Market Report Aug 09 2023

On Tuesday, the market sentiment skewed negative, retracting from the prior session gains.

The downward trend can be attributed to broad-based selling, mirroring regular market consolidation patterns. This was evident as 8 of the 11 S&P 500 sectors and 21 of the 30 Dow components reported losses, showcasing a consistent weakness across market capitalizations and factors.

A notable catalyst for the day's performance was Moody’s decision to downgrade 10 small to mid-sized US banks and project a negative outlook for 11 other institutions. This directly impacted the regional banking stocks, causing them to decline, subsequently affecting the broader market.
VIX increased over 1% which is a fairly small increase.

Javid Shaik

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