STOCK MARKET
Dow Jones ended at $39,853.87 (-1.25%)
S&P 500 ended at $5,427.13 (-2.31%)
Nasdaq Composite ended at $17,342.41 (-3.64%)
The stock market witnessed losses for a second consecutive day following the underwhelming quarterly results from megacap tech companies, Tesla and Alphabet. Shares of Alphabet fell 5% as YouTube advertising revenue fell below expectations, while Tesla shares declined 11% on weaker-than-expected results and a 7% drop in auto revenue. Other major tech stocks also fell in sympathy with Alphabet and Tesla, contributing to the overall market selloff, and as a result this, the S&P 500 and Nasdaq Composite experienced significant declines, with latter reporting losses of over 3%. In addition, today’s marks the worst day the S&P 500 has experienced since 2022. Moreover, the Dow Jones Industrial Average also joined the downward trend. Nevertheless, it is worth highlighting that the losses, investors saw this correction as a healthy opportunity within a bull market, and apart from the challenges faced by megacap tech companies, the overall earnings season was reported to have started strong, with a majority of S&P 500 companies exceeding expectations.
CRYPTO MARKET
Bitcoin fell by 0.06% for the day, with a value of $65,686.10 as of 3:00 PM CST, as stated by Coin Metrics.
