August Slips Away With Steep Monthly Losses for Stocks

Oil enjoyed its third-straight monthly gain

Managing Editor
Aug 31, 2023 at 4:29 PM
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The last day of a tumultuous month ended with the Dow and S&P 500 snapping their win streaks, though the Nasdaq did extend its five-day run. The tech and chip sectors were major supporter's of this week's surge, while economic and jobs data also held weight.

All three indices are on track for impressive weekly gains, with the Nasdaq eyeing its best weekly performance since March. For the month, however, all three major indexes suffered monthly drops of 1.7% or more, with the Nasdaq logging its worst month since December.

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

  • Beat-and-raise sends Salesforce stock surging.
  • What to expect for the holiday-shortened week.
  • Plus, Amazon's latest partnership; AI stock at risk; and a gambling stock to bet on.

Closing Indexes Summary Aug 31

NYSE and Nasdaq Stats Aug 31

5 Things to Know Today

  1. JCPenney (JCP) said it plans to spend around $1 billion in a last-ditch effort to revitalize its brick-and-mortar and online outlets within the next two years. (CNBC)
  2. Tech powerhouse Microsoft (MSFT) is looking to avoid major European Union (EU) antitrust fines, potentially planning on removing its Teams unit from its Office bundle. (Reuters)
  3. Amazon finds its latest partnership.
  4. This AI peer looks risky says analyst.
  5. Signal says now's the time to bet on this gambling stock.

Corporate Earnings Aug 31

Unusual Options Activity Aug 31

Oil Marks Third Consecutive Monthly Win

Oil enjoyed its third consecutive month in the black, as supply concerns persisted and Saudi Arabia's million-barrel production cut is anticipated to be extended in October. The now front-month, October delivery added $2, or 2.5%, to settle at $83.63 per barrel for the day and 2.2% for the month.

Gold futures moved lower for the session and month, with worries surrounding the Fed's inflation gauge. December-dated gold dropped $7.10, or 0.4%, to settle at $1,965.90 an ounce for the day and down 2.2% for the month.


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