I’m back from a short vacation and there’s a lot to talk about. The stock market has taken a hit with the S&P down 2.5% and the Nasdaq down 3.1%. Investor confidence has been shaken due to strong economic data, a hawkish stance from the Bank of Japan, and a Fitch downgrade. On the positive side, oil prices have increased to $82 per barrel as Saudi Arabia and Russia promise more cuts. The dollar has strengthened while gold prices have fallen. Overall, it’s been a rough start to August, which is typically a weaker time for the market. However, some believe a pullback is necessary to see who remains confident and who panics. Bond yields have surged, but despite Fitch’s downgrade of the US credit rating, there is no risk of the US not paying back its investors. The dollar has seen a nice increase, responding to the possibility of more interest rate hikes by the Federal Reserve. Oil prices have also gone up, responding to supply cuts rather than a strengthening dollar. Gold prices have fallen due to the stronger dollar as well. Today’s economic data is centered around the NFP report, which is expected to show new job creation. Amazon has performed well, while Apple has disappointed investors. Overall, the market continues to be volatile, and it’s important to keep an eye on various economic factors and company performances.
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AMZN Triumphs while AAPL Falls Short (Just Kidding)
