Market Updates
Market Indexes On Wall Street Turn Lower and Investors Review Another Batch of Earnings
Barry Adams
01 Aug, 2023
New York City
Market indexes on Wall Street traded down and investors reviewed a flood of earnings releases today.
The S&P 500 index and the Nasdaq Composite index declined and Treasury yields advanced after crude oil prices advanced to a 3-month high.
The S&P 500 index advanced more than 3% and the Nasdaq Composite index jumped 4% and the Russell 2000 index soared 6.1% in July after small cap companies rebounded.
Earnings dominated news flow and Caterpillar, Pfizer, Uber, HSBC, BP, Gap, CNA, Loews Corporation, ZoomInfo and SoFi were in focus.
U.S. Indexes & Yields
The S&P 500 index traded down 0.2% to 4,577.69 and the Nasdaq Composite declined 0.6% to 14,263.99.
The yield on 2-year Treasury notes increased to 4.90%, 10-year Treasury notes inched higher to 4.90% and 30-year Treasury bonds edged down to 4.07%.
Crude oil increased $0.35 to $81.35 a barrel and natural gas prices decreased 8 cents to $2.55 a thermal unit.
U.S. Stock Movers
Caterpillar Inc soared 7.2% to $283.09 after the heavy equipment maker reported higher sales on rising demand in the second quarter.
Uber Technologies declined 4.6% to $47.11 after the company said gross bookings rose 16% to $33.5 billion and reported quarterly profit of 18 cents a share.
Pfizer Inc increased 0.9% to $36.27 after the pharmaceutical company reported mixed quarterly results in the second quarter and revenue of $12.7 billion and adjusted earnings per share of 67 cents.
Lower Covid related vaccine sales negatively impacted overall sales.
Annual Returns
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Earnings
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