Good evening.
Markets tumble, Nasdaq suffers worst day since 2020, and the Fed yesterday hiked rates the most since 2000.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks tumbled on Thursday, erasing gains from their best day since 2020 yesterday.
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.
With the Fed pulling back its support, risky investments like stocks and cryptocurrencies are feeling the pain.
The crypto market fell on Thursday, with Bitcoin trading near $36k. The world’s largest crypto fell by as much as 10%, its worst day in two months.
Catch Up
Yesterday, the U.S. Federal Reserve raised interest rates by half a point — the biggest hike since 2000.
Slightly more than two years since the start of the pandemic, the U.S. has surpassed 1 million COVID-19 deaths.
Elon Musk has secured over $7B for the Twitter takeover, winning the backing of some of the world's largest investors.