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MARKET RECAP – MAY 10, 2024

STOCK MARKET

Dow Jones ended at $39,512.84 (+0.32%)

S&P 500 ended at $5,222.68 (+0.16%)

Nasdaq Composite ended at $16,340.87 (-0.03%)

The stock market ended the week with mixed performances as the Dow Jones Industrial Average rose, extending its winning streak to eight sessions and posting its best week of 2021. The positive performance of the Dow was driven by strong gains in 3M and positive sentiment among investors. However, the S&P 500 only saw a modest increase, and the Nasdaq Composite actually declined slightly. The market was initially impacted by consumer sentiment data reflecting higher inflation expectations, which temporarily dampened market enthusiasm. Thus, the uncertainty surrounding inflation and concerns about a potential economic slowdown due to weaker consumer spending and hiring data have contributed to the mixed performances in the overall market. Nonetheless, it is important to highlight that although investors are currently cautious about the Federal Reserve’s decision at their next meeting, they are still optimistic, as recent indications suggested that the next move is likely to be a cut rather than a hike.

CRYPTO MARKET

Bitcoin fell by 2.78% for the day, with a value of $60,614.73 as of 3:00 PM CST, as stated by Coin Metrics.

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