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MARKET RECAP – AUGUST 7, 2023

STOCK MARKET

Dow Jones ended at $35,473.13 (+1.16%)

S&P 500 ended at $4,518.44 (+0.90%)

Nasdaq Composite ended at $13,994.40 (+0.61%)

The stock market kicked off the week with gains across all major indexes as another week of earnings reports begins. Investors are currently feeling optimistic due to the strong corporate earnings season that has been better-than-expected as according to FactSet, approximately four-fifths of the 85% companies in the S&P 500 have exceeded Wall Street expectations for their quarterly results. This boost in investor confidence led to increased buying activity, lifting the Dow Jones Industrial Average and the S&P 500. In addition, the positive performances experienced by the Dow and the S&P 500 were also boosted by the increase in shares in Amgen and Berkshire Hathaway, respectively. Moreover, the Nasdaq Composite also joined the upward trend, but its gains were not as significant as the other two indexes as its performance was weighed down by the decline in Tesla’s stock after news of its CFO stepping down.

CRYPTO MARKET

Bitcoin rose by 0.30% with a value of $29,135.02 as of 3:00 PM CST, as stated by Coin Metrics.

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