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June 10: Market Summary
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June 10: Market Summary

Highest inflation in 40 years

Jun 11
22
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June 10: Market Summary
fintwit.substack.com

Good evening.

Markets fall sharply, Bitcoin moves below $30,000, and U.S. inflation hits a 40-year high.

Let's dive in.


Markets

Here are today's market moves:


What Happened?

  • U.S. stocks tumbled on Friday after key inflation data came in higher than expected.

  • The U.S. consumer price index increased 8.6% last month, the highest reading since 1981.

  • The S&P 500 fell 2.9% and had its worst week since January:

  • Why the drop? A high inflation reading means policymakers will need to continue their aggressive attempts to slow the economy.

  • The crypto market fell on Friday, with Bitcoin trading near $29k, as digital assets fell with global markets.


Catch Up

  1. Consumer sentiment in the U.S. plunged in early June to the lowest on record.

  2. The U.S. will end Covid-19 testing requirements for international travelers effective Sunday.

  3. The median rent in Manhattan was $4,000 in May, a record high.


What Else?

Twitter avatar for @roshanpateIRoshan Patel @roshanpateI
my mom just ended my life
Image

June 9th 2022

19,582 Retweets401,028 Likes

Twitter avatar for @TurnerNovakTurner Novak 🍌🧢 @TurnerNovak
this is the most insane account on TikTok

June 10th 2022

6,172 Retweets54,456 Likes

Twitter avatar for @GRDecterGenevieve Roch-Decter, CFA @GRDecter
This is not oil, a meme stock or even a shitcoin. It’s U.S credit card debt
Image

June 8th 2022

1,253 Retweets6,747 Likes

Twitter avatar for @alifarhat79Not Jerome Powell @alifarhat79
My money was losing 8.6% every year due to inflation so I decided to invest it in the stock market. Now I’m losing 8.6% every day.

June 10th 2022

1,704 Retweets16,973 Likes
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