Good evening.
Stocks and crypto slide, Fed decides to slow its money printer, and it’s the one-year anniversary of the GameStop short squeeze.
Let’s dive in.
Markets
Here are today’s market moves:
What Happened?
U.S. stocks fell on Wednesday after the Fed indicated it could soon raise rates for the first time in more than three years.
So what? Company valuations are based on future profits, which are worth less in a higher interest rate environment.
Uncertainty still remains around the timing and magnitude of the shift in the Fed’s policy.
The recent selloff has investors wondering whether it’s just a momentary blip or the start of a bear market.
The crypto market fell on Wednesday, with Bitcoin trading near $37k, as cryptocurrencies fell alongside stocks.
Catch Up
The world’s top 10 billionaires have lost $135B in net worth since the beginning of this year.
This week marks the one-year anniversary of the meme stock revolution, when GameStop rallied 1,800%.
Tesla beats on earnings and revenue, says supply chain issues were ‘main limiting factor.’