Here are today’s market moves:
S&P 500 down 0.55% to 3,889.14
Dow Jones down 0.01% to 32,420.06
Nasdaq down 2.01% to 12,961.89
Gold: $1,734
Bitcoin: $52,250
US10Y: 1.61%
Oil: $60.67
What Happened?
Stock indexes closed lower on Wednesday as investors continued to sell tech stocks that led the market higher for much of last year. The Nasdaq fell 2.01%.
Investors are trying to make sense of volatility in the government bond market. The rapid increase in treasury yields in recent weeks has taken the momentum out of tech.
Some investors believe the drop in the Nasdaq is just a temporary pullback after the index has risen 75% in the past year.
Tesla is now accepting Bitcoin as a payment method. Some analysts say this could lead to other major companies also accepting the cryptocurrency as payment.
According to a new study, the combined wealth of American billionaires grew $1.3 trillion during the pandemic. During that time, 80 million Americans lost their jobs.
What Else?
This Week
Tuesday: Earnings expected from Adobe and GameStop; Fed Chair Jerome Powell and Treasury Secretary Janet Yellen to testify to the House Financial Services Committee on their pandemic response.
Wednesday: Earnings expected from General Mills, KB Home, and Tencent.
Thursday: Earnings expected from Darden Restaurants; Weekly jobless claims.
Friday: February U.S. personal income and spending data released.