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MARKET RECAP – AUGUST 2, 2023

STOCK MARKET

Dow Jones ended at $35,282,52 (-0.98%)

S&P 500 ended at $4,513.39 (-1.38%)

Nasdaq Composite ended at $13,973.45 (-2.17%)

The stock market faced significant losses across all major indexes due to multiple factors. The primary catalyst was the downgrading of the long-term rating for the U.S. by Fitch Ratings, which cited projected fiscal deterioration over the next three years. This downgrade rattled investors, leading them to reassess the risks associated with the market and prompting many to take profits in stocks. Additionally, a re-emergence of risk-off sentiment further fueled the selloff. The technology sector, which had been the driving force behind the recent months-long uptrend, saw substantial declines as the 10-year Treasury yield reached its highest level since November. Adding to the market pressure, Chinese tech giants such as JD.com, Alibaba, and Baidu experienced significant drops following China’s proposal to limit smartphone use for minors. Following these events, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all decreased, with the Nasdaq experiencing the wort day since February. Nevertheless, despite these losses, experts maintain that the recent developments are part of a natural market cycle and have not fundamentally altered their view of the economy and markets.

CRYPTO MARKET

Bitcoin fell by 0.43% with a value of $29,116.89 as of 3:00 PM CST, as stated by Coin Metrics.

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