STOCK MARKET
Dow Jones ended at $32,417.59 (-1.12%)
S&P 500 ended at $4,117.37 (-0.48%)
Nasdaq Composite ended at $12,643.01 (+0.38%)
The stock market ended the week with mixed results as renewed selling on fears of a recession caused the Dow Jones Industrial Average and the S&P 500 to decline, with the latter entering correction territory. This selling pressure was driven by concerns over the current economic outlook. Additionally, declining stocks in certain sectors, such as JPMorgan Chase, contributed to the overall decrease in the market as JPMorgan Chase’s CEO’s announcement of plans to sell 1 million shares next year caused the stock to decline and put pressure on the Dow. Furthermore, other major factors affecting the market were disappointing earnings reports from companies like Ford and Chevron, which put additional pressure on the market. Ford’s stock dropped more than 10% after missing third quarter expectations and withdrawing its guidance, while Chevron’s shares were down after the company reported its earnings. Nonetheless, despite the negative sentiment in the overall market, the Nasdaq Composite managed to hold on to a slight gain thanks to the positive performance of Amazon as its shares rose more than 6% after exceeding expectations for revenue and earnings in the third quarter.
CRYPTO MARKET
Bitcoin fell by 0.88% with a value of $33,701.93 as of 3:00 PM CST, as stated by Coin Metrics.
