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MARKET RECAP – AUGUST 24, 2023

STOCK MARKET

Dow Jones ended at $34,099.42 (-1.08%)

S&P 500 ended at $4,376.31 (-1.35%)

Nasdaq Composite ended at $13,463.97 (-1.87%)

The stock market experienced a significant setback across all major indexes despite the strong earnings results from Nvidia. Although the shares of the chip company reached a record high following a strong earnings report, the broader tech sector faced selling pressure as the shares of Amazon, Apple, and Netflix all declined. In addition, the information technology sector was among the biggest losers in the S&P 500. Moreover, the retail sector also reported declines as Dollar Tree and Nike experienced significant losses in their shares. Consequently, following these recent declines, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composote all were significantly impacted and ended the trading session with notable losses. Additionally, some investors are concerned that the market is becoming too reliant on a few stocks and are considering reducing their exposure to the tech sector. Nevertheless, others remain optimistic about the sector and believe the economy is performing well.

CRYPTO MARKET

Bitcoin fell by 2.17% with a value of $26,036.51 as of 3:00 PM CST, as stated by Coin Metrics.

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