STARTRADER Market Recap | 23-Aug-2023

Economic data in the United States yesterday revealed a decline of about 2.2% in existing home sales in July on a monthly basis. Currency and bond yield movements continue to impact other financial assets as investors await statements from Federal Reserve Chair Jerome Powell on Friday.

The yield on the 10-year Treasury bond, a benchmark, reached its highest level in approximately 16 years, sparking concerns that rising borrowing costs could slow down corporate and consumer spending.

In Wall Street, the Dow Jones index fell by 0.5%, marking its lowest close in around 6 weeks. This came after JPMorgan’s stock dropped by over 2%, causing the bank to lose more than $9 billion in market value in a single day.