Stock Market Today: Stocks Eke Out Win Ahead of Busy Week
The major indexes held on for a win Monday as investors look ahead to Apple earnings and the July jobs report.


Stocks started the day in positive territory but lost steam as the session wore on. Following a Friday that saw markets react to an encouraging inflation update and impressive Intel (INTC) earnings, today's session was relatively quiet.
However, it's unlikely to stay that way with key economic data and several high-profile earnings reports due out later this week.
Checking out today's economic news, the Chicago purchasing managers index (PMI) came in at 42.8 for July, above June's reading of 41.5. Still, it was softer than analysts were expecting as it has yet to benefit from increasing aircraft orders, says Edward Moya, senior market strategist at currency data provider OANDA. "The manufacturing part of the economy is still in contraction territory and the recovery will likely be unbalanced."

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
SoFi earnings impress, red-hot Palantir keeps rising
As for earnings, SoFi Technologies (SOFI) stock jumped 19.9% after the financial services firm reported a narrower-than-anticipated second-quarter loss on higher-than-expected revenue. SOFI also revealed $340 million in Q2 whole loan sales and raised its third-quarter EBITDA (earnings before interest, taxes, depreciation and amortization) forecast.
Also in single-stock news, Palantir Technologies (PLTR), which reports Q2 earnings after next Monday's close, popped 11.4%. PLTR stock is up almost 20% in the last five days, boosted by the data analytics company's artificial intelligence (AI) efforts. Wedbush analyst Dan Ives on Friday called Palantir "the [Lionel] Messi of AI," saying the company "has built an AI fortress that is unmatched and poised to be a major player in this AI Revolution over the next decade."
The "AI excitement is palpable," adds Jan Szilagyi, founder of Toggle AI. "Everyone is talking about its potential. Everyone is signing up for ChatGPT, and trying it as an investment advisor, travel agent or a spiritual shaman." Additionally, folks are finding out how to invest in AI and cash in on the excitement, Szilagyi says.
As for the major indexes, the Nasdaq Composite closed up 0.2% at 14,346, while the S&P 500 (+0.2% at 4,588) and the Dow Jones Industrial Average (+0.3% at 35,559) also notched modest gains. All three indexes closed solidly higher on the month.
Apple earnings, jobs report on deck
Monday can be considered "the calm before the storm," given how busy both the economic and earnings calendars are over the next several sessions. Mega-cap stocks Apple (AAPL) and Amazon.com (AMZN) are just a couple of key names set to report results.
"The earnings picture has been mixed, with better-than-expected gains among domestic companies and underperformance from companies with international exposure," says Mark Hackett, chief of investment research at Nationwide. Challenges that companies have endured – including stubbornly high inflation – are no longer headwinds, Hackett says, adding that he's starting to see tailwinds heading into 2024.
As for the economic calendar, the monthly jobs report, due out Friday, is the marquee event. "U.S. jobs data this week is likely to show still-low unemployment, confirming a tight labor market," writes the Blackrock Investment Institute in their Weekly Commentary.
Related Content
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Stock Market Today: Have We Seen the Bottom for Stocks?
Solid first-quarter earnings suggest fundamentals remain solid, and recent price action is encouraging too.
By David Dittman
-
Is the GOP Secretly Planning to Raise Taxes on the Rich?
Tax Reform As high-stakes tax reform talks resume on Capitol Hill, questions are swirling about what Republicans and President Trump will do.
By Kelley R. Taylor
-
Stock Market Today: Dow Drops 971 Points as Powell Pressure Ramps Up
President Trump is increasing his attacks against Jerome Powell, insisting the Fed chair cut interest rates.
By Karee Venema
-
Wall Street Is Worried About Apple Stock. Should You Be, Too?
Analysts expect Trump's sweeping tariffs to have an outsized impact on Apple stock. How concerned should investors be?
By Karee Venema
-
The Stock Market Is Selling Off. Here's What Investors Should Do
Investors started fleeing the equities market en masse in response to the Trump administration's "jaw-dropping" tariffs. But the experts say don't panic.
By Karee Venema
-
Stock Market Today: Markets Celebrate Trump's Tariff Détente
Consumer discretionary stocks led 10 of the 11 S&P 500 sector groups well into the green.
By David Dittman
-
Stock Market Today: Stocks Skid Into Another Risk-Off Turn
The promise of the AI revolution can't overcome flickering hopes for a "Fed put."
By David Dittman
-
Stock Market Today: Dow Jumps 674 Points in Friday's Relief Rally
The gains weren't limited to stocks, though, with gold futures closing above the $3,000 per ounce mark for the first time.
By Karee Venema
-
Stock Market Today: Stocks Drop on Trump's EU Tariff Threats
The White House said alcohol imports from the European Union could soon face tariffs of 200%.
By Karee Venema
-
Should You Sell Tesla Stock as Elon Unrest Grows?
Tesla's CEO is wearing many hats and is managing them "with great difficulty."
By David Dittman