Market Report Jul 27 2023

On Fednesday, market sentiment was mixed as market participants grappled with several factors, including earnings reports, the latest action by the FOMC, and remarks made by Fed Chair Powell in response, which is usually volatile on price action.

During the session, stocks closed with mixed results, with the Dow Jones Industrials reaching a 17.5 month high.

The ongoing Q2 corporate earnings season showed promising signs, with nearly 80% of US companies surpassing profit estimates.

VIX moved up 5% during yesterday’s session which is not concerning unless it continues to climb from here.

MEA (Main European Averages) closed in the red prior to the FOMC statement.

Javid Shaik

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