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MARKET RECAP – SEPTEMBER 19, 2023

STOCK MARKET

Dow Jones ended at $34,517.93 (-0.31%)

S&P 500 ended at $4,443.95 (-0.22%)

Nasdaq Composite ended at $13,678.19 (-0.23%)

The stock market witnessed losses across all major indexes as investors await the results from the two day meeting the Federal Reserve began today. Investors were uncertain about the outcome and held back from making significant investments. This sentiment was further compounded by the downgrade of Deere by Evercore ISI, which caused the stock to fall over 2% as it is considered a reliable indicator of future economic activity. Additionally, the market was influenced by the 10-year U.S. Treasury yield nearing a high not seen since 2007, which raised further concerns among investors. Moreover, the ongoing strike by the United Auto Workers union also had an impact, with the potential for more workers to join if a resolution was not reached by the Friday deadline. Following these events, the stock market closed with a sense of caution, which consequently contributed to the declines experienced by the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite.

CRYPTO MARKET

Bitcoin rose by 1.37% with a value of $27,209.81 as of 3:00 PM CST, as stated by Coin Metrics.

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