Market Recap – August 10th
On Friday’s trading day, markets finished with moderate declines as the pullback from this year’s rally continues. For the first time in 2023, the Nasdaq Composite fell in two consecutive weeks, depicting brief market volatility after months of positivity as investors weigh this current earnings season and economic concerns. For the broad indices, the S&P 500 dropped 0.11%, the NASDAQ Composite fell 0.68%, and the Dow Jones rose 0.30%.
Despite the indices’ lackluster performance, the shining star of the day was media company News Corp, with its shares growing 4.58% following their fiscal fourth quarter bottom line that exceeded expectations. Another winner for the day was the Union Bank of Switzerland, with its shares rising 5% as its $10 billion taxpayer backstop with Credit Suisse came to an end.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.