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MARKET RECAP – FEBRUARY 28, 2024

Written By: Jenny Galeano Gamboa

February 28, 2024

STOCK MARKET

Dow Jones ended at $38,949.02 (-0.06%)

S&P 500 ended at $5,069.76 (-0.17%)

Nasdaq Composite ended at $15,947.74 (-0.55%)

The stock market experienced losses across all major indexes due to concerns about the upcoming inflation report and a broader economic slowdown. Investors are worried about the potential impact of inflation on the Federal Reserve’s monetary policy and the overall market. As a result, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite decreased. Additionally, disappointing earnings reports from companies like UnitedHealth, Intel, Alphabet, and Urban Outfitters, have contributed to the overall negative sentiment in the market. Moreover, concerns about the sustainability of the recent tech sector rally remain, particularly in companies related to artificial intelligence, which has been viewed as overvalued and driven by hype rather than actual revenue growth.

CRYPTO MARKET

Bitcoin rose by 6.11% for the day, with a value of $60,478.59 as of 3:00 PM CST, as stated by Coin Metrics.

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