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MARKET RECAP – APRIL 2, 2024

STOCK MARKET

Dow Jones ended at $39,170.24 (-1.00%)

S&P 500 ended at $5,205.81 (-0.73%)

Nasdaq Composite ended at $16,240.45 (-0.95%)

The stock market witnessed losses across all major indexes due to several factors, including an increase in bond yields, lower expectations for a Federal Reserve interest rate cut in June, rising inflation concerns, and strong economic data causing yields to rise further. The combination of these factors led to a sell-off as investors adjusted their expectations and took profits, particularly in tech-related stocks like Tesla, Nvidia, Alphabet, and Microsoft. It is worth highlighting that the market had experienced significant gains in the first quarter of the year, and the recent losses were seen as a natural correction after the rapid rise. Additionally, comments from regional Fed presidents suggesting that rate cuts may not happen soon further impacted market sentiment and reduced expectations for a June rate cut, contributing to the overall decline in stock values. Due to these developments, the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite reported losses, with the first two decreasing for a second day in a row.

CRYPTO MARKET

Bitcoin fell by 5.05% for the day, with a value of $65,932.05 as of 3:00 PM CST, as stated by Coin Metrics.

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