Good evening.
Stocks fall, inflation hits highest level since 1990, and Bitcoin briefly touches a record $69,000.
Let’s dive in.
Markets
Here are today’s market moves:
What Happened?
U.S. stocks fell on Wednesday after data showed inflation hit a three-decade high.
Prices for U.S. consumers jumped 6.2% in October compared with a year earlier.
Surging costs for food, gas and housing left Americans grappling with the highest inflation rate since 1990.
So why did stocks fall? Increases in consumer prices could prompt the Fed to more quickly raise interest rates, which would be bad for stocks.
The crypto market pulled back Wednesday evening, with bitcoin trading near $64,500, after the cryptocurrency hit a record of $69,000 earlier in the day.
Catch Up
Robinhood hit by data breach exposing emails, names of 7M users.
Rivian valued at over $100 billion in debut, after world's biggest IPO of 2021.
Meta (formerly Facebook) has discussed opening physical stores to showcase its virtual reality devices.