Market summary 17th August

Market summary 17/8/2023

The markets faced a challenging day, with the Nasdaq dropping over 1%. High-risk stocks, like PLTR, faced steeper declines of 8.4%. Even previously steady stocks like ELF and CELH took hits, dropping by 9.7% and 5.5%, respectively.

While no specific trigger was evident, concerns grew in after-hours trading due to Evergrande, a major Chinese property developer, seeking bankruptcy protection. Given the potential domino effect of debt and banking issues, market worries intensified, especially with such disturbances often surfacing as September approaches. Consequently, net lows surged in both the Nasdaq and NYSE, suggesting a conservative investment strategy.