Energy Stocks Hit as Oil Price Falls Almost 5%

Investors are 'cautious' ahead of a big week of earnings reports
By Newser Editors and Wire Services
Posted Aug 1, 2022 4:01 PM CDT
With Investors 'Cautious,' Stocks Dip to Start August
Boeing 787 aircraft are lined up at the Everett Production Facility as they undergo join verification Wednesday, June 15, 2022, in Everett, Wash.   (Jennifer Buchanan/The Seattle Times via AP, Pool)

(Newser) – Stocks on Wall Street gave up early gains and closed slightly lower Monday as investors began another busy week of company earnings and economic reports. The S&P 500 gave up an early gain and fell 11.66 points, or 0.3%, to 4,118.63. The Dow Jones Industrial Average fell 46.73 points, or 0.1%, to 32,798.40. The Nasdaq fell 21.71 points, or 0.2%, to 12,368.98 . The Dow Jones Industrial Average dipped 0.1% and the Nasdaq fell 0.2%. Smaller company stocks also gave back some of their recent gains, nudging the Russell 2000 0.1% lower, the AP reports.

August’s subdued opening follows a solid rally for stocks last month: July was the best month for the S&P 500 index since November 2020. But this week's array of economic reports and company earnings has left traders "a little cautious," says Lindsey Bell, chief markets and money strategist at Ally Invest. "Investors are still assessing where we break from here—further to the upside or reverse course." Banks, health care companies, and tech stocks were among the biggest weights on the S&P 500. JPMorgan Chase fell 1%, UnitedHealth Group dropped 1.3%, and Intuit slid 1.7%.

US crude oil prices fell 4.8%, dragging energy stocks lower. Exxon Mobil lost 2.5%. Those losses outweighed solid gains by retailers and consumer products makers. Target rose 1.3% and Procter & Gamble rose 2.9%. Boeing jumped 6.1% for the biggest gain in the S&P 500 after it cleared a key hurdle with federal regulators and could soon resume deliveries of its large 787 airliner. 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.

(Read more stock market stories.)

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