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MARKET RECAP – SEPTEMBER 5, 2023

Written By: Jenny Galeano Gamboa

September 5, 2023

STOCK MARKET

Dow Jones ended at $34,641.97 (-0.56%)

S&P 500 ended at $4,496.83 (-0.42%)

Nasdaq Composite ended at $14,020.95 (-0.08%)

The stock market began the trading week with losses across all major indexes following the recent jump in crude oil prices. This increase in oil prices was triggered by Saudi Arabia’s decision to extend its voluntary oil production cuts. As a result, energy stocks saw a boost, while airline and cruise stocks were pressured by the rise in oil prices, leading the losses experienced by the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite. Moreover, the surge in oil prices impacted Treasury yields, which increased by more than 8 basis points, and investors are now concerned that the rising oil prices could lead to inflation and make it more difficult for the Federal Reserve to achieve a soft landing for the economy.

CRYPTO MARKET

Bitcoin fell by 0.75% with a value of $25,681.73 as of 3:00 PM CST, as stated by Coin Metrics.

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