Global Equities Enter Into Correction Territory

For the second consecutive week, the primary US stock indices concluded with losses, with market confidence dazed by a combination of inconsistent corporate earnings releases and worries surrounding elevated interest rates

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The past fortnight witnessed a flurry of quarterly earnings reports, with nearly one-third of the S&P 500 Index slated for disclosure. Investors appeared particularly fixated on the outcomes from key tech giants like Amazon.com, Alphabet (Google's parent company), Meta Platforms (Facebook's owner), and Microsoft, all integral members of the influential tech-focused group known as the "Magnificent Seven." 

These companies, which played a pivotal role in driving positive market performance earlier in the year, presented metrics that generally showcased robust growth surpassing consensus expectations. However, markets honed in on signs of escalating expenditures, which exerted downward pressure on their shares.