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

Associated Press

Stock market today: World shares track Wall Street’s slump after Fed says rates may stay high in ’24

World shares have declined, echoing a slump on Wall Street after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought. Benchmarks fell by 1% or more in Paris, Tokyo, Sydney and Hong Kong. U.S. futures slipped and oil prices also were lower. On Wednesday, the […]

6 hours ago

FILE - Deja Taylor arrives at federal court, June 12, 2023, in Virginia Beach, Va. Taylor, the moth...

Associated Press

Mother of 6-year-old boy who shot his teacher in Virginia could be jailed for failing drug tests

NEWPORT NEWS, Va. (AP) — The mother of a 6-year-old who shot his teacher in Virginia could be jailed Thursday for failing drug tests while awaiting sentencing on federal weapons charges that she used marijuana while possessing a firearm. A bond revocation hearing is set in federal court in Newport News for Deja Taylor. Her […]

7 hours ago

FILE - Anthony Sanchez, right, is escorted into a Cleveland County courtroom for a preliminary hear...

Associated Press

Man set to be executed for 1996 slaying of University of Oklahoma dance student

McALESTER, Okla. (AP) — Oklahoma is set to execute an inmate Thursday morning for the 1996 slaying of a University of Oklahoma dance student, a case that went unsolved for years until DNA from the crime scene matched a man serving time for burglary. Anthony Sanchez, 44, is scheduled to receive a three-drug injection at […]

7 hours ago

A Brightline train approaches the Fort Lauderdale station on Friday, Sept. 8, 2023, in Fort Lauderd...

Associated Press

First private US passenger rail line in 100 years is about to link Miami and Orlando at high speed

MIAMI (AP) — The first big test of whether privately owned high-speed passenger train service can prosper in the United States will launch Friday when Florida’s Brightline begins running trains between Miami and Orlando, reaching speeds of 125 mph (200 kph). It’s a $5 billion bet Brightline’s owner, Fortress Investment Group, is making, believing that […]

8 hours ago

The entrance to the Las Vegas Review-Journal campus is shown in Las Vegas, Wednesday, Aug. 30, 2023...

Associated Press

Outdated headline sparks vicious online hate campaign directed at Las Vegas newspaper

NEW YORK (AP) — A Las Vegas newspaper is being viciously attacked online for its coverage of an alleged murder of a retired police chief, either because of a misunderstanding or a deliberate attempt to mislead. The “firehose of hatred” has led the Las Vegas Review-Journal to sift through email directed at one of its […]

8 hours ago

Disbarred attorney Alex Murdaugh arrives in court in Beaufort, S.C. Thursday, Sept. 14, 2023. Murda...

Associated Press

Alex Murdaugh plans to do something he hasn’t yet done in court — plead guilty

Convicted murderer Alex Murdaugh is expected to step before a judge Thursday and do something he hasn’t done in the two years since his life of privilege and power started to unravel: plead guilty to a crime. Murdaugh will admit in federal court that he committed 22 counts of financial fraud and money laundering, his […]

9 hours ago

Sponsored Articles



When most diets fail, re:vitalize makes a difference that shows

Staying healthy and losing weight are things many people in Arizona are conscious of, especially during the summer.


Mayo Clinic

Game on! Expert sports physicals focused on you

With tryouts quickly approaching, now is the time for parents to schedule physicals for their student-athlete. The Arizona Interscholastic Association requires that all student-athletes must have a physical exam completed before participating in team practices or competition.



Here are the biggest tips to keep your AC bill low this summer

PHOENIX — In Arizona during the summer, having a working air conditioning unit is not just a pleasure, but a necessity. No one wants to walk from their sweltering car just to continue to be hot in their home. As the triple digits hit around the Valley and are here to stay, your AC bill […]

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