Market Recap – August 3rd 💰

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Market Recap – August 3rd

U.S. stocks closed with little change on Thursday after a volatile trading session, as investors weighed the impact of rising Treasury yields and the latest economic data and earnings reports. The benchmark 10-year U.S. Treasury yield climbed to 4.198%, the highest since November, following Fitch’s downgrade of the top-tier U.S. credit rating. However, it dipped slightly below 4.194% later in the afternoon. The increase in bond yields has made stocks less attractive, according to Tom Hainlin, a national investment strategist at U.S. Bank Wealth Management.

In economic news, the Labor Department reported a slight increase in the number of Americans filing new claims for unemployment benefits, but layoffs dropped to an 11-month low in July, indicating tight labour market conditions. DoorDash, the food delivery company, saw its shares rise nearly 4% after raising its annual core profit forecast and beating revenue estimates for the second quarter. However, the company did post a larger-than-expected loss for the last quarter. Clorox jumped around 9.5% in midday trading. The company beat on earnings and revenue a day earlier, reporting an adjusted $1.67 per share and $2.02 billion in revenue against analysts’ estimates of $1.18 per share and $1.88 billion in revenue, per Refinitiv.

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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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