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MARKET RECAP – OCTOBER 31, 2023

STOCK MARKET

Dow Jones ended at $33,052.87 (+0.38%)

S&P 500 ended at $4,193.80 (+0.65%)

Nasdaq Composite ended at $12,851.24 (+0.48%)

The stock market managed to close the last day of October on a positive note despite the challenges we witnessed throughout the month, with surging Treasury yields and negative performances. All three major indexes were boosted following the recent news about the strong performance in the real estate and financial sectors within the S&P 500, which revealed increases of over 1% each. As a result, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all traded slightly higher. Nonetheless, the positive sentiment was not shared in the technology sector as giants Alphabet and Meta Platforms, and Nvidia, lagged behind. Additionally, the recent decrease in the Cboe Volatility Index (VIX) suggests that there was reduced uncertainty in the markets. On the other hand, some companies’ earnings reports, such as Caterpillar and JetBlue, had mixed results. Caterpillar’s underwhelming forecast led to a significant decline in its stock price, while JetBlue’s third-quarter results missed expectations. Moreover, it is important to highlight that despite today’s small gains, October marked the third consecutive losing month for stocks, with the Dow and S&P 500 falling 1.4% and 2.2% respectively. In addition, the tech-heavy Nasdaq also experienced a decline of over 2%. Furthermore, as the Fed prepares to make its decision on interest rates, traders hope for a more dovish stance and a downward pressure on rates to support sustainable growth in stocks. Looking ahead, investors are optimistic about the potential for a year-end rally, but they believe a peak in bond yields is necessary for relief in the equity market.

CRYPTO MARKET

Bitcoin rose by 0.33% with a value of $34,530.46 as of 3:00 PM CST, as stated by Coin Metrics.

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