According to Jinshi Data, Dan Bin, chairman of Shenzhen Oriental Harbor Investment Management Co., Ltd., said on Weibo on August 9 that the three main reasons for the decline in U.S. stocks were concerns about economic recession, Japan's interest rate hikes, and Buffett selling half of Apple shares.
Dan Bin pointed out that the number of initial unemployment claims in the United States fell sharply last week, easing concerns about economic recession; the impact of the yen interest rate hike was also stabilized by the economic meetings of the Japanese government and the central bank; and the impact of Buffett selling Apple shares also gradually faded.
He predicts that these three reasons will be fully corrected this week and the market will return to normal.