After The Federal Reserve released minutes of its July meeting in which they expressed significant doubts about a vigorous rebound for the US economy, the US stock markets took a nosedive with the three major indices ending in the red, Reuters reports.
The Fed said any growth in the US economic condition will depend on a “broad and sustained” reopening of businesses after the coronavirus pandemic, a major uncertainty given the resurgence of cases across the country.
While market indices have generally increased in the past month, much of that growth has been buoyed by strong performance by major tech stocks like Amazon and Microsoft, which benefit from stay-at-home orders and future business model changes to enable workers to telecommute.