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MARKET RECAP – SEPTEMBER 26, 2023

STOCK MARKET

Dow Jones ended at $33,618.88 (-1.14%)

S&P 500 ended at $4,273.53 (-1.47%)

Nasdaq Composite ended at $13,063.61 (-1.57%)

The stock market witnessed significant losses across all major indexes as reports of lower-than-expected new home sales and a decline in consumer confidence raised concerns about the state of the U.S. economy. Additionally, comments from JPMorgan Chase CEO Jamie Dimon about the need for higher interest rates to tackle inflation added to bearish sentiment. This particularly impacted bank stocks, such as SPDR S&P Regional Banking ETF, Wells Fargo and Morgan Stanley, which saw declines following Dimon’s remarks. Moreover, investors are still concerned about potential government shutdowns if Congress failed to come to an agreement on a spending bill, and this uncertainty contributed to the overall negative sentiment in the market. Consequently, following these economic factors, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all experienced notorious declines of over 1%. Nonetheless, despite these decreases and the downward trend we have witnessed throughout September, it is worth noting that some investors see potential opportunities in the upcoming months, as historically, October has been described as a “bear killer” for the stock market.

CRYPTO MARKET

Bitcoin fell by 0.26% with a value of $26,239.91 as of 3:00 PM CST, as stated by Coin Metrics.

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