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MARKET RECAP – MAY 16, 2024

STOCK MARKET

Dow Jones ended at $39,869.38 (-0.10%)

S&P 500 ended at $5,297.10 (-0.21%)

Nasdaq Composite ended at $16,698.32 (-0.26%)

The stock market witnessed losses across all major indexes as the Dow Jones Industrial Average closed slightly lower after briefly exceeding 40,000 for the first time, driven by concerns about high interest rates following a pullback in April. However, strong earnings and favorable inflation readings had fueled a rally in May. Moreover, the S&P 500 and the Nasdaq Composite also were on the downward trend with small decreases. Moreover, it is important to note that despite the losses, the Dow has registered a 6% increase in 2024, and the Nasdaq and S&P 500 are up 11% each. Furthermore, expectations of interest rate cuts and enthusiasm around artificial intelligence have boosted investor sentiment, with the first Federal Reserve rate cut priced in for September. In addition, tech-related stocks like Amazon, Meta Platforms, and Nvidia have also performed well year to date, with Amazon up more than 22% since joining the Dow in the first quarter, and analysts believe the market rally has the potential to continue, showing signs of a cyclical bull market with sustained strength.


CRYPTO MARKET

Bitcoin fell by 1.38% for the day, with a value of $65,139.97 as of 3:00 PM CST, as stated by Coin Metrics.

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