Market Summary 9th August
**Market Summary 9/8/2023**
Markets faced headwinds today, affected by both broad macroeconomic news and specific corporate updates. Moody's recent downgrade of several US banks rekindled concerns about the banking sector. In tandem, DDOG's underwhelming quarterly report weighed heavily on software/cloud stocks. Nonetheless, the market rallied in the afternoon, reducing the day's losses to less than 1%. Notably, high-yield debt remained stable despite the stock market downturn.
Although markets made a comeback, the Nasdaq recorded net lows for a consecutive day with a surge in new lows. With the Nasdaq now retesting its 50-day moving average, we are at a pivotal point. While the current pullback appears to be a healthy correction, we remain vigilant.
Although markets made a comeback, the Nasdaq recorded net lows for a consecutive day with a surge in new lows. With the Nasdaq now retesting its 50-day moving average, we are at a pivotal point. While the current pullback appears to be a healthy correction, we remain vigilant.
Currently in 90% cash and waiting for the right time to buy stocks
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