Good evening.
Markets surge, inflation eases to 8.5% in July, and the Nasdaq enters a bull market.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks surged on Wednesday after a better-than-expected July inflation report.
U.S. inflation climbed 8.5% in July, slower than expected and down from 9.1% in June.
The slowdown gives investors hope the Federal Reserve will become less aggressive on interest rate hikes.
Nasdaq enters bull market. The Nasdaq Composite is up more than 20% from its June low, putting it in a technical bull market.
The crypto market climbed on Wednesday, with Bitcoin trading near $24,000 and Ethereum near $1,900, after data showed inflation cooled last month.
Catch Up
Elon Musk sold $6.9 billion worth of Tesla stock in case he’s forced to buy Twitter.
The Nasdaq today ended its longest bear market (108 trading days) since 2008.
Coinbase reported a $1.1 billion net loss in Q2 driven by the crypto market's meltdown.