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MARKET RECAP – AUGUST 22, 2024

Written By: Jenny Galeano Gamboa

August 22, 2024

STOCK MARKET

Dow Jones ended at $40,712.78 (-0.43%)

S&P 500 ended at $5,570.64  (-0.89%)

Nasdaq Composite ended at $17,619.35 (-1.67%)

The stock market closed lower as a result of rising Treasury yields and disappointing corporate news from companies like Snowflake and Urban Outfitters. The 10-year U.S. Treasury yield increased by around 10 basis points to 3.875%, causing pressure on stocks. Additionally, negative news from companies impacted market sentiment, with Snowflake reporting decreased operating margins and Urban Outfitters disappointing in sales growth. These factors, along with a thinly traded market and uncertain economic conditions, led to declines across major indexes, with the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite reporting losses. Moreover, investors remain cautious ahead of Powell’s speech at the Jackson Hole Economic Symposium, seeking insights into potential changes in interest rate policy.

CRYPTO MARKET

Bitcoin fell by 1.69% for the day, with a value of $60,267.80 as of 3:00 PM CST, as stated by Coin Metrics.

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