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MARKET RECAP – MAY 13, 2024

STOCK MARKET

Dow Jones ended at $39,431.51 (-0.21%)

S&P 500 ended at $5,221.43 (-0.02%)

Nasdaq Composite ended at $16,388.24 (+0.29%)

The stock market began the week with mixed performances as traders grappled with rising inflation expectations.  As a result, the Dow Jones Industrial Average slipped for the first losing day in nine, while the S&P 500 hovered near the flatline. Consumers’ expectations for inflation rose, with the consumer price index report and producer price index report due later in the week. Nonetheless, despite this the Nasdaq Composite managed to increase slightly as GameStop’s shares soar after the Reddit trader behind 2021’s short squeeze posted online for the first time in three years. Moreover, despite the losses reported by the Dow and the S&P 500, it is worth remarking that the all major averages are within reach of their record levels set in March.

CRYPTO MARKET

Bitcoin rose by 2.68% for the day, with a value of $62,997.17 as of 3:00 PM CST, as stated by Coin Metrics.

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