Good evening.
Stocks and crypto slide, the Nasdaq enters a correction, and the Fed explores a possible U.S. central bank digital currency (CBDC).
Let’s dive in.
Markets
Here are today’s market moves:
What Happened?
U.S. stocks fell on Thursday after a late-afternoon selloff erased what had been an early rally.
The Nasdaq fell more than 3% from its intraday high to its low. It is now down nearly 12% from its November high.
Investor nerves remain frayed as the pandemic-era stimulus that bolstered a range of assets begins to recede.
Markets could be due for a relief rally soon given how much stocks have pulled back in recent weeks.
The crypto market fell on Thursday, with Bitcoin trading below $41k and Ether below $3k, as cryptocurrencies fell alongside stocks.
Catch Up
Today marks one year since Joe Biden was sworn in as the 46th president of the United States.
U.S. Fed launches review of possible central bank digital currency.
The tech-heavy Nasdaq is down more than 10% from its November peak, putting it in a technical correction.