Good afternoon.
December slide continues, the world economy is having its worst year in decades, and Elon Musk is no longer the world's richest person.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks fell on Wednesday, with the S&P 500 posting its fifth day of losses.
December surprise. December is known to be one of the most favorable months for markets. This month's selloff caught investors by surprise.
The S&P 500 is now below its 200-day moving average, a widely watched indicator to gauge the market trend.
2022 was a "risk off" year. This year saw the prices of cryptocurrencies, SPACs, NFTs and growth stocks decline significantly as investors moved to safer investments.
The crypto market fell on Wednesday, with Bitcoin trading just below $17k. The overall crypto market is down 70% since last year.
Catch Up
Elon Musk briefly lost his title as world's richest person on Wednesday to Bernard Arnault (worth $184 billion).
Russian President Vladimir Putin warned today that the risk of nuclear war in the world is rising.
The world economy is heading for one of its worst years in three decades.