Good evening.
Markets slide, Bitcoin falls below $30k, and Elon Musk says he has a "super bad feeling” about the economy.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks fell on Friday and suffered losses for the week after a stronger-than-expected May jobs report.
Tech stocks were hit the hardest, with the Nasdaq Composite down 2.5%:
In this market, good news = bad news. A strong jobs report signals that the Fed will likely continue raising interest rates in June and July.
Tesla CEO Elon Musk said yesterday that he has a "super bad feeling" about the economy and plans to cut Tesla staff.
The crypto market fell on Friday, with Bitcoin falling below $30,000, as cryptocurrencies fell with global markets.
Catch Up
U.S. gas prices are approaching $5 per gallon – a record high.
Tiger Global's hedge fund is down more than 50% in 2022 after a brutal year for tech investors.
Lawsuits over crypto losses are mounting across the country as investing in digital tokens has become mainstream.