Published on 26 Jun 2023 on Zacks via Yahoo Finance

Take the Zacks Approach to Beat the Market: Shopify, Oracle, Uber in Focus

The three most widely followed indexes closed last week in the red. The Dow Jones Industrial Average declined 1.7%, while both the S&P 500 and the Nasdaq Composite lost 1.4% each. For the tech-heavy Nasdaq, this weekly loss comes after eight straight weeks of gains, while the S&P 500 snapped a five-week winning streak.

Fed Chair Jerome Powell’s Congressional testimony dominated trade throughout the week. In their comments throughout the week, Powell and other important fed officials made it clear that the central bank was looking at two other 25 bps interest rate hikes till the year-end.

Inflation is on a downward slope but still far from the Fed’s target level of 2%. The decision-makers seem committed to raising rates further. This wasn’t good news from the market as recession fears got stoked yet again.