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MARKET RECAP – AUGUST 15, 2023

STOCK MARKET

Dow Jones ended at $34,946.39 (-1.02%)

S&P 500 ended at $4,437.86 (-1.16%)

Nasdaq Composite ended at $13,631.05 (-1.14%)

The stock market witnessed a notable setback across all major indexes as concerns over the global economy, particularly in China, and a decline in U.S. banks put pressure on Wall Street. Disappointing economic data from China, including lower-than-expected industrial production and retail sales, highlighted struggles in the country’s real estate market and raised investor concerns. Additionally, credit rating downgrades and calls for stricter capital regulations for U.S. banks further contributed to the market decline. Moreover, doubts about the effectiveness of government policies and stimulus measures, along with mixed earnings reports from major retailers, added to the overall sentiment of uncertainty. As a result, despite positive retail sales data in the U.S., the overall market sentiment was overshadowed by these troubling factors, leading to the significant losses experienced in the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite.

CRYPTO MARKET

Bitcoin fell by 0.66% with a value of $29,136.00 as of 3:00 PM CST, as stated by Coin Metrics.

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