Markets
Here are today’s market moves:
S&P 500 down 1.31% to 4,166.45
Dow Jones down 1.58% to 33,290.08
Nasdaq down 0.92% to 14,030.38
Bitcoin: $35,806
US10Y: 1.443%
What Happened?
The S&P 500 and other major indexes fell sharply today after Fed official Bullard said he expects the first rate increase in late 2022.
The Dow Jones Industrial Average fell 3.45% this week, its worst weekly close since October 2020.
The Cboe Volatility Index, known as Wall Street’s “fear gauge,” climbed to its highest level in weeks.
Friday marked “quadruple witching day,” the quarterly simultaneous expiration of U.S. options and futures contracts, a market event that is known for causing volatility.
A near-record dollar amount of single stock equity options, $818 billion, expired at the close of trading on Friday.
Bitcoin fell 6% to $35,806 along with other risk assets. Might crypto be more correlated to the equity market than most people believe?
What Else?
This Week
Monday: Earnings expected from Hexo Corp.
Tuesday: Earnings expected from H&R Block and Oracle.
Wednesday: Earnings expected from Honest Co and Lennar Corp.
Thursday: Earnings expected from Adobe and Kroger. FOMC rate decision. Weekly jobless claims.
Friday: Bank of Japan monetary policy decision.