On Wednesday, August 2, 2023, the S&P 500 Index closed down 0.17%, while the Dow Jones Industrial Average rose 0.49%, hitting a new all-time high. The Nasdaq 100 Index saw a significant decline of 0.83%, primarily due to a 7% drop in Advanced Micro Devices (AMD) following a disappointing sales forecast for Q3.
The July ADP employment change rose by 44,000, falling short of the expected 65,000, as the ISM services index rose to 54.1, below the anticipated 54.5. US MBA mortgage applications decreased by 2.9% during the week ended July 31, with the average 30-year fixed-rate mortgage reaching a one-year high of 6.81%. Additionally, the markets are currently pricing in a 55% chance of a 25 basis point rate hike at the FOMC meeting scheduled for September 15-16.
In corporate earnings, Booking Holdings reported a Q2 gross bookings increase to $51 billion, surpassing estimates of $49.68 billion. Conversely, Insulet cut its full-year revenue estimate, leading to a 20% drop in its stock. Other notable movements included Amgen’s adjusted EPS of $6.29, beating estimates of $5.62, and SpaceX’s stock falling over 13% due to higher-than-expected AI expenditures.
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