Welcome to MarketBites! Here's all you need to about yesterday's market news.

Quote of the day:

"In the journey of entrepreneurship, tenacity of purpose is supreme.”

 - Aliko Dangote

📅 Daily Stock Market Thoughts

Stocks closed in the red on Tuesday as geopolitical tensions remained high between the U.S. and China. Additionally, the Federal Reserve signaled that it won't stop raising interest rates anytime soon.

House Speaker Nancy Pelosi became the highest-ranking American politician to visit Taiwan in 25 years. The move prompted China to announce missile tests and military drills encircling the island. 

Treasury yields surged after Federal Reserve governors reiterated their intentions to continue to raise interest rates until month-over-month inflation sees a significant downtrend. It seems that the Federal Reserve is fighting the bond market, which is already pricing in rate cuts for next year. 

Fresh economic data showed job openings in July declining to a nine-month low, a sign of moderating demand for labor. A weakness in the job market would be significant as it has been one of the few bright spots this year.

📊Chart Of The Day

The average selling price of new homes hit a record high of $569,300 in April. Since then, new home prices contracted to $456,800. Prices are still higher than pre-pandemic levels but at least they are heading back towards reality. 

By Raymond Kanyo, CFA

Portfolio Manager

What Else Is Happening:

• Robinhood lays off 23% of staff - (read here)
• Equifax sent lenders inaccurate credit scores - (read here)
• AMD beats on earnings and revenue - (read here)
• Airbnb stock fades despite record-breaking bookings - (read here)