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MARKET RECAP – AUGUST 1, 2023

STOCK MARKET

Dow Jones ended at $35,630.68 (+0.20%)

S&P 500 ended at $4,576.73 (-0.27%)

Nasdaq Composite ended at $14,283.91 (+0.43%)

The stock market experienced mixed results across all major indexes following an influx of earnings reports displaying mixed results, and the latest economic data. While companies like Caterpillar reported strong results, boosting shares, others such as Merck, Pfizer and Uber delivered mixed results, leading to declines in their stock prices. Additionally, economic indicators, including slightly below-expected job openings data and continued contraction in manufacturing, added to concerns about the state of the economy. Moreover, the stock market was also affected by overbought conditions, as the strong performance and record highs of previous days led some investors to take profits, resulting in a market pullback. Lastly, the ongoing earnings season, though showing a majority of companies beating expectations, still predicted an overall decline in earnings compared to the previous year, contributing to the mixed market performance. Following these latest events, the S&P 500 and the Nasdac Composite decreased, while the Dow Industrial Average increased slightly.

CRYPTO MARKET

Bitcoin rose by 0.17% with a value of $29,253.67 as of 3:00 PM CST, as stated by Coin Metrics.

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