STOCK MARKET
Dow Jones ended at $40,008.39 (+0.61%)
S&P 500 ended at $5,455.21 (+0.38%)
Nasdaq Composite ended at $17,192.60 (+0.03%)
The stock market witnessed gains across all major indexes due to the latest easing inflation data that bolstered hopes for a potential rate cut by the Federal Reserve. Consequently, the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite all saw increases, with the S&P 500 marking its fifth consecutive winning day. The release of lower-than-expected U.S. inflation data, both on a year-over-year and month-over-month basis, contributed to the positive market performance. Additionally, core inflation numbers were in line with expectations, further supporting the case for a potential interest rate cut. Investors are now closely monitoring further economic data to determine the likelihood and extent of a rate cut at the central bank’s September meeting. Moreover, despite concerns about global market sell-offs and economic growth risks, experts believe that the market has overreacted to recent soft data points and that the overall macro outlook remains stable.
CRYPTO MARKET
Bitcoin fell by 3.24% for the day, with a value of $58,902.37 as of 3:00 PM CST, as stated by Coin Metrics.
