Market Recap – July 24th 💰

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Market Recap – July 24th

On Monday, the Dow Jones showed a strong performance, heading for its longest winning streak since February 2017, with a gain of 187 points, equivalent to 0.54%. This marks the 11th consecutive day of gains for the 30-stock Dow. The S&P 500 also rose by 0.44%, while the Nasdaq Composite saw a more modest increase of 0.16%.

However, Spotify’s shares faced a decline of 5.5% due to the announcement of price increases for its premium subscription plans, coinciding with the company’s upcoming quarterly earnings report on Tuesday. Similarly, Gilead Sciences experienced a drop of 4% in its shares after discontinuing a late-stage trial for a blood cancer treatment, which will result in no revenue from the treatment for 2023 and only immaterial expense reductions. These developments come amidst a busy week of key earnings reports and anticipation of a significant policy decision from the Federal Reserve.

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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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