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MARKET RECAP – AUGUST 4, 2023

STOCK MARKET

Dow Jones ended at $35,065.62 (-0.43%)

S&P 500 ended at $4,478.03 (-0.53%)

Nasdaq Composite ended at $13,909.24 (-0.36%)

The stock market ended the week with losses across all major indexes traders decided to take profits after a busy week of company earnings and new job data in the U.S. Some companies like Amazon and Booking Holdings did well in their earnings reports, but there were still worries about slower profits and rising inflation. Moreover, the pullback in the 10-year Treasury yield, which had previously pressured risk assets, also contributed to the cautious sentiment among investors. Additionally, the latest jobs report, while not significantly impacting the market, solidified the belief among many traders that the Federal Reserve might be done with its rate-hiking cycle. Consequently, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all decreased, with the S&P 500 and the Nasdaq experiencing declines for four consecutive sessions and reporting their worst performance in a week since March.

CRYPTO MARKET

Bitcoin fell by 0.89% with a value of $28,985.80 as of 3:00 PM CST, as stated by Coin Metrics.

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