Stocks got off to a sluggish start to August, retiring from a July rally on a flurry of mixed gains.
At the open, the S&P 500 (^GSPC) was down 0.3%, while the Dow Jones Industrial Average (^DJI) was roughly flat. The tech-heavy Nasdaq Composite (^IXIC) fell 0.6%.
A plethora of gains has mixed sentiment on the bullish sentiment that has prevailed for much of 2023 so far. Notably, on Tuesday, Caterpillar (CAT) warned of an imminent slowdown in its business, Pfizer (PFE) cut the top end of its revenue guidance and Uber (UBER) soared after releasing surprise earnings.
Those earnings serve as a preview of the main event: Apple’s (AAPL) and Amazon’s (AMZN) second-quarter results, which are due to be released on Thursday. Both stocks are up more than 50% so far this year. Investors are also awaiting key data to be released this week, particularly Friday’s US jobs report.
Monday’s close capped a strong month of July for all major indices. Both the S&P 500 and the Nasdaq posted their fifth straight month of gains.
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