Good evening.
Global markets tumble, Bitcoin falls below $30,000, and layoffs at tech companies are on the rise.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks tumbled on Wednesday, suffering their worst day since 2020.
Tech stocks were hit the hardest, with the Nasdaq down nearly 5%:
What’s happening: Markets are facing the most aggressive tightening of U.S. monetary policy since 2000. Stocks and cryptocurrencies are feeling the pain.
Yesterday, Fed Chair Jerome Powell said that “there won’t be any hesitation” about raising rates until inflation is under control.
The crypto market fell on Wednesday, with Bitcoin trading near $29,000. The correlation between cryptocurrencies and stocks recently hit a record high.
Catch Up
Layoffs are rising. The recent drop in tech stocks has caused venture capital firms to pull back on funding start-ups, leading to layoffs in tech.
Melvin Capital, the hedge fund burned by the GameStop mania, is shutting down after suffering billions of dollars in losses.
Elon Musk says the Twitter deal 'cannot move forward' until he has more clarity on how many accounts are fake.