Good evening.
Stocks and crypto slide, inflation hits highest level in 40 years, and earnings season starts tomorrow.
Let’s dive in.
Markets
Here are today’s market moves:
What Happened?
U.S. stocks tumbled on Thursday amid a sharp fall in shares of major technology companies.
Why are stocks falling? Data released Wednesday showed U.S. inflation in 2021 was the highest since 1982.
This data increases the likelihood that the Fed will start increasing rates in March, putting an end to ultra-easy monetary conditions.
Earnings season kicks off tomorrow, with JPMorgan, Wells Fargo, BlackRock set to report their results.
The crypto market fell on Thursday, with Bitcoin trading near $42k, as digital assets fell alongside other risk assets.
Catch Up
The current Omicron wave is projected to peak by Jan. 19 in the US.
Mortgage rates hit their highest level since March 2020 as the prospect of Fed rate increases pushes up borrowing costs.
Consumer prices soared 7% in December, the largest yearly increase in 40 years.