Stocks diverge to start August after hot July: Stock market news today August 1, 2023

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Stocks diverged to start August, pulling back from a July rally amid a flurry of mixed earnings.

For the day, the S&P 500 (^GSPC) dropped 0.3%, while the Dow Jones Industrial Average (^DJI) was up around 0.2%. The tech-heavy Nasdaq Composite (^IXIC) slumped 0.4%.

A plethora of earnings added mixed sentiments to what has been a bullish mood for most of 2023 so far. Of note Tuesday, Caterpillar (CAT) warned of a coming slowdown in its business, Pfizer (PFE) trimmed the upper end of its revenue forecast, and Uber (UBER) popped after posting a surprise profit.

Meanwhile, the job market continues to show signs of cooling, as job openings fell to their lowest level in more than two years on Tuesday.

These earnings and data points serve as the appetizer for the main event: second quarter results from Apple (AAPL) and Amazon (AMZN) that are due out Thursday. Both stocks are up more than 50% so far this year. Investors are also looking ahead to key pieces of data out this week, most notably the jobs report in the US on Friday.

On Monday, stocks capped a strong month of July for all the major indexes. The S&P 500 and Nasdaq both wrapped up their fifth straight month of gains.

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