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MARKET RECAP – NOVEMBER 16, 2023

STOCK MARKET

Dow Jones ended at $34,945.47 (+0.13%)

S&P 500 ended at $4,508.24 (+0.12%)

Nasdaq Composite ended at $14,113.67 (+0.07%)

The stock market experienced mixed performances due to a variety of factors, including concerns about inflation, fluctuations in the energy sector, and specific company-related news. The Dow Jones Industrial Average closed lower while the S&P 500 and Nasdaq Composite saw small gains. Better-than-expected inflation data has boosted stocks this month, but concerns about inflation and the Federal Reserve’s interest rate policies continue to influence market movements. Additionally, specific companies, such as Chevron, Cisco Systems, Walmart, and Macy’s, saw significant changes in their stock prices.Chevron’s stock fell as the S&P 500 energy sector dropped nearly 3%, and the West Texas Intermediate December contract tumbled over 5%, raising concerns about the energy sector’s overall performance. Cisco Systems experienced a nearly 12% drop after offering weak guidance for the current quarter and full fiscal year, leading to investor worries about the company’s future prospects. Walmart’s stock declined more than 7% as the retailer lowered its expected earnings forecast for the year, causing a negative impact on its stock price. Meanwhile, Palo Alto Networks’ stock shed 6% after the company issued a dismal forecast on billings, leading to a decline in its stock price.

CRYPTO MARKET

Bitcoin fell by 4.31% for the day, with a value of $35,939.20 as of 3:00 PM CST, as stated by Coin Metrics.

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