Good afternoon. Stocks slide, Fed raises interest rates to highest level in 22 years, and Elon Musk rebrands Twitter to "X."
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks fell on Thursday after the Fed raised interest rates to their highest level in 22 years.
Despite rising rates, the S&P 500 is up 18.65% in 2023 and approaching a record high:
A busy week of earnings. Major tech giants including Alphabet, Microsoft, and Meta, reported Q2 earnings this week, beating expectations.
The crypto market is holding up in 2023 despite regulators suing the biggest exchanges. Bitcoin has rallied 80% this year.
Catch Up
The U.S. economy grew 2.4% in Q2, faster than expected and defying recession warnings.
Elon Musk rebrands Twitter to "X" and plans to create an everything app similar to WeChat.
Sequoia Capital is slashing the size of two of its funds amid a startup downturn.
What Else?
