Market Recap – August 16th 💰

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Market Recap – August 16th

Wall Street saw declines on Wednesday following the release of Federal Reserve minutes indicating a split among officials regarding further interest rate hikes. By afternoon the S&P 500 was down 0.36% at 4,422, the Nasdaq Composite dropped 0.44% to 13,571.21, and the Dow Jones Industrial Average fell 0.18% to 34,884.42. Looking at specific investments we’re watching Cisco and Synopsys. Cisco Systems shares rose approximately 2.5% after reporting fiscal fourth-quarter earnings surpassing expectations. Adjusted earnings were $1.14 per share, exceeding the forecasted $1.06, with revenue of $15.2 billion, surpassing the projected $15.05 billion. Synopsys also performed well, with a 2.3% stock increase, as the electronic design automation company exceeded fiscal third-quarter earnings estimates. Adjusted earnings reached $2.88 per share, surpassing expectations by 14 cents, alongside revenue of $1.49 billion, slightly above projections. The company announced Sassine Ghazi as its CEO and president, effective January 1.

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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.

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