Key Takeaways
- Kevin McCarthy Out As Speaker
- Interest Rates Moving Higher
- Dollar Strength Increasing
Tuesday saw stocks go from bad to worse. A stronger than expected JOLTs report showed the jobs market continues to stay strong. Yields began moving higher on the back of that report, sending stocks lower. Momentum then kicked in as rumors Kevin McCarthy would be removed from his Speaker of the House role gained traction. When it was all said and done on Tuesday, the S&P 500 was down 1.4%. The Nasdaq Composite lost 1.9%. The Dow Jones Industrial Average fell 1.3% and Kevin McCarthy was out of a job. The Dow has now given back all its gains on the year and as of Tuesday’s close, is down just under 0.5% for the year.
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