Stocks report for Tuesday, 8/8/2023

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Stocks concluded the trading session on Wall Street with declines, reflecting concerns about the global economy and the banking system that have prompted increased caution across international financial markets.

The S&P 500 experienced a decrease of 0.4% on Tuesday, rebounding from an earlier decline. Similarly, the Dow Jones Industrial Average saw a loss of 158 points, or 0.4%, while the Nasdaq composite recorded a more significant decline of 0.8%.

The market downturn was partially attributed to the banking sector, as several smaller and midsized banks faced credit rating downgrades by Moody’s. Meanwhile, overseas, Chinese stocks faced a decline following a substantial reduction in exports, marking the largest contraction since the onset of the pandemic. In Europe, bank stocks encountered a notable drop due to Italy’s Cabinet approval of a proposed tax on bank profits.

The day’s figures are as follows:

  • The S&P 500 closed down 19.06 points, or 0.4%, at 4,499.38.
  • The Dow Jones Industrial Average decreased by 158.64 points, or 0.4%, ending at 35,314.49.
  • The Nasdaq composite displayed a decline of 110.07 points, or 0.8%, finishing at 13,884.32.
  • The Russell 2000 index, which represents smaller companies, observed a decrease of 11.52 points, or 0.6%, closing at 1,947.42.