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MARKET RECAP – JULY 5, 2024

Written By: Jenny Galeano Gamboa

July 5, 2024

STOCK MARKET

Dow Jones ended at $39,375.87 (+0.17%)

S&P 500 ended at $5,567.19 (+0.54%)

Nasdaq Composite ended at $18,352.76 (+0.90%)

The stock market ended the week with gains across all major indexes primarily due to increased expectations of a Federal Reserve interest rate cut later this year, driven by a slight uptick in the unemployment rate and downward revisions in labor data. This sentiment was reinforced by falling Treasury yields, which buoyed investor confidence that the Fed would take action to support the economy. Consequently, the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite all reported gains. Moreover, the strong performances from high-profile stocks such as Tesla and Apple further propelled the Nasdaq and S&P 500 to new record highs, with investors interpreting these developments as indicators of potential economic stimulus despite some underlying concerns about economic softening.

CRYPTO MARKET

Bitcoin fell by 3.26% for the day, with a value of $56,467.21 as of 3:00 PM CST, as stated by Coin Metrics.

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