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MARKET RECAP – AUGUST 10, 2023

STOCK MARKET

Dow Jones ended at $35,176.15 (+0.15%)

S&P 500 ended at $4,468.83 (+0.03%)

Nasdaq Composite ended at $13,737.99 (+0.12%)

The stock market experienced gains across all major indexes as investor’s concerns about excessive inflation were allibiated following the latest CPI report which showed a slightly less year-over-year inflation growth than expected. In addition, the CPI report indicated a potential soft landing for the economy. Following this report, along with the Disney’s better-than-expected earnings report and its recent announcement about a price hike for ad-free Disney+ subscriptions boosted the gains experienced by the Dow Jones Industrial Average and the Nasdaq Composite. Moreover, although the S&P 500 remained almost unchanged, it still joined the upward trend as Wynn Resorts also reported better-than-expected results.

CRYPTO MARKET

Bitcoin fell by 0.23% with a value of $29,385.24 as of 3:00 PM CST, as stated by Coin Metrics.

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