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U.S. stocks were wobbling as investors take in megacap earnings

AuthorLiz Moyer
Published 08/01/2023, 10:01 AM
Updated 08/01/2023, 11:03 AM
© 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. 

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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.

Latest comments

Market in the over-buying region. Discount due
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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."
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.
Just another Day for (( Disgruntled )) Mitchel.
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..
Biggest copy paste everyday
buy gold
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.
  You've no idea what me being agitated is like, nor do you know the limits.  You're just imagining things and confusing that w/ reality.
  For example, I've not used all-caps nor random punctuations nor cussing.  What's obvious is that I'm of sound, logical mind.
Considering who's doing the naming-calling, insults, false accusations, etc., I'd say Warm is the most agitated here.
Megacaps hardly will disappoint, but what’s next?
Another miracle opening in the green for the DOW.  The relentless FRAUD continues in the BIGGEST INVESTMENT JOKE IN THE WORLD.
did u lose money
It seems like he does, but not surprised neither
"opening in the green" is a miracle for you!?  You have very low standards for your god(s).
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