STOCK MARKET

Dow Jones ended at $33,002.38 (-1.29%)

S&P 500 ended at $4,229.45 (-1.37%)

Nasdaq Composite ended at $13,059.47 (-1.87%)

The stock market witnessed significant losses across all major indexes as Treasury yields surged to their highest levels in over a decade. This rise in yields raised concerns about higher interest rates, which could potentially freeze the housing market and even push the economy towards a recession. As a result, the Dow Jones Industrial Average experienced its biggest decline since March, while the S&P 500 slid to its lowest level since June. In addition, the tech-heavy Nasdaq Composite also decreased, leading the downward trend as growth stocks like Nvidia and Microsoft suffered some of the biggest losses due to the increase in rates, which dampened enthusiasm for their future earnings potential. Moreover, the release of a strong job openings survey signaled a tight labor market, further weighing down investors’ sentiment as this can allow the Federal Reserve to pursue tighter monetary policy without fear of going too far.

CRYPTO MARKET

Bitcoin fell by 1.98% with a value of $27,314.97 as of 3:00 PM CST, as stated by Coin Metrics.