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US Market declined; downward trend unchanged even after better-than-expected sales
Stock market extends a session of decline as Q2 earnings report comes in one by one but far from meeting expectations.
All of the benchmark equities ended below the line even after gains were made on the first half of the session.
Despite this, Fed Chair Jerome Powell sticks to his previous outlook wherein the inflation being short term and that the central bank must have their own reason. More areas of improvement are observed, hence they're saying it's too early to make a move to rein in inflation, as options for economic recovery are more apparent with the current set up.
S&P 500 dropped by more than 0.70% which was brought by energy, materials and financials sectors. Both the Dow and NASDAQ also dipped, continuing to a 3 day losing streak after a couple of winning weeks.
Friday's market summary can be summarized as:
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