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MARKET RECAP – JULY 9, 2024

Written By: Jenny Galeano Gamboa

July 9, 2024

STOCK MARKET

Dow Jones ended at $39,291.97 (-0.13%)

S&P 500 ended at $5,576.98 (+0.07%)

Nasdaq Composite ended at $18,429.29 (+0.14%)

The stock market continued its trend of mixed results as Federal Reserve Chair Jerome Powell warned about the risks of maintaining high interest rates for too long, indicating the central bank might adopt a less restrictive stance. This perspective led the S&P 500 and the Nasdaq Composite to a slight increase and a new record high for both indexes. Despite the optimism, the Dow Jones Industrial Average did not manage to join the upward trend as it dipped due to declines in shares of McDonald’s and Microsoft. Additionally, the market saw limited breadth in gains, driven predominantly by tech leaders benefiting from AI trends, while other sectors lagged.

CRYPTO MARKET

Bitcoin rose by 2.61% for the day, with a value of $57,822.21 as of 3:00 PM CST, as stated by Coin Metrics.

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