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MARKET RECAP – MAY 22, 2024

Written By: Jenny Galeano Gamboa

May 22, 2024

STOCK MARKET

Dow Jones ended at $39,671.04 (-0.51%)

S&P 500 ended at $5,307.01 (-0.27%)

Nasdaq Composite ended at $16,801.54 (-0.18%)

The stock market experienced losses across all major indexes due to concerns about persistent inflation raised by the minutes from the Federal Reserve’s May meeting. The possibility of the central bank not cutting interest rates soon led to a decline in the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite. Additionally, investors were looking ahead to Nvidia’s earnings report, causing the chipmaker’s stock to drop ahead of its release. Target’s weaker-than-expected earnings also contributed to the overall negative sentiment, raising concerns about consumer spending trends.

CRYPTO MARKET

Bitcoin rose by 0.31% for the day, with a value of $69,653.89 as of 3:00 PM CST, as stated by Coin Metrics.

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