Nasdaq Could See Worst Month of 2023 So Far in August

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For losing week on this Friday and actually on track for a down month in August, which could be the nasdaq's worst month that we've seen so far this year. What comes as the earlier momentum is starting to cool amid the expectation that interest rates might stay higher for longer. A lot depends on inflation but those higher rates of course impact your mortgage mortgage rates at about a 20 year high. It affects your credit card rate and the rate that you would get on an auto loan tech stocks drove the market rally in the first half of the year after under performing in 2022. But that sector is the most sensitive to high borrowing costs, which is why we see the NASDAQ composite down just about 7% halfway through August. The good news is that inflation has cooled massively from its 9.1% peak in June of last year. But the FED continues to maintain that it needs to see more sustained improvement on lower inflation in order to eventually lower borrowing costs.