Stocks Settle Lower as Falling Oil Prices Weigh

Meanwhile, the VIX snapped its three-day losing streak

Digital Content Manager
Aug 1, 2022 at 4:30 PM
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Stocks followed their best month since 2020 with a muted session. The Dow shed 46 points, while the Nasdaq and S&P 500 finished modestly below breakeven as well, as sinking oil prices weighed on energy stocks. Better-than-expected manufacturing data from the Institute for Supply Management (ISM) helped soften the blow, but the 10-year Treasury yield pivoted lower as the day progressed, and investors became concerned about the economy. Elsewhere, the Cboe Volatility Index (VIX) snapped its three-day losing streak.

Continue reading for more on today's market, including:

  • Why PepsiCo stock nabbed a fresh record high.
  • How this semiconductor stock is faring pre-earnings.
  • Plus, EV name eyes Europe expansion; PANW scores bullish coverage; and Comcast stock downgraded.

The Dow Jones Average (DJI - 32,798.40) fell 46.7 points, or 0.1% for the day. Boeing (BA) led the gainers, adding 6.1%. Chevron (CVX) paced the laggards, falling 2%.

The S&P 500 Index (SPX - 4,118.63) shed 11.7 points, or 0.3% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,368.98) lost 21.7 points, or 0.2% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 22.84) added 1.5 points, or 7.1% for the day. 

Closing Indexes Summary August 1

NYSE and Nasdaq Stats August 1

5 Things to Know Today

  1. Though they remain high, home prices fell at a record pace in June, with rising mortgage rates and surging inflation leading to steep decline in demand. (CNBC)
  2. The Securities and Exchange Commission (SEC) charged 11 individuals for the creation and promotion of a crypto pyramid and Ponzi scheme. (MarketWatch)
  3. This electric vehicle (EV) concern is now expanding to Europe.
  4. Wolfe Research joins bullish chorus on Palo Alto Networks stock. 
  5. Analyst downgrades Comcast stock, says it's "past peak growth."

Earnings August 1 2022

Unusual Options Activity August 1

Gold Prices Notch 4-Straight as Oil Prices Sink

Oil prices finished sharply lower on Monday, as investors eyed the Organization of Petroleum Exporting Countries and its allies (OPEC+) meeting on Wednesday. Plus, investors were concerned a potential recession may weigh on demand. September-dated crude fell $4.73, or 4.8%, to settle at $93.89 per barrel. 

Gold prices, meanwhile, settled higher for a fourth-straight session, and registered their longest win streak since May. Investors are enjoying tailwinds from last week's Federal Reserve meeting, which pointed to a possible interest rate hike slowdown. December-dated gold added $5.90, or 0.3%, to close at $1,787.70 an ounce.

 

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