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MARKET RECAP – AUGUST 16, 2023

STOCK MARKET

Dow Jones ended at $34,765.74 (-0.52%)

S&P 500 ended at $4,404.33 (-0.76%)

Nasdaq Composite ended at $13,474.63 (-1.15%)

The stock market experienced losses across all major indexes for a second day in a row as investors reacted to the Federal Reserve’s July meeting minutes, which suggested the possibility of futher higher interest rates being implemented in order to address inflation. In addition, the minutes also expressed concerns about inflation and the tight labor market, which further contributed to the stock market losses. This news prompted investors to sell off stocks, resulting in the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite all declining. Moreover, the market’s response was also influenced by specific factors such as Intel’s stock decline and underperforming sectors like communications services and real estate in the S&P 500.

CRYPTO MARKET

Bitcoin fell by 0.25% with a value of $29,075.15 as of 3:00 PM CST, as stated by Coin Metrics.

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