Good evening.
Markets bounce, the Nasdaq is on track for its worst month since 2008, and Archegos founder Bill Hwang gets arrested.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks edged higher on Wednesday following yesterday’s sharp selloff.
Yesterday, the Nasdaq recorded its largest one-day percentage decline since 2020. The index is on track for its worst month since October 2008.
Why the volatility? There’s a lot to be concerned about, including the Fed raising rates, war in Europe, mixed earnings reports, and renewed lockdowns in China.
Tech stocks could get a boost tomorrow. Facebook parent Meta rose 19% in extended trading after the company beat earnings expectations.
The crypto market climbed on Wednesday, with Bitcoin trading near $39,000 and Ethereum near $2,900.
Catch Up
Former Twitter CEO Jack Dorsey tweeted on Monday that "Elon is the singular solution I trust. I trust his mission to extend the light of consciousness."
Robinhood announced it's laying off 9% of its employees. The company’s stock is down 85% from its highs last year.
Archegos Capital founder Bill Hwang was arrested Wednesday for a massive fraud scheme that nearly jeopardized the U.S. financial system.