Here are the most important news items that investors need to start their trading day:
1. On a roll
Stocks finished July on a positive note, with the S&P 500 up 3.1% and the Nasdaq Composite adding about 4.1% for the month. It was the fifth straight positive month in a row for both indexes. The Dow Jones Industrial Average ended July up about 3.4%. Many investors are growing more confident about the idea of a soft landing, as positive economic data has shown both a strong labor market and cooling inflation. As August begins, they'll also be keeping an eye on remaining corporate earnings. Follow live market updates.
2. Good month for Meta
Speaking of stocks on a streak, Meta shares also marked a monthly gain on Monday. The Facebook parent company's stock climbed 11% in July, good for its ninth straight month of gains. That's the longest such stretch since Facebook went public in 2012. Investors have been responding positively to CEO Mark Zuckerberg's "year of efficiency," which has involved layoffs and other cost-saving measures, a recovery in the company's online ad business, and investments in artificial intelligence. It's the second-best performing stock in the S&P 500 this year, behind only Nvidia.
3. BP profit sinks
Oil giant BP reported disappointing earnings Tuesday, posting a nearly 70% year-on-year drop in second-quarter profits. Profits fell from $8.5 billion in the second quarter of 2022 to $2.6 billion in underlying replacement cost profit, which is used as a proxy for net profit. Analysts had expected to see profits of $3.5 billion for the British company, according to Refinitiv. The news comes amid weaker fossil fuel profits, which have hit the whole energy industry. Despite that, BP boosted its dividend by 10% for the second quarter.Â
4. A new plan
The Biden administration has another proposal that tries to tackle student loan debt. The Education Department has launched a beta application for a new income-driven repayment plan, called the Saving on a Valuable Education, or SAVE plan. Under the program, instead of paying 10% of their discretionary income a month toward their undergraduate student debt, borrowers will eventually be required to pay just 5% of their discretionary income. However, that change is unlikely to take effect until next summer. The announcement comes roughly a month after the Supreme Court struck down President Joe Biden's initial plan to forgive student loan debt for millions of borrowers.
5. X out
X doesn't mark the spot anymore. A few days after Elon Musk changed the name of his social media company from "Twitter" to "X" as part of a sweeping rebrand, the company erected a giant flashing X sign on top of its San Fransisco headquarters. But on Monday, workers dismantled the glowing X from the roof. The sign's construction and lights had drawn complaints from neighbors and city officials.
— CNBC's Samantha Subin, Yun Li, Jonathan Vanian, Sam Meredith, Annie Nova and Kif Leswing contributed to this report.
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