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Market went downward; NASDAQ slid after tech stocks got pulled to a quagmire
Stocks traded lower as traders decided to adapt a wait and see attitude in the upcoming earnings and economic prints this week to get more insights re inflation, labor status, the supply chain challenges and the fear it will bring in the market.
The September selloff is extending its influence on the new month as the concerns that led to the selloff itself persists until now. The decision over the debate to increase the debt limit of the US government has yet to reach a conclusion in the Congress. This was raised by Treasury Secretary Janet Yellen in her hopes to prevent a potential default in the government.
Market movements are as follows:
More economic prints coming in this week will be eyed by investors, especially the monthly jobs report from the Labor Department which is expected to at least increase compared to its previous month. Even with this, many economists are already suggesting that the deceleration has started and growth has slowed which will continue until the end of year.
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