Good evening.
Markets fall, Fed signals half-point rate hike, and Melvin Capital plans to shrink after its GameStop losses.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks fell on Thursday, with the S&P 500 booking its sharpest reversal in nearly 2 weeks.
Why? Fed chair Powell signaled the central bank was likely to raise interest rates by a half percentage point at its meeting next month.
Tech stocks were hit the hardest, with the Nasdaq down more than 2%.
Investors appear to be in risk-off mode as the Fed prepares to raise rates several times this year and unwind its $9 trillion balance sheet.
The crypto market fell on Thursday, with Bitcoin trading near $40,000, as cryptocurrencies fell with stocks.
Catch Up
So far, 80% of S&P 500 companies that have posted Q1 earnings have beaten expectations, according to FactSet.
Melvin Capital, which was burned in the meme-stock rally last year, weighs shutting down and starting a new fund.
CNN+, the much-hyped streaming service, will shut down on April 30, just one month after it launched.