August Underway With Mediocre Market Performance

Oil and gold both pulled back from July's big wins

Managing Editor
Aug 1, 2023 at 4:29 PM
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Stocks started August with a lackluster session, unable to build on July's blowout performance. Wall Street weighed a variety of economic data, including the lowest jobs opening levels since April 2021 for June and another contraction of the ISM manufacturing index. The Dow eked out a modest gain for its third straight win, while the Nasdaq and S&P 500 both settled lower. 

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

  • Walt Disney stock: don't put Mickey ears on just yet.
  • The latest winner in the meme stock craze.
  • Plus, CAT surges; UBER bulls pounce; and an auto retailer to target; 

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NYSE Nasdaq 0801

5 Things to Know Today

  1. CVS Health (CVS) is the latest to cut a slew of jobs. (MarketWatch)
  2. Former U.S. President Donald Trump's political action committee (PAC) is burning money. (CNBC)
  3. Record high for Caterpillar stock after earnings.
  4. Upbeat outlook intrigues UBER options traders.
  5. Buy the dip on this car stock.

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Commodities Cool After Hot July

Oil prices fell slightly, as investors took profits following July's outperformance. September-dated oil fell 47 cents, or 0.5%, to settle at $81.33 per barrel.

Gold struggled this afternoon, closing lower after ISM manufacturing data and the U.S. dollar weighed heavy. December-dated gold shed $30.40, or 1.5%, to settle at $1,978.80 an ounce.

 

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