Market Report Aug 10 2023

Written By Javid Shaik

Wednesday saw the S&P 500 and Nasdaq 100 retracting to a 4-week low. The tech sector, primarily chip stocks, dragged the broader market. This is as was expected and discussed on the webinar. Nasdaq also tagged the 50MA. Now waiting for S&P 500.

Nonetheless, a buoyant energy sector partially offset this decline, with crude escalating by over 1%, marking an over 8-month peak. Again, energy strength was an area we discussed a few weeks back.

Mixed look for the sectors with MEA closing positive.

Javid Shaik
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