S&P 500 Market Update August 2023: Stocks Slide Amid Slower Hiring, Key Winners and Losers Revealed
Explore the latest S&P 500 performance on August 4, 2023, as hiring deceleration impacts the market. Discover top gainers like Amazon and major decliners including Apple in this detailed analysis.
On August 4, 2023, U.S. stock markets closed lower following the Labor Department's report indicating a slowdown in hiring during July. The S&P 500 dipped by 0.5%, while the Dow Jones Industrial Average and Nasdaq Composite each declined by 0.4%.
Highlights
- The S&P 500 decreased 0.5% on August 4, 2023, reacting to slower job growth reported by the Labor Department.
- Amazon's shares surged 8.3%, driven by strong earnings that surpassed expectations, fueled by a record-breaking Prime Day and robust advertising revenue.
- Apple's stock dropped 4.8% despite beating earnings per share estimates, due to lower iPhone and iPad sales.
Top 5 S&P 500 Stocks with Gains on August 4, 2023
Amazon
Amazon experienced an 8.3% jump in stock price after reporting second-quarter earnings per share of $0.65, significantly above the forecasted $0.35. The company's sales were propelled by a record Prime Day event and increased advertising income, offsetting slower growth in its cloud services.
Gen Digital
Gen Digital (GEN) shares rose nearly 8% following an earnings beat and a remarkable 33% year-over-year revenue increase. The growth was supported by an expansion of its customer base from 24 million to 38.2 million within a year.
Warner Bros. Discovery
Shares of Warner Bros. Discovery (WBD) climbed 8.4%, benefiting from reduced expenses amid the ongoing Hollywood actors' strike, as confirmed by the company's CFO.
Booking Holdings
Booking Holdings (BKNG), the parent company of Booking.com, Kayak.com, and OpenTable, saw its shares rise 7.9% after reporting revenues that exceeded expectations. Marketing efficiencies contributed to a 27% year-over-year revenue increase.
DaVita
DaVita (DVA) shares increased by 7.1% despite a decline in profits, as the company outperformed projections thanks to higher Medicare reimbursement rates for kidney dialysis treatments.
Top 5 S&P 500 Stocks with Losses on August 4, 2023
Fortinet
Fortinet (FTNT) shares plunged 25% after reporting disappointing billings and revenue, accompanied by a lowered forecast due to reduced IT spending by enterprise clients.
ResMed
ResMed (RMD) stock declined 18.5%, impacted by earnings and fourth-quarter sales that fell short of expectations, partly caused by increased manufacturing costs.
Extra Space Storage
Extra Space Storage (EXR) shares dropped 9.8% following second-quarter earnings and revenue results that missed estimates, attributed to decreased occupancy rates.
Microchip Technologies
Microchip Technologies (MCHP) experienced a 6.8% decrease in stock price after issuing guidance below expectations amid a challenging macroeconomic backdrop.
Apple
Apple (AAPL) shares fell 4.8% despite surpassing earnings per share forecasts, as sales of iPhones and iPads declined.
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