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MARKET RECAP – JULY 27, 2023

STOCK MARKET

Dow Jones ended at $35,282.72 (-0.67%)

S&P 500 ended at $4,537.41 (-0.64%)

Nasdaq Composite ended at $14,050.11 (-0.55%)

The stock market witnessed losses across all major indexes as investors cashed in following the remarkable winning streak experienced by the Dow Jones Industrial Average in the last 13 sessions. The turn in trend experienced by the Dow was primarily driven by the fall in shares of Honeywell, which dropped more than 5% after reporting a weaker-than-expected second quarter earnings report. Additionally, the S&P 500 and Nasdaq Composite joined the falling trend as investors took profits in key tech shares like Microsoft and Apple. Moreover, concerns among investors about the overall economic growth increased, as although the latest GDP reading exceeded expectations with a rise of 2.4% in the second quarter, the report also revelead that the personal consumption expenditures price index rose lower than expected, indicating that price pressures were easing.

CRYPTO MARKET

Bitcoin fell by 0.72% with a value of $29,150.13 as of 3:00 PM CST, as stated by Coin Metrics.

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