STOCK MARKET

Dow Jones ended at $33,035.93 (-0.32%)

S&P 500 ended at $4,186.77 (-1.43%)

Nasdaq Composite ended at $12,821.22 (-2.43%)

The stock market experienced losses across all major indexes, with the S&P 500 and the Nasdaq Composite decreasing significantly. This decline was largely driven by a combination of factors, including the latest quarterly results from Alphabet and a rebound in interest rates. The S&P 500 tumbled to its lowest level since June, breaching the key 4,200 level that was closely watched by chart analysts, while the Nasdaq led the downward trend by decreasing by over 2% – on pace for its worst day since February. The release of the latest quarterly results from Alphabet, revealed that the company experienced disappointing results particularly its cloud business, which missed analysts’ estimates; this resulted in Alphabet shares tumbling more than 9%, putting it on track for its worst fall since March 2020. Consequently, technology stocks in general faced selling pressure, with peer tech behemoths like Apple and Amazon also slipping by 1.4% and nearly 6% respectively. In addition to the underwhelming earnings reports, investors were also concerned about the rebound in interest rates. The benchmark 10-year Treasury yield climbed by 11 basis points to 4.954% and had previously traded above 5% earlier in the week. This increase in yields, which reached levels not seen since 1982, rattled investors and led to a sell-off in tech shares. As a result, the Dow Jones Industrial Average also joined the dowanward trend. Moreover, while corporate earnings remained in focus, investors were keeping a close eye on the bond market due to the rapid pace of yield increases. This added to the overall market uncertainty and contributed to the decline in major indexes.

CRYPTO MARKET

Bitcoin rose by 2.90% with a value of $34,772.04 as of 3:00 PM CST, as stated by Coin Metrics.