STOCK MARKET
Dow Jones ended at $38,085.80 (-0.98%)
S&P 500 ended at $5,048.42 (-0.46%)
Nasdaq Composite ended at $15,611.76 (-0.64%)
The stock market has returned to a downward trend as all major indexes fell due to a sharp slowdown in growth and persistent inflation, as indicated by the latest U.S. economic data. The GDP growth for the first quarter was lower than expected, and consumer prices increased at a faster pace than the previous quarter. This raised concerns about a stagflationary environment and uncertainty about whether the Federal Reserve would be able to cut rates. As a result, traders revised down expectations for a Federal Reserve interest rate cut, contributing to the losses reported by the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite. In addition, the losses reported by the S&P 500 and the Nasdaq Composite were also due to the recent fall in tech stocks, such as Meta and IBM, which experienced significant declines in revenue and missed expectations in their respective first quarter reports.
CRYPTO MARKET
Bitcoin rose by 0.83% for the day, with a value of $64,770.21 as of 3:00 PM CST, as stated by Coin Metrics.
