peace of mind than worry about market trends and still get burned.
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mukul roop rai
Aug 01, 2023 2:47PM ET
is there anyone who wants to trade in indian market ,can message me
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dylan mulvaney
Aug 01, 2023 2:22PM ET
P/Es are going through the roof, they economy is not actually healthy. Printing money and pushing mortgage rates up to 8% now with hyper inflation of consume goods ends in devastation. "U.S. job openings fell to the lowest level in more than two years in June, but remained at levels consistent with tight labor market conditions, which could spur the Federal Reserve to keep interest rates elevated for some time."
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Mitchel Pioneer
Aug 01, 2023 2:20PM ET
How about that. Just like yesterday, stocks are suddenly a "bargain," and Apollo Ponzi lifts from the launch pad. The US Miracle Market is quite the sight to behold, as it DEFRAUDS America in broad daylight.
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Maurice 2
Aug 01, 2023 2:20PM ET
Just another Day for (( Disgruntled )) Mitchel.
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Mitchel Pioneer
Aug 01, 2023 1:16PM ET
Wall Street criminals doing everything they can to prevent a loss. Can't have retirement plan funds getting invested at anything but the most fraudulently inflated prices in history. Continue to maliciously drive up average holdings in retirement plans, then what will be the most criminal redistribution of wealth in history begins. BIGGEST INVESTMENT JOKE IN THE WORLD..
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Jhon Mackenrou
Aug 01, 2023 1:16PM ET
Biggest copy paste everyday
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Bang Bego
Aug 01, 2023 12:52PM ET
buy gold
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Casador Del Oso
Aug 01, 2023 12:38PM ET
Didn't the FED say 1 more rate hike for sure this year and possibly another? Even after rate hikes are completed, assuming inflation under control, there is typically a 12-14 month plateau before lowering rates.
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First Last
Aug 01, 2023 12:38PM ET
Warm Camp
Aug 01, 2023 12:38PM ET
First Last Obvious, girl, you are agitated beyond limits. Get a boyfriend, real one, in real world.
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First Last
Aug 01, 2023 12:38PM ET
First Last
Aug 01, 2023 12:38PM ET
First Last
Aug 01, 2023 12:38PM ET
Considering who's doing the naming-calling, insults, false accusations, etc., I'd say Warm is the most agitated here.
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Alex Smirnov
Aug 01, 2023 12:01PM ET
Megacaps hardly will disappoint, but what’s next?
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Mitchel Pioneer
Aug 01, 2023 10:12AM ET
Another miracle opening in the green for the DOW. The relentless FRAUD continues in the BIGGEST INVESTMENT JOKE IN THE WORLD.
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Fire Sales
Aug 01, 2023 10:12AM ET
did u lose money
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Jhon Mackenrou
Aug 01, 2023 10:12AM ET
It seems like he does, but not surprised neither
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First Last
Aug 01, 2023 10:12AM ET
"opening in the green" is a miracle for you!? You have very low standards for your god(s).
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