STOCK MARKET
Dow Jones ended at $40,345.41 (-1.01%)
S&P 500 ended at $5,408.42 (-1.73%)
Nasdaq Composite ended at $16,690.83 (-2.55%)
The stock market ended the first trading week of the month with significant losses primarily due to the weak August jobs report. This report raised concerns about the health of the U.S. economy, leading investors to dump leading technology stocks. As a result, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite experienced significant drops, with the latter suffering its worst weekly performance since 2022 as megacap tech stocks like Amazon, Alphabet, and Meta Platforms all saw substantial losses. Additionally, lackluster current-quarter guidance from companies like Broadcom contributed to the negative sentiment in the tech sector. Overall, the market was driven by growth concerns and uncertainty about how the Federal Reserve will respond to the economic data. Moreover, traders are split on whether the Fed will cut rates by a quarter- or half-percentage point at its upcoming policy meeting, further adding to market uncertainty and volatility.
CRYPTO MARKET
Bitcoin fell by 4.60% for the day, with a value of $53,509.41 as of 3:00 PM CST, as stated by Coin Metrics.
