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Market overview 2023-10-10

11.10.2023

Buying on the U.S. stock market continued on Tuesday, which led to the increase in the main stock indices within 0.9 percentage points. The main purchases were concentrated in the Financial sector, where market participants are waiting for the quarterly reports of the first three financial giants - traditionally opening the reporting season. The quarter for financial institutions may be really not bad considering the high level of interest rate and as a consequence the increase of banks' income from credit instruments with floating rate. There was also quite active buying in the Retail sector, where participants are waiting for good results from the Amazon sell-off, which took place the day before. Calming speeches of Fed functionaries that really good reasons are needed for further rate hike in light of the fact that the yields of U.S. bonds are breaking all conceivable records on yields, also looked quite encouraging for buyers, which allowed them to slightly increase the risk in their portfolios.