Market Summary 5th Feb
Today, the stock market didn't start off too strong. This was mainly because the bond yields went up, continuing from last Friday. This rise in rates was due to recent job numbers and data at 10 am showing our economy is doing quite well, but it also means higher costs. This situation made the stock market drop, with smaller companies (tracked by the $iShares Russell 2000 ETF(IWM.US$ Russell 2000) and tech-focused companies (like those in the $ARK Innovation ETF(ARKK.US$ fund, influenced by $Tesla(TSLA.US$ and $Coinbase(COIN.US$'s stocks) taking a notable hit.
Even though the biggest tech companies are still doing okay, the overall market is feeling the strain and ended up lower. We're seeing a bit of a troubling pattern, with more stocks hitting their lowest prices (52 weeks) in a year. This has happened twice in just a few weeks, which is a bit worrying. To stop things from possibly getting worse, we might need to see some positive changes soon.
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