STOCK MARKET
Dow Jones ended at $39,753.75 (+0.08%)
S&P 500 ended at $5,584.54 (-0.88%)
Nasdaq Composite ended at $18,283.41 (-1.95%)
The stock market experienced mixed performances with the S&P 500 and the Nasdaq Composite falling despite the optimism about rate cuts happening soon. This was due to a rotation out of high-performing big tech stocks like Nvidia, Microsoft, and Meta. Neverthess, the Dow Jones Industrial Average managed to end on the positive side following the lower-than-expected consumer price index (CPI) data, which marked the lowest inflation rate in over three years and sent Treasury yields falling. This data led investors to pivot towards small-cap stocks and housing-related shares in anticipation of potential Federal Reserve rate cuts aimed at economic stabilization, as evidenced by the Russell 2000’s significant gain and surges in companies like Home Depot and D.R. Horton. Market experts pointed to this move as a corrective response to long-standing complacency and low volatility, driven by hopes for an economic soft landing and the need for rate relief among smaller businesses struggling with high capital costs.
CRYPTO MARKET
Bitcoin fell by 0.16% for the day, with a value of $57,368.42 as of 3:00 PM CST, as stated by Coin Metrics.
