US stocks fall to begin new month after big rally in July

Tue, 08/01/2023 - 09:35

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Traders look at computer screens as they work on the floor of the New York Stock Exchange. — Traders work on the floor of the New York Stock Exchange.
Michael M. Santiago/Getty Images

US stocks dropped Tuesday, starting off a new month lower after July's big rally.
Dow stocks Merck and Caterpillar rose after reporting strong quarterly earnings.
Later on Tuesday, the Labor Department will release job openings data, and ISM will publish its manufacturing activity index.

US stocks dropped Tuesday, starting off a new month lower after July's big rally, as fresh earnings reports rolled in and the 10-year Treasury yield topped 4% again.

Last month, the Dow Jones Industrial Average climbed 3.3%. Meanwhile, the Nasdaq Composite rose 4%, and the S&P 500 gained 3.1%, as both notched their fifth consecutive monthly advance.