Stocks Retreat in August on a sluggish note, retracing from the bullish rally experienced in July. Mixed earnings reports from various companies added uncertainty to the market sentiment, which had largely been positive throughout most of 2023. Notably, on Tuesday, Caterpillar (CAT) cautioned about an upcoming business slowdown, Pfizer (PFE) revised its revenue forecast downward, and Uber (UBER) surprised investors with a profitable quarter.
These earnings announcements served as the appetizer before the highly anticipated main event: the second-quarter results of tech giants Apple (AAPL) and Amazon (AMZN), scheduled for release on Thursday. Both Apple and Amazon stocks have seen impressive growth, surging more than 50% since the beginning of the year. Investors are also keeping a close eye on key economic data releases this week, with the U.S. jobs report on Friday being particularly significant.
As of the closing bell, the major indices showed mixed performances. The S&P 500 dipped by 0.22%, closing at 4,578.87, while the DJIA managed a gain of 0.15%, reaching 35,613.55. The NYSE slid by 0.50%, ending at 16,345.49, and the NASDAQ lost 0.34%, settling at 14,296.76.
Among the market movers, Nikola Corp (NKLA) experienced a notable surge of 19.29%, with its current price at $3.19. Yellow Corp (YELL) stood out with a remarkable gain of 77.21%, reaching $3.12. Tupperware Brands Corp (TUP) also performed well, showing a gain of 27.17%, closing at $5.43. However, Mullen Automotive Inc (MULN) remained relatively steady with a marginal decrease of 1.54%, settling at $0.13. Faraday Future Intelligent Electric Inc (FFIE) registered a gain of 12.53%, closing at $0.34. Palantir Technologies Inc (PLTR) exhibited a modest increase of 1.72%, reaching $20.18.
In the list of top gainers Stocks Retreat in August by percentage, Adamis Pharmaceuticals Corp (ADMP) soared by 185.31%, reaching $4.08. Motorsport Games Inc (MSGM) followed closely with an impressive gain of 141.28%, closing at $8.28. Yellow Corp (YELL) appeared again on this list, showcasing a gain of 77.27%. American Superconductor Corp (AMSC) exhibited a significant increase of 57.00%, closing at $15.83. T Stamp Inc (IDAI) saw a gain of 56.63%, reaching $1.30. AEye Inc (LIDR) ended with an increase of 45.28%, closing at $0.57.
On the other hand, Polished.Com Inc (POL) experienced a substantial decline of 68.40%, settling at $0.20. TG Therapeutics Inc (TGTX) recorded a significant drop of 48.09%, closing at $10.74. INVO Bioscience Inc (INVO) exhibited a decrease of 29.23%, reaching $3.51. ZoomInfo Technologies Inc (ZI) saw a decline of 26.34%, closing at $18.84. Aurora Acquisition Corp (AURC) followed with a decrease of 26.10%, reaching $34.00. Zenvia Inc (ZENV) closed with a decline of 25.45%, settling at $0.82.
Investors are treading cautiously in the face of mixed earnings and upcoming key economic data releases. The stock market remains dynamic and unpredictable, emphasizing the importance of prudent decision-making and consulting qualified investment advisors before making any investment choices.
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