STOCK MARKET
Dow Jones ended at $42,514.95 (-0.96%)
S&P 500 ended at $5,797.42 (-0.92%)
Nasdaq Composite ended at $18,276.65 (-1.60%)
The stock market witnessed a downward trend across all major indexes, including the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite. This was due to higher Treasury yields weighing on market sentiment. The benchmark 10-year Treasury yield reached its highest level since July 26, leading to concerns about the impact of rising interest rates on the economy. Some analysts believe that the market is reevaluating the probability of aggressive rate cuts by the Federal Reserve, causing parts of the economy to reprice to the new reality. Additionally, the overvaluation of large-cap stocks and lingering recession risks also contributed to the market pullback. Megacap stocks like Apple, Nvidia, Meta, Netflix, Amazon, and Dow member McDonald’s were particularly under pressure on this day, further adding to the overall downward trend in the market.
CRYPTO MARKET
Bitcoin fell by 1.61% for the day, with a value of $67,398.40 as of 3:00 PM CST, as stated by Coin Metrics.
