In the July policy meeting, the Federal Reserve raised its benchmark interest rate by another 0.75 percentage point to tame the multi-decade high inflation. Moreover, the U.S. economy contracted for two consecutive quarters, with GDP declining 0.9% in the second quarter, fueling recession concerns.
Mayor Eric Adams said that the U.S. has entered into a recession and “Wall Street is collapsing,” contrary to President Biden’s claims that the nation is doing all right. However, better-than-expected earnings reports from many tech giants have kept investors’ sentiment positive lately. The tech-heavy Nasdaq Composite added 1.9% in the last trading session to close its best month since 2020.
