UNITED STATES NEWS

Stock market today: Wall Street opens higher, regaining some momentum after a rare down week

Aug 6, 2023, 8:57 PM | Updated: Aug 7, 2023, 6:38 am

NEW YORK (AP) — Stocks are rising in early trading as Wall Street regains some momentum after its big rally for the year took a pause last week. The S&P 500 was 0.5% higher Monday, coming off its first losing week in the last four. The Dow was up 208 points, or 0.6%, and the Nasdaq composite was up 0.5%. Berkshire Hathaway rose 1.6% after the company run by Warren Buffett reported stronger results than analysts expected. Besides profit reports from some media giants like The Walt Disney Co. and Fox, this week markets will also get highly anticipated reports on inflation.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

NEW YORK (AP) — Wall Street was poised to open with modest gains early Monday, with more inflation data and corporate earnings on the way after U.S. employment reports helped to drag markets down last week.

Futures for the Dow Jones industrials ticked up 0.2% before the bell, while futures for the S&P 500 rose 0.3%.

Last week, a highly anticipated U.S. jobs report said hiring was a touch weaker last month than economists expected, though wages for workers rose more than forecast.

Although a strong job market is generally a positive sign for the economy, the U.S. Federal Reserve could see particularly strong wage growth as putting greater pressure on prices. That could translate to another interest rate hike from the U.S. central bank, which has been raising interest rates for a year-and-a-half to try to extinguish inflation not seen since the early 1980s.

However, a moderating jobs markets may help cool inflation from last summer’s peak.

On Thursday, the government issues its report on prices at the consumer level, with data on wholesale prices to be released on Friday. Both reports will be closely considered by Fed officials, who have signaled they are open to another quarter-point hike this year.

Markets are also anticipating more corporate earnings this week.

Big Tech stocks have led Wall Street’s charge this year. Like Amazon and Apple, which reported earnings last week, most companies in the S&P 500 have reported stronger profits for the spring than analysts expected, though expectations were relatively low.

Tyson Foods on Monday reported a quarterly loss of $417 million and said it would shut down four plants in Arkansas, Indiana, Missouri and Missouri. The company closed its corporate offices in Chicago and South Dakota late last year and consolidated its workforce in Arkansas. In March it announced the closure of two plants in Arkansas and Virginia in order to better use available capacity at other facilities.

Tyson laid off 15% of its senior leadership and 10% of its corporate workers in April as it wrestled with steep inflation on labor, grain and other inputs.

The Walt Disney Co., Lyft, UPS, and Wendy’s all report their most recent quarterly earnings this week.

In Europe at midday, France’s CAC 40 slid 0.2%, while Germany’s DAX and Britain’s FTSE 100 each fell 0.5%.

Japan’s benchmark Nikkei 225 recouped losses earlier in the day and gained 0.2% to finish at 32,254.56. Australia’s S&P/ASX 200 shed 0.2% to 7,309.20. South Korea’s Kospi fell 0.9% to 2,580.71. Hong Kong’s Hang Seng changed little at 19,537.92, while the Shanghai Composite dropped 0.6% to 3,268.83.

“Local stocks appear to be latching onto the U.S. downswing from Friday as investors are still absorbing a down week for most markets,” Stephen Innes at SPI Asset Management said of Asian trading.

In energy trading, benchmark U.S. crude lost 78 cents to $82.04 a barrel. Brent crude, the international standard, slipped 75 cents to $85.49 a barrel.

In currency trading, the U.S. dollar edged up to 142.25 Japanese yen from 141.71 yen. The euro cost $1.0983, down from $1.1012.

—-

Kageyama reported from Tokyo; Ott reported from Silver Spring, Md.

United States News

FILE - Rep. Dan Bishop, R-N.C., speaks during a House Judiciary Committee hearing, Sept. 20, 2023, ...

Associated Press

They’re a path to becoming governor, but attorney general jobs are now a destination, too

Instead of trying to keep their seats in Congress, two North Carolina politicians are vying for a high-profile office closer to home: state attorney general. The career path that Republican U.S. Rep. Dan Bishop and Democratic U.S. Rep. Jeff Jackson are trying to follow was once a rarity but has become more common across the […]

4 hours ago

Rick Elskamp sits with his oldest daughter, Sheridan, and discusses the frustrations of having his ...

Associated Press

States promise to help disabled kids. Why do some families wait a decade or more?

TOPEKA, Kan. (AP) — When Lilly Miller was in elementary school, teachers told her parents they needed to immediately sign up their youngest daughter, who has Down syndrome, for a wait list so the state would pay for a day program when she grew up. The teachers predicted a six-year wait. The Millers have been […]

4 hours ago

This image provided by the Idaho Department of Correction shows Thomas Eugene Creech on Jan. 9, 200...

Associated Press

Idaho set to execute Thomas Eugene Creech, one of the longest-serving death row inmates in the US

BOISE, Idaho (AP) — The hour of Thomas Eugene Creech’s death has been set, and it is rapidly approaching. On Wednesday morning Idaho prison officials will ask the 73-year-old if he would like a mild sedative to help calm him before his execution at the Idaho Maximum Security Institution south of Boise. Then, at 10 […]

5 hours ago

FILE - A bump stock is displayed in Harrisonburg, Va., on March 15, 2019. The Supreme Court will he...

Associated Press

Supreme Court to hear challenge to bump stock ban in high court’s latest gun case

WASHINGTON (AP) — The Supreme Court on Wednesday will hear a challenge to a Trump-era ban on bump stocks, a gun accessory used in a Las Vegas massacre that was the deadliest mass shooting in modern U.S. history. A Texas gun shop owner argues the Trump administration didn’t follow federal law when it reversed course […]

5 hours ago

FILE - Hunter Biden, son of President Joe Biden, speaks during a news conference outside the Capito...

Associated Press

Hunter Biden to appear for closed-door interview with Republicans conducting impeachment inquiry

WASHINGTON (AP) — Hunter Biden is set to appear Wednesday on Capitol Hill for a closed-door deposition with lawmakers, a critical moment for Republicans as their impeachment inquiry into his father and their family’s business affairs teeters on the brink of collapse. The deposition will mark a decisive point for the 14-month Republican investigation into […]

5 hours ago

Associated Press

1 person injured when Hawaii tour helicopter crashes on remote Kauai beach

LIHUE, Hawaii (AP) — One person was injured when a tour helicopter crashed on a remote beach on the Hawaiian island of Kauai, the county fire department said Tuesday. An aircraft operated by Jack Harter Helicopters crashed at Honopu Beach on the Napali Coast, a rugged stretch of Kauai that is only accessible by hiking, […]

6 hours ago

Sponsored Articles

...

Day & Night Air Conditioning, Heating and Plumbing

Day & Night is looking for the oldest AC in the Valley

Does your air conditioner make weird noises or a burning smell when it starts? If so, you may be due for an AC unit replacement.

...

Sanderson Ford

The best ways to honor our heroes on Veterans Day and give back to the community

Veterans Day is fast approaching and there's no better way to support our veterans than to donate to the Military Assistance Mission.

...

Canvas Annuity

Interest rates may have peaked. Should you buy a CD, high-yield savings account, or a fixed annuity?

Interest rates are the highest they’ve been in decades, and it looks like the Fed has paused hikes. This may be the best time to lock in rates for long-term, low-risk financial products like fixed annuities.

Stock market today: Wall Street opens higher, regaining some momentum after a rare down week