Good evening.
Stocks near records, Bitcoin pulls back, and Rivian is now the third largest automaker in the world despite no revenue.
Let’s dive in.
Markets
Here are today’s market moves:
What Happened?
U.S. stocks climbed on Tuesday, with major benchmarks ending near record highs amid strong consumer data.
Retail sales jumped 1.7% in October, the biggest gain since March.
The data shows that people are still spending even with rising inflation.
Despite day-to-day volatility, the general direction of the market is currently upward.
The crypto market fell on Tuesday, with Bitcoin near $60k and other popular digital tokens losing more than 10% from recent highs.
Catch Up
President Biden said he plans to announce a nominee for Federal Reserve chair in "about four days."
China has overtaken the United States as the world's richest country.
Rivian is now the third most valuable automaker in the world despite delivering less than 100 cars.