Stocks Waver As August Starts After Best Month Since 2020

Stocks wavered between gains and losses in morning trading on Wall Street Monday, August 1, 2022, as investors face another busy week of corporate earnings reports and economic updates, Damian J. Troise reported for the Associated Press (AP).

Photo Insert: The NYSE trading floor

The S&P 500 fell 0.2% as of 10:25 a.m. Eastern. The Dow Jones Industrial Average fell 63 points, or 0.2%, to 32,779 and the Nasdaq rose 0.1%. US crude oil prices fell 5% and weighed heavily on energy companies.

ExxonMobil fell 2%. Retailers and consumer products makers made solid gains and offset losses elsewhere in the market. Target rose 2.7% and Procter & Gamble rose 1.2%.

August’s subdued opening follows a solid rally for stocks in July that marked the best month for the S&P 500 index since November 2020. Stocks had been falling for much of the year as investors worry about rising inflation and rising interest rates.

A key concern remains whether central banks will raise interest rates too aggressively and push economies into a recession.

Several big companies are reporting earnings this week, which will give investors insight into how inflation is impacting businesses and consumers. Construction equipment maker Caterpillar and coffee chain Starbucks report earnings on Tuesday.

Pharmacy chain CVS reports earnings on Wednesday.

Wall Street will also get several updates on the job market, which has remained strong. The Labor Department will release its June survey on job openings and labor turnover on Tuesday and its closely-watched monthly employment report for July on Friday.

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