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MARKET RECAP – AUGUST 8, 2024

Written By: Jenny Galeano Gamboa

August 8, 2024

STOCK MARKET

Dow Jones ended at $39,446.49 (+1.76%)

S&P 500 ended at $5,319.31 (+2.30%)

Nasdaq Composite ended at $16,660.02 (+2.87%)

The stock market experienced a significant rebound as all major indexes reported gains following positive labor market data and strong company performances. Lower jobless claims numbers, better-than-expected earnings from companies like Eli Lilly, and gains in momentum names such as Nvidia and Broadcom contributed to investor confidence in the U.S. economy. As a result, the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite increased, with the last two indexes rising by over 2%. It is worth remarking that although all three indexes are experiencing the lowest week-to-date, all of them have managed to recover a substantial portion of losses from earlier in the week. Moreover, market dynamics, including the 10-year Treasury yield trading above 4% and a weaker Japanese yen versus the U.S. dollar, further supported the market’s recovery. 

CRYPTO MARKET

Bitcoin rose by 8.58% for the day, with a value of $59,438.25 as of 3:00 PM CST, as stated by Coin Metrics.

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