Market Report Sep 07 2023

In response to an unanticipated surge in the August ISM Services Index, the equity markets experienced considerable declines as Treasury yields and the probability of a Fed rate hike increased.

The S&P 500 closed marginally below its critical 50MA, while the Nasdaq briefly breached this threshold intraday before recovering to close just above it. The Dow Jones Industrial Average and the Russell 2000 continued to distance themselves further below their respective 50MAs.

Javid Shaik

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