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MARKET RECAP – AUGUST 5, 2024

Written By: Jenny Galeano Gamboa

August 5, 2024

STOCK MARKET

Dow Jones ended at $38,703.27 (-2.60%)

S&P 500 ended at $5,186.33 (-3.00%)

Nasdaq Composite ended at $16,200.08 (-3.43%)

The stock market began the week continuing the sell-off trend from last week due to worries over the health of the U.S. economy and fears of a U.S. recession. Investors are now concerned that the Federal Reserve is behind in cutting interest rates to bolster an economic slowdown. Consequently, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite decreased substantially, with the latter indexes falling by over 3%. Furthermore, technology shares were among the worst performers on today’s trading session as megacap tech stocks and the artificial intelligence trade were sold off. Other global markets were also severely affected, with U.S. Treasury yields tumbling. 

CRYPTO MARKET

Bitcoin fell by 9.56% for the day, with a value of $53,560.44 as of 3:00 PM CST, as stated by Coin Metrics.

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