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MARKET RECAP – AUGUST 3, 2023

STOCK MARKET

Dow Jones ended at $35,215.89 (-0.19%)

S&P 500 ended at $4,501.89 (-0.25%)

Nasdaq Composite ended at $13,959.72 (-0.10%)

The stock market witnessed losses across all major indexes for a second day in a row due to the recent announcement that there has been a rise in bond yields, with the 10-year Treasury yield trading at its highest level since November 2022. In addition, disappointing earnings results from companies like Qualcomm, PayPal, and Expedia also contributed to the market’s decline. Moreover, investors are showing cautiousness regarding future earnings reports, as although a significant number of S&P 500 companies have beaten expectations in their quarterly reports, overall earnings are expected to decrease by about 5% compared to the previous year. As a result of these events the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite all decreased, with the S&P 500 leading the falling trend.

CRYPTO MARKET

Bitcoin rose by 0.47% with a value of $29,249.46 as of 3:00 PM CST, as stated by Coin Metrics.

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