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Market overview 2023-08-02

03.08.2023

It seems that market participants start to "negatively read" the incoming news. The long stretch of growth makes large and medium-sized investment funds look for negativity in the incoming news in order to adjust their positions and reduce their market risk. Thus, apparently, the news from Fitch about the downgrade of the US rating and the coming corporate reports showing "only" a smooth growth of profits and turnover of companies, not their explosive growth, make players increase sales entering the traditionally rather unpredictable August. In such situations, the Technology and Communications sectors are usually the hardest hit, which is what happened in Wednesday's trading. The Healthcare sector, on the contrary, looked much stronger than the market.