June 10: Market Summary
Highest inflation in 40 years
Markets fall sharply, Bitcoin moves below $30,000, and U.S. inflation hits a 40-year high.
Let's dive in.
Here are today's market moves:
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.
Consumer sentiment in the U.S. plunged in early June to the lowest on record.
The U.S. will end Covid-19 testing requirements for international travelers effective Sunday.
The median rent in Manhattan was $4,000 in May, a record high.