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MARKET RECAP – AUGUST 8, 2023

STOCK MARKET

Dow Jones ended at $35,314.49 (-0.45%)

S&P 500 ended at $4,499.38 (-0.42%)

Nasdaq Composite ended at $13,884.32 (-0.79%)

The stock market faced widespread losses across all major indexes, driven by a Moody’s downgrade of several regional banks, including M&T Bank and Pinnacle Financial, due to deposit risk, recession fears, and struggling real estate portfolios. This downgrade rippled through the financial sector, leading to drops in major bank stocks like Goldman Sachs and JPMorgan Chase, as well as ETFs such as the SPDR S&P Bank ETF (KBE) and the SPDR S&P Regional Banking ETF (KRE). Additionally, weaker-than-expected earnings from companies like UPS further dampened market confidence. Moreover, although the corporate earnings season has so far surpassed expectations, it seems like much of those positive results have already been priced into the market, leading the pullback experienced in the past two weeks. Consequently, following these events, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all decreased, with the Nasdaq leading the falling trend.

CRYPTO MARKET

Bitcoin rose by 2.88% with a value of $29,901.40 as of 3:00 PM CST, as stated by Coin Metrics.

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