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MARKET RECAP – APRIL 10, 2024

STOCK MARKET

Dow Jones ended at $38,461.51 (-1.09%)

S&P 500 ended at $5,160.64 (-0.95%)

Nasdaq Composite ended at $16,170.36 (-0.84%)

The stock market witnessed losses across all major indexes because March inflation data came in hotter than expected, leading investors to believe that interest rate cuts by the Federal Reserve may be delayed. Additionally, the release of March’s Fed meeting minutes indicated officials’ concerns about inflation not moving quickly enough towards the Fed’s 2% target. This news caused the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite to drop, with all sectors in the broad market index showing losses for the day. The 10-year Treasury yield also rose above 4.5%, leading to concerns about suffocating the economy and causing a sell-off in bank shares, industrial shares, and tech stocks. Traders are now betting that the first rate cut will likely take place at the central bank’s meeting in September. Overall, signs of persistent inflation fueled the market downturn, causing investors to take some gains off the table.

CRYPTO MARKET

Bitcoin rose by 1.61% for the day, with a value of $70,034.93 as of 3:00 PM CST, as stated by Coin Metrics.

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