Market Recap – July 31st
U.S. stocks concluded July’s last trading session positively, marking a strong start to a busy week of company earnings (including Amazon and Apple) and economic data like the monthly jobs report. The major stock indexes, especially the tech-heavy Nasdaq Composite, ended the month with robust gains, achieving their longest winning streak since 2021.
Amidst this backdrop, Walt Disney’s stock rose 0.7% as they rehired two former executives, once potential successors to Bob Iger, Kevin Mayer and Tom Staggs. However, in premarket trading, Chinese electric vehicle manufacturer XPeng’s U.S.-listed shares experienced a 2% decline after being downgraded by UBS from a buy to a neutral rating. The downgrade was attributed to the stock’s extraordinary 135% year-to-date increase, with UBS suggesting that most of the near-term potential has already been priced in.
Want to learn how to invest? Download the Invstr app, where you can play Fantasy Finance and manage a virtual investment portfolio, or open a brokerage account and invest for real. Take our interactive investing course on Invstr Academy and become a better investor today!
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.