US Markets LIVE, 3 Aug 2023: The US stock market indexes opened lower on Thursday, extending previous session losses after surprise Fitch’s downgrading the U.S. credit rating. Dow Jones opened a gap-down by 87.96 points at the 35194.56 level while S&P 500 made a lower opening of 19.12 points at the 4494.27 level. The tech-heavy Nasdaq Composite also opened a gap-down at 13899.76 level, down by 73.69 points.
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At 12 ET, Dow Jones trimmed early losses and is trading marginally lower by 26.03 points or 0.07 percent at the 35256.49 level while S&P 500 is trading lower by 7.74 points or 0.17 percent at 4505.65 levels. The tech-heavy Nasdaq Composite erased its early losses and is trading slightly higher by 5.45 points or 0.04 percent at 13978.89 levels.
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The stocks are falling as the yield on US 10-year-old Treasury notes traded around 4.1%, its highest level since November 2022, after closing at 4.077% on Wednesday. Investors remain cautious as all eyes are now on the quarterly earnings of tech giants Amazon and Apple, which are expected post-market hours on Thursday.
The ISM Services PMI reading showed the US service activity expanded at a slower pace in July as compared to the previous month. The seasonally adjusted S&P Global U.S. Services PMI Business Activity Index came slightly below the economist’s expectations. The initial weekly jobless claims increased slightly by 6000 to 227000 ending July 29, after three straight weeks of declines.
The Cboe Volatility index “VIX” rose to 17.42 on Thursday, its highest level since June 13 when it reached 17.59, and currently. ‘VIX” is trading at 16.36.
The crude oil prices are trading higher after a fall in the previous session, due to the concern about the production ahead of the OPEC+ meeting on Friday. The Brent crude oil prices are trading higher by 1.83% at $84.78 per barrel while WTI crude is trading higher by 1.70% at $81.19 per barrel.
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On the earning front, the share price of chipmaker Qualcomm is losing around 10% as the third-quarter revenue forecast was below market estimates and disappointing guidance. PayPal tanked more than 11% after the company reported in-line quarterly results. Meanwhile, Moderna gained half a percent on a covid vaccine outlook.
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