16 August 2023
US stocks fell sharply as part of a global sell-off on Tuesday. The Dow Jones dropped 1% due to potential stricter bank oversight, while both the S&P 500 and Nasdaq Composite decreased over 1%. Home Depot reported strong earnings but anticipated “continued pressure” on consumers, indicating a waning interest in home renovations. China’s economic situation worsened, with its central bank cutting key interest rates to stimulate its flagging economy and halting the release of youth unemployment figures after continuous declines.