Stocks Suffer Steep Losses as China Inflation Remains in Focus

Oil and gold posted another losing session

Managing Editor
Aug 15, 2023 at 4:28 PM
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The banking sector bust looks to be resuming, after Fitch said it may downgrade credits of several finance giants after recently slamming the U.S. with an AA+ rating. This, combined with weak economic data out of China pressured three indexes today. The Dow suffered its worst day since early July, while the S&P 500 and Nasdaq trailed with notable losses of their own. 

Continue reading for more on today's market, including:

  • 2 bank stocks slide on Fitch alarm.
  • Finance name supplies optimal entry point
  • Plus, an oil stock slide; BRK's latest stake; and Sea stock gets slammed.

Closing Indexes Summary Aug 15

NYSE and Nasdaq Stats Aug 15

5 Things to Know Today

  1. Investor interest in the cannabis sector is waning, with one exchange traded fund (ETF) set to close-up shop. (CNBC)
  2. Movie theater giant AMC Entertainment (AMC) is in recovery mode after a revised stock conversion plan received approval, sending the shares plummeting Monday.  (MarketWatch)
  3. Behind the latest oil stock slide.
  4. Berkshire's latest stake comes in at over $700 million.
  5. Sea stock slammed to multi-year lows.

Corporate Earnings Aug 15

Unusual Options Activity Aug 15

Gold, Oil Struggle for Another Session

Interest rate cuts in Beijing weighed heavy on crude prices. September-dated oil shed $1.52, or 1.8%, to settle at $80.99 per barrel.

Precious metal gold fell to four-week lows today, struggling on the heels of a rising dollar and bond yields. December-dated gold lost $8.80, or 0.5%, to settle at $1,935.20 an ounce.

 

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