Good afternoon.
Markets start December mixed, the Dow Jones enters a bull market, and crypto is having its "Lehman moment."
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks were mainly flat on the first trading day of December.
A day earlier, markets soared after Fed Chair Jerome Powell signaled that smaller interest rate increases are likely ahead.
Dow enters bull market. The Dow Jones is up more than 20% from its October low, putting it in a technical bull market.
December rally? Investors are hoping for the recent rally to continue in December, which is historically a strong month for markets.
The crypto market was mainly flat on Thursday, with Bitcoin trading near $17k. Many investors are backing away from crypto after the collapse of FTX.
Catch Up
U.S. Treasury Secretary Janet Yellen called the collapse of FTX the "Lehman moment within crypto."
The Federal Reserve is on track to raise interest rates by a half percentage point at its December meeting.
Despite the recent rally, the S&P 500 is still down 15% this year, its worst performance since the 2008 financial crisis.