STOCK MARKET
Dow Jones ended at $39,737.26 (-1.51%)
S&P 500 ended at $5,346.56 (-1.84%)
Nasdaq Composite ended at $16,776.16 (-2.43%)
The stock market ended the week with losses due to a much weaker-than-anticipated jobs report for July, which ignited worries that the economy could be heading towards a recession. The disappointing job growth numbers and rising unemployment rate led to a sell-off, with the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average all dropping significantly. The 10-year Treasury yield also fell, as investors sought safety in bonds following concerns that the Federal Reserve may have made a mistake by keeping interest rates unchanged. Mega cap technology stocks like Amazon, Intel, and Nvidia saw steep losses, further contributing to the market decline. Additionally, bank stocks were hit hard on fears of a recession. The overall volatility in the market, especially after the Federal Reserve hinted at a possible rate cut in September, has led to uncertainty among investors.
CRYPTO MARKET
Bitcoin fell by 0.48% for the day, with a value of $62,967.13 as of 3:00 PM CST, as stated by Coin Metrics.
