Wall Street’s August Slump Continues with 3rd Straight Losing Week

Wall Street ended its third consecutive losing week on a gloomy note, with the S&P 500 closing the week with a loss of over 2%. The stock market has been struggling in August, giving back a significant portion of the gains it made in the first seven months of the year. Rising yields have prompted investors to reassess the valuation of stocks, leading to a cautious sentiment in the market. While the S&P 500 remained relatively stable on Friday, global stock markets experienced sharper declines as higher yields continued to create pressure.