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MARKET RECAP – JUNE 24, 2024

STOCK MARKET

Dow Jones ended at $39,411.21 (+0.67%)

S&P 500 ended at $5,447.87 (-0.31%)

Nasdaq Composite ended at $17,496.82 (-1.09%)

The stock market has continued its trend of mixed performances as there was a sector rotation. Investors moved away from big technology names, leading to declines in the tech-heavy Nasdaq Composite and the S&P 500, while increasing investments in energy and banking sectors, which experienced gains and boosted the Dow Jones Industrial Average. Notably, Nvidia’s significant pullback contributed to the broader tech sector’s weakness, nontheless, despite this analysts see this as a healthy market balance, with current sentiment reflecting cautious optimism amid volatile conditions. Moreover, investors’ anticipation of key economic indicators like May’s personal consumption expenditure data, due to be realeased on Friday, has resulted in some market uncertainty. However, it is important to highlight that despite despite the day-to-day variability, the market remains resilient overall, and this is due to the enthusiasm around artificial intelligence and broader economic trends.

CRYPTO MARKET

Bitcoin fell by 7.22% for the day, with a value of $59,462.79 as of 3:00 PM CST, as stated by Coin Metrics.

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