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MARKET RECAP – OCTOBER 26, 2023

STOCK MARKET

Dow Jones ended at $32,784.30 (-0.76%)

S&P 500 ended at $4,137.23 (-1.18%)

Nasdaq Composite ended at $12,595.61 (-1.76%)

The stock market experienced a second consecutive day of losses across all major indexes, with the Nasdaq Composite and the S&P 500 leading the downward trend once again. This decline was primarily driven by tech companies’ disappointing earnings results, with Meta joining Alphabet in failing to meet expectations. The underwhelming performance of these big-tech companies raised concerns among investors and deepened the correction territory for the Nasdaq Composite, as it dropped below its 200-day moving average for the first time since March. Furthermore, apart from the disappointing earnings, there were additional factors contributing to the bearish sentiment in the market as worries about the outlook for the U.S.economy and geopolitical risks added to the overall uncertainty. Additionally, although the 10-year yield decreased, it failed to stop selling due to the recent surge in bond yields. Moreover, despite positive news, such as the stronger-than-expected third-quarter GDP growth, was unable to reverse the downward trend. Consequently, the Dow Jones Industrial Average was also influenced by the overall sentiment in the market and decreased too.

CRYPTO MARKET

Bitcoin fell by 1.81% with a value of $33,033.59 as of 3:00 PM CST, as stated by Coin Metrics.

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