Major benchmark indexes failed to sustain July’s momentum by posting the second consecutive day of losses this month. The U.S. gross domestic product (GDP) declined for two consecutive quarters, fueling recession concerns.
Moreover, the personal consumption expenditures price index, which the Federal Reserve uses as its primary barometer to gauge inflation, rose 6.8% in June, marking the biggest 12-month increase in more than 40 years. This could mean further aggressive interest rate hikes by the central bank after hiking rates four times this year.
