Good evening.
Markets climb, the U.S. is investigating the collapse of FTX, and BlackRock says to prepare for a recession "unlike any other."
Let's dive in.
Markets
Here are today's market moves:
What's Happening
U.S. stocks climbed on Thursday, snapping a five-day losing streak.
The stock market is down this month as investors await next week's Federal Reserve meeting. The Fed is expected to hike rates by 0.50%.
Elon Musk dethroned. Elon Musk is no longer the world's richest person after losing $100 billion in 2022:
Mortgage rates fall for fourth week. Mortgage rates are falling after signs that inflation may have finally reached its peak. The current 30-year fixed mortgage rate is 6.29%.
The crypto market climbed on Thursday, with Bitcoin trading above $17k. The U.S. is investigating the collapse of crypto exchange FTX.
Catch Up
BlackRock, the world's largest asset manager, says to prepare for a recession unlike any other.
Sam Bankman-Fried wanted to pay Taylor Swift more than $100 million for FTX to sponsor her tour.
On Wednesday, the European Central Bank called crypto the "bubble of a generation" that is "doomed to burst."