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MARKET RECAP – JULY 19, 2024

Written By: Jenny Galeano Gamboa

July 19, 2024

STOCK MARKET

Dow Jones ended at $40,287.53 (-0.93%)

S&P 500 ended at $5,505.00 (-0.71%)

Nasdaq Composite ended at $17,726.94 (-0.81%)

The stock market ended the week with a downward trend due to the recent rotation out of big tech stocks, in favor of smaller and more cyclical names. As mentioned on previous posts, investors are moving their money into areas of the market that are expected to benefit from forthcoming interest rate cuts from the Federal Reserve. Consequently, the S&P 500 and Nasdaq both posted their worst weekly losses since April. In addition, the Dow Jones Industrial Average also decreased despite experiencing a slight increase earlier.

CRYPTO MARKET

Bitcoin rose by 5.78% for the day, with a value of $67,218.61 as of 3:00 PM CST, as stated by Coin Metrics.

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