Wall Street ends lower as energy stock decline; BA, GPN surge

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US stocks started the month on a low note on Monday, August 1, as declines in the energy stocks weighed on the overall market scenario. The indices have marked their best performing months since 2020 in July.

The S&P 500 fell 0.28 per cent to 4,118.63. The Dow Jones was down 0.14 per cent to 32,798.40. The NASDAQ Composite lost 0.18 per cent to 12,368.98, and the small-cap Russell 2000 fell 0.10 per cent to 1,883.31.

The US stocks witnessed a notable recovery in July, after choppy trading so far this year, as the investors bet that the Federal Reserve may not provide as hawkish decisions as earlier expected.

In addition, the investors seemed to be optimistic after better-than-anticipated second quarter earnings reduced fears over inflation's impact on corporate profit. However, some investors appear to be trading cautiously on Monday, because of the recent rally in the market.

Eight of the 11 segments of the S&P 500 index stayed in negative territory on Monday. Consumer staples and consumer discretionary sectors were the top movers. The energy and healthcare sectors were the laggards.

Shares of The Boeing Company (NYSE: BA) gained 5.98 per cent after the aerospace firm reportedly received approval from the US aviation regulators for its inspection and modification plans for resuming delivery of its 787 Dreamliners.

Global Payments Inc. (GPN) soared 4.55 per cent in intraday trading on Monday, after the company reported its quarterly earnings and agreed to acquire EVO Payments. The acquisition is expected to aid in the company's business, it said.

ON Semiconductor Corporation (ON) decreased by 4.73 per cent, after the chipmaker reported its second quarter quarterly earnings results on Monday. Meanwhile, the company said that it remained "sensitive" to the recent uncertainties in the market.

In the consumer staples sector, The Procter & Gamble Company (NYSE: PG) increased by 2.99 per cent, The Coca-Cola Company (KO) gained 0.61 per cent, and PepsiCo, Inc. (PEP) added 1.16 per cent. Costco Wholesale Corporation (COST) and Philip Morris International Inc. (PM) advanced 1.01 per cent and 1.41 per cent, respectively.

In consumer discretionary stocks, The Home Depot, Inc. (HD) soared 1.59 per cent, Alibaba Group Holding Limited (BABA) surged 1.06 per cent, and Toyota Motor Corporation (TM) rose 2.55 per cent. Lowe's Companies, Inc. (LOW) and The TJX Companies, Inc. (TJX) jumped 1.32 per cent and 2.46 per cent, respectively.

In the energy sector, Exxon Mobil Corporation (XOM) decreased by 2.48 per cent, Chevron Corporation (CVX) fell 2.09 per cent, and Shell plc (SHEL) declined 1.79 per cent. TotalEnergies SE (TTE) and ConocoPhillips (COP) plummeted 1.06 per cent and 2.43 per cent, respectively.

In the crypto space, Bitcoin (BTC) and Ethereum (ETH) slipped 3.79 per cent and 5.62 per cent, respectively, in the last 24 hours. The global crypto market cap dropped by 4.04 per cent to US$1.06 trillion at 3:59 pm ET on August 1.

Futures & Commodities

Gold futures were up 0.40 per cent to US$1,788.95 per ounce. Silver increased by 0.69 per cent to US$20.337 per ounce, while copper fell 1.20 per cent to US$3.5302.

Brent oil futures decreased by 3.79 per cent to US$100.03 per barrel and WTI crude was down 4.78 per cent to US$93.91.

Bond Market

The 30-year Treasury bond yields were down 2.08 per cent to 3.015, while the 10-year bond yields fell 1.93 per cent to 2.591.

US Dollar Futures Index decreased by 0.46% to US$105.293.


 


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