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MARKET RECAP – SEPTEMBER 20, 2023

STOCK MARKET

Dow Jones ended at $34,440.88 (-0.22%)

S&P 500 ended at $4,402.20 (-0.94%)

Nasdaq Composite ended at $13,469.13 (-1.53%)

The stock market experienced losses across all major indexes for a second consecutive session following the latest Federal Reserve’s announcement. As expected, the Fed opted to keep interest rates unchanged. However, they also indicated a possible future rate hike, which raised alarm bells for investors. This led to a sell-off of stocks as higher interest rates can potentially hinder economic growth and increase borrowing costs for businesses. Consequently, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all decreased, with the Nasdaq experiencing the steepest drop. Moreover, adding to the downward pressure were the declines in technology stocks, specifically Microsoft, Nvidia, and Google parent Alphabet. Investors had been eagerly buying up technology shares this year, anticipating that the Fed would have completed its rate hikes by now. Nonetheless, the prospect of future rate hikes left investors concerned, causing the tech sector to bear the brunt of the losses, ultimately dragging the Nasdaq index further down.

CRYPTO MARKET

Bitcoin fell by 0.99% with a value of $26,904.94 as of 3:00 PM CST, as stated by Coin Metrics.

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