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MARKET RECAP – MAY 2, 2024

STOCK MARKET

Dow Jones ended at $38,225.66 (+0.85%)

S&P 500 ended at $5,064.20 (+0.91%)

Nasdaq Composite ended at $15,840.96 (1.51%)

The stock market witnessed gains across all major indexes due to investors being optimistic about more corporate earnings reports and looking ahead to a key labor report set to be released later in the week. As a result, the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite increased, with the latter reporting gains of over 1%. Additionally, the Federal Reserve’s decision to keep interest rates unchanged and Fed Chair Jerome Powell ruling out an interest rate hike as the next move reassured investors. Megacap technology stocks rose as Treasury yields dipped, and companies like Qualcomm, Carvana, and Moderna reported better-than-expected earnings. The upcoming April nonfarm payrolls report is highly anticipated, with economists expecting job gains and a potential slowdown from the previous month. Overall, investors are optimistic about the economic outlook and are closely monitoring earnings reports and economic data.

CRYPTO MARKET

Bitcoin rose by 3.15% for the day, with a value of $59,300.69 as of 3:00 PM CST, as stated by Coin Metrics.

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