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MARKET RECAP – SEPTEMBER 7, 2023

STOCK MARKET

Dow Jones ended at $34,500.73 (+0.17%)

S&P 500 ended at $4,451.14 (-0.32%)

Nasdaq Composite ended at $13,748.83 (-0.89%)

The stock market witnessed mixed results with the Dow Jones Industrial Average managing to increase, while the S&P 500 and the Nasdaq Composite decreased. The losses experienced by the two major indexes were primarily driven by concerns over the Federal Reserve’s interest rate policy and the possibility of further rate hikes this year. Traders were hoping that the Fed would hold off on any rate hikes for the rest of the year, but the possibility of one or two more hikes negatively impacted most of the market sentiment. Additionally, a Bloomberg News report stating that China is looking to broaden a ban on the use of iPhones in state-owned companies and agencies led to a drop in Apple shares and further weighed on technology and semiconductor stocks. Furthermore, economic data, such as lower-than-expected jobless claims and higher-than-anticipated second-quarter labor costs, raised concerns that the strong labor market may prompt the Federal Reserve to maintain its tight monetary policy stance or potentially approve more rate hikes.

CRYPTO MARKET

Bitcoin rose by 0.82% with a value of $25,874,29 as of 3:00 PM CST, as stated by Coin Metrics.

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