STOCK MARKET
Dow Jones ended at $38,571.03 (-0.30%)
S&P 500 ended at $5,283.40 (+0.11%)
Nasdaq Composite ended at $16,828.67 (+0.56%)
The stock market began the month with mixed performances due to weak U.S. manufacturing data that raised concerns about the strength of the economy. This led to a pullback in banks, industrials, and other shares dependent on economic growth. As a result, the Dow Jones Industrial Average reported losses for its first trading session of the month. Moreover, cyclical stocks tied to economic growth such as energy, industrial, and materials companies led the decline as the U.S. manufacturing sector showed signs of slowing with an ISM manufacturing index reading below 50 indicating a contraction. Nevertheless, despite this, the Nasdaq Composite and the S&P 500 managed to report gains as the major player in the chip industry, Nvidia, rose nearly 5% after announcing new artificial intelligence chip, making investors optimistic about Nvidia’s competitiveness in a highly competitive space.
CRYPTO MARKET
Bitcoin rose by 2.25% for the day, with a value of $69,175.84 as of 3:00 PM CST, as stated by Coin Metrics.
