Market Report: October 23, 2023 - Key Insights and Trade Setup
The S&P 500 experienced a 2.4% decline last week, bringing it 7.9% below its high-water mark set in July. The market is still adjusting to its gains and grappling with high and rising interest rates. Bitcoin has rallied this year but remains down 48% from its peak in October 2021. Solar energy stocks took a hit due to the increasing cost of financing solar installations caused by higher interest rates. The S&P Top 7 mega-cap stocks continue to dominate the market, accounting for 87% of the S&P 500's year-to-date gain.