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MARKET RECAP – MARCH 5, 2024

Written By: Jenny Galeano Gamboa

March 5, 2024

STOCK MARKET

Dow Jones ended at $38,585.19 (-1.04%)

S&P 500 ended at $5,078.65 (-1.02%)

Nasdaq Composite ended at $15,939.59 (-1.65%)

The stock market continued with a downward trend for a second day in a row due to steep declines in major tech names such as Apple. As a result, the Nasdaq Composite, the Dow Jones Industrial Average, and the S&P 500 all experienced losses, with technology stocks taking the biggest hit. Factors contributing to the decline included a report showing a plunge in iPhone sales in China, regulatory issues for AMD, and a weak forecast for GitLab. Moreover, the market’s recent rally to all-time highs also played a role in the downward trend, as investors may be taking profits after a period of optimism around artificial intelligence. Nonetheless, despite the losses, it is still worth noting that the major averages remain higher year to date.

CRYPTO MARKET

Bitcoin fell by 8.41% for the day, with a value of $61,929.64 as of 3:00 PM CST, as stated by Coin Metrics.

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