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Dow falls 46 points as markets snap three-day winning streak

 UPI News logo: MainLogo UPI News 8/1/2022 Daniel Uria

Aug. 1 (UPI) -- U.S. markets fell slightly Monday, snapping a three-day winning streak as they came off of their best month since 2020.

The Dow Jones Industrial Average fell 46.73 points, or 0.14%, while the S&P 500 slid 0.28% and the Nasdaq Composite dropped 0.18%.

Monday's decline came after all three markets posted gains on Friday to close trading for the month of July, with the Nasdaq Composite rising 12.3% for the month, while the S&P 500 gained 9.1% and the Dow climbed 6.7%.

The Institute for Supply Management's gauge of factory activity showed that manufacturing activity fell to 52.8 from 53 last month, its lowest level since June 2020.

The reading, however, came in slightly above the Dow Jones estimate of 52.1, boosting shares of chipmakers AMD and Nvidia, which rose 2.45% and 1.53% respectively.

Shares of Boeing also rose 6.07% to soften the Dow's losses after the United States approved a plan to resume deliveries of its 787 aircraft.

However, the energy sector dragged on the markets as oil prices fell nearly 5% with West Texas Intermediate crude, the U.S. oil benchmark, trading at $94 per barrel.

Exxon Mobil stock fell 2.56%, Devon Energy declined 2.07%, Chevron slid 2% and Diamondback Energy dropped 1.64%.


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