--- title: "Stock Market Today: August 1, 2023" description: U.S. stock futures are suggesting the major indexes will kick-off the first session in August on the downside. Earnings season is chugging along at full steam, with this being one of the busiest weeks for financial updates from Corporate America. So far, the results have been better than expected. On the economic front, this morning brings a trio of key reports. The Institute for Supply Management (ISM) will be releasing its manufacturing index for the month of July and factory orders for June. image: https://investor.valueline.com/hubfs/social-suggested-images/iStock_000006488152XSmall-358.jpg --- [![The Value Line Blog](https://investor.valueline.com/hubfs/VL%20Blog%20Images/vl_blog_header.png)](https://investor.valueline.com/blog) [Stock Market Today](https://investor.valueline.com/blog/topic/stock-market-today) # Stock Market Today: August 1, 2023 August 1, 2023 U.S. stock futures are suggesting the major indexes will kick-off the first session in August on the downside. In overnight trading, markets in Asia were mixed. Meanwhile, the major European indexes are all in negative territory. Elsewhere, oil prices have also ticked lower, with West Texas Intermediate down 0.6%, to around $81.30 a barrel. Earnings season is chugging along at full steam, with this being one of the busiest weeks for financial updates from Corporate America. So far, the results have been better than expected. With more than half of the S&P 500 having reported, around 80% have topped expectations. Nonetheless, it appears that aggregate earnings for 2023 will fall short of last year’s tally. On the economic front, this morning brings a trio of key reports. The Institute for Supply Management (ISM) will be releasing its manufacturing index for the month of July. Consensus estimates are calling for a modest pickup, with a reading of around 47%, versus 46% in June. (Levels above 50 indicate expansion, while those below 50 indicate contraction.) We’ll also find out how construction spending fared in June, with most calling for a year-on-year increase of just under 1%, on par with May. Also coming out will be the job openings figure for June, which clocked in at 9.8 million the month before. Tomorrow we’ll get ISM’s July index for the services sector. Consensus there is calling for a small step down to around 53%, versus the 53.9% registered in June. Also due will be factory orders for June. Friday wraps up the week with the latest on the employment situation, including nonfarm payrolls, the unemployment rate, and hourly wages. All three are widely expected to show a flat sequential performance compared to June. Stocks began the week with modest gains, with the Dow Jones Industrials moving ahead 100 points, or 0.3%, while the S&P 500 advancing six points (0.2%), and the tech-focused NASDAQ up 29 points (0.2%). All three fared well in July, with gains ranging around 3% to 4%. Notably, the market rally is broadening, with the Russell 2000 (a small-cap index) advancing 6% for July. - Mario Ferro *At the time of this article’s writing, the author did not have positions in any of the companies mentioned.* [CLICK HERE](https://investors.valueline.com/) for more information on our services or call 1-800-VALUELINE (1-800-825-8354). 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