The Dow Jones Industrial Average closed at 34,838.16 on Monday with a loss of 97.31 points or -0.28%. The S&P 500 closed at 4,387.16 for a loss of 8.10 points or -0.18%. The Nasdaq Composite closed at 14,681.07 for a gain of 8.39 points or 0.06%. The VIX Volatility Index was higher at 19.46 for a gain of 1.22 points or 6.69%.
Monday’s market movers
U.S. stocks started the month of August mostly lower. The Dow Jones ended with a loss of 0.28% on Monday and the S&P 500 had a loss of -0.18%. The day’s losses followed a disappointing end to the month of July on Friday. The major indexes ended lower Friday and lower for the week. However, for the month of July, the S&P 500 posted a gain of 2.3%, the Dow Jones had a gain of 1.3% and the Nasdaq was up 1.2%.
Square was a top headline for the day Monday, announcing earnings and an acquisition of Afterpay (ASX:APT, Financial). Square reported revenue of $4.68 billion, an increase of 143.8% year over year, with a $370 million revenue miss. Second-quarter GAAP earnings of 40 cents per share beat estimates by 45 cents and non-GAAP earnings of 66 cents beat estimates by 35 cents. Square’s acquisition of Afterpay is valued at approximately $29 billion, and will be an all-stock deal. Square gained 10.16% on Monday.
In other news:
- Lawmakers announced they are finishing the details of a $1 trillion infrastructure package, which could pass in the Senate this week. The iShares Semiconductor ETF (SOXX, Financial) was up 0.63% with the news, as infrastructure spending will have a substantial impact on semiconductors.
- Approximately 25% of S&P 500 companies will report this week.
- The Markit Manufacturing PMI increased to 63.4 in July from 62.1.
- The ISM Manufacturing PMI decreased to 59.5 in July from 60.6 .
- Construction spending increased 0.1% in June following a decrease of 0.2%.
- The Treasury held auctions for three-month bills at a rate of 0.050% and six-month bills at a rate of 0.055%.
Across the board:
- Speed Commerce (SPDC, Financial) climbed 87.50%.
- American Caresource Holdings (GNOW, Financial) rose 87.35%.
- Grayscale Digital Large Crypto Fund (GDLC, Financial) gained 11.54%.
- Tesla (TSLA, Financial) was up 3.27%.
- KraneShares Electric Vehicles and Future Mobility Fund (KARS, Financial) increased 1.20%.
- Global X Cannabis ETF (POTX, Financial) inched up 1.14%.
- The 10-year Treasury ended with a yield of 1.179%.
In small caps, the Russell 2000 closed at 2,215.50 for a loss of 10.75 points or -0.48%. The S&P 600 closed at 1,334.95 for a loss of 6.33 points or -0.47%. The Dow Jones U.S. Small-Cap Growth Index closed at 14,924.75 for a loss of 67.22 points or -0.45%. The Dow Jones U.S. Small-Cap Value Index closed at 10,910.34 for a loss of 76.57 points or -0.70%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,692.01 for a loss of 11.66 points or -0.43%; the S&P 100 at 2,008.71 for a loss of 3.04 points or -0.15%; the Nasdaq 100 at 14,963.62 for a gain of 3.73 points or 0.025%; the Russell 3000 at 2,607.40 for a loss of 4.43 points or -0.17%; the Russell 1000 at 2,465.51 for a loss of 3.66 points or -0.15%; the Wilshire 5000 at 45,660.40 for a loss of 74.65 points or -0.16%; and the Dow Jones U.S. Select Dividend Index at 826.12 for a loss of 0.44 points or -0.053%.