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MARKET RECAP – SEPTEMBER 21, 2023

STOCK MARKET

Dow Jones ended at $34,070.42 (-1.08%)

S&P 500 ended at $4,330.00 (-1.64%)

Nasdaq Composite ended at $13,223.99 (-1.82%)

The stock market witnessed a third day of losses with all major indexes decreasing significantly. One key driver for the downward trend was the rise in Treasury yields, with the 10-year yield reaching its highest levels in over 15 years. This, combined with the latest jobless claims data, which highlighted strong labor market, raised concerns over the Federal Reserve’s plan to maintain higher interest rates for an extended period. Additionally, the overall market was further rattled by the possibility of a government shutdown if lawmakers fail to pass a bill. As a result of these events, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all reported declines of over 1%, with the Nasdaq leading the falling trend once more, reflecting the significant impact on the tech sector.

CRYPTO MARKET

Bitcoin fell by 1.30% with a value of $26,585.86 as of 3:00 PM CST, as stated by Coin Metrics.

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