Good evening.
Stocks and crypto slide, 60% of Nasdaq stocks are in a bear market, and global VC funding breaks records.
Let’s dive in.
Markets
Here are today’s market moves:
What Happened?
U.S. stocks fell on Friday after the release of the December jobs report.
The U.S. economy added just 199,000 jobs in December, missing estimates of 422,000.
Markets are off to a rough start in 2022. The S&P 500 kicked off the new year with a record high on Monday, but then quickly fell when the Fed signaled that it plans to raise rates soon.
Despite a bumpy start, stock market indexes are still sitting near records and a lot can change in the next 51 weeks.
The crypto market fell on Friday, with Bitcoin trading near $42k, as digital assets fell alongside other risk assets.
Catch Up
Global venture capital funding hit a record $643B last year, nearly doubling the previous year’s total.
Venmo and PayPal now have to report transactions totaling more than $600 to the IRS.
Nearly 40% of the stocks in the Nasdaq Composite are down 50% from their 52-week highs. Almost two-thirds are now in bear markets.