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MARKET RECAP – OCTOBER 18, 2023

STOCK MARKET

Dow Jones ended at $33,665.08 (-0.98%)

S&P 500 ended at $4,314.60 (-1.34%)

Nasdaq Composite ended at $13,314.30 (-1.62%)

The stock market experienced losses across all major indexes as earnings season has been in full swing, with some companies reporting worse-than-expected earnings, leading to a negative sentiment in the market. J.B. Hunt, United Airlines, and Morgan Stanley were among the companies that saw their stock prices drop significantly due to disappointing results. Additionally, as Treasury yields climbed to multiyear highs, with the 10-year Treasury yield breaking above 4.9% for the first time since 2007, concerns were raised about higher borrowing costs, which could impact corporate profitability and economic growth. Furthermore, there were specific factors affecting certain industries as chip stocks like Nvidia and Advanced Micro Devices struggled following the latest announcement from the U.S. Department of Commerce of its  plans to tighten restrictions on the sale of advanced artificial intelligence chips to China. This raised concerns about potential disruptions in the semiconductor industry. Moreover, the ongoing Israel-Hamas war also weighed on investor sentiment, as Wall Street assessed the impact of the conflict. As a result of these events, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all decreased, with the last two indexes falling by over 1%. Nonetheless, despite the pesimist sentiment in the overall market, it is worth to remark the positive factors witnessed in the market today, such as the better-than-expected earnings reports from Procter & Gamble and Netflix.

CRYPTO MARKET

Bitcoin fell by 0.86% with a value of $28,235.71 as of 3:00 PM CST, as stated by Coin Metrics.

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