Stocks eye rebound from rough start to August: Stock market news today | Monday August 7, 2023

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Stocks were mixed in midday trading on Monday as earnings season starts to wind down and investors brace for an inflation reading crucial to the Federal Reserve decision making.

As of midday trading, the Dow Jones Industrial Average (^DJI) was up around 0.8%, while the S&P 500 (^GSPC) gained 0.4%. The tech-heavy Nasdaq Composite (^IXIC) fell roughly 0.2% despite opening in the green.

The summer rally in stocks cooled in the early days of August, and the three major gauges ended last week significantly lower in the wake of data showing continued cooling in the labor market. This week, the countdown is on to the July inflation report due Thursday, seen as a key factor in whether the Fed will pause interest rate hikes again at its September meeting.

"July CPI report will likely be another soft report and point to moderation," Bank of America wrote in a note on Sunday.

Economists expect headline inflation rose 3.3% over the prior year in July, an increase from the 3% jump seen in June. On a "core" basis, which strips out the more volatile costs of food and energy, economists expect prices rose 4.8% year-over-year, unchanged from June's annual rise.

Meanwhile, second quarter results from Palantir (PLTR), Lucid Group (LCID), and Paramount Global (PARA) are among those on the docket on Monday as the earnings deluge starts to ease up.

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