STARTRADER Monday's Market Update 10-07-2023
The number of bankruptcies among US companies has risen at the fastest pace since 2010 during the first half of this year. Among the well-known names that filed for bankruptcy in the first half of 2023 are Silicon Valley Bank and Bed Bath & Beyond.
At the same time, US technology stocks have achieved significant gains since the beginning of the year, supported by the surge driven by artificial intelligence.
The market value of the seven largest technology companies listed on Wall Street, namely Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla, and Meta, has risen by about 60% this year, or about $4.1 trillion, reaching $11 trillion.
Markets are awaiting US consumer price data next Wednesday to get a more comprehensive idea of the Federal Reserve’s future moves. It is expected that the consumer price index (CPI) will decrease from 4.0% to 3.1% on an annual basis.
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