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MARKET RECAP – JULY 20, 2023

Written By: Jenny Galeano Gamboa

July 20, 2023

STOCK MARKET

Dow Jones ended at $35,225.18 (+0.47%)

S&P 500 ended at $4,534.87 (-0.68%)

Nasdaq Composite ended at $14,063.31 (-2.06%)

The stock market witnessed mixed results, with two major indexes experiencing losses due to post-earnings declines in Netflix and Tesla. Netflix’s revenue fell short of analysts’ estimates, causing its stock to drop over 8%, and Tesla’s stock tumbled 9.2% after its CEO Elon Musk announced that vehicle production would slow during the third quarter due to factory shutdowns for improvements. As a result, the S&P 500 and the Nasdaq Composite fell, with the Nasdaq experiencing a significant decrease. On the other hand, better-than expected earnings results reported by Johnson & Johnson and the insurance company Travelers boosted the Dow Jones Industrial Average to increase for a ninth consecutive session, which marks the best daily winning streak the Dow has experienced since 2017. Moreover, it is worth noting that although the S&P 500 experienced a decline, 74% of the companies that are part of this index have reported positive second quarter earning reports.

CRYPTO MARKET

Bitcoin fell by 1.05% with a value of $29,471.90 as of 3:00 PM CST, as stated by Coin Metrics.

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