Market Report Aug 08 2023

In Monday's trading session, the market began active but gradually stabilised, managing to hold onto and even amplify its initial gains despite the limited market-moving news, economic data, and trading volume.

The day's activity surprisingly demonstrated a preference for blue chip stocks and value investments, with notable gains witnessed in the Dow Jones Industrial Average, where only 3 of its 30 constituents reported losses. Concurrently, the S&P 500 closed confidently above the 4,500 mark.

The positive sentiment on Monday was fueled by hopes that Q2 corporate earnings will persistently exceed expectations. To date, 80% of the 393 S&P 500 companies that declared their Q2 earnings surpassed their EPS consensus, a noticeable improvement from last year's 76% at the same point in the earnings season.

XLU declined along with the VIX and mixed MEA.

Javid Shaik

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