Good evening.
Stocks tumble, November comes to a close, and the Fed prepares to pull back support.
Let’s dive in.
Markets
Here are today’s market moves:
What Happened?
U.S. stocks tumbled after Fed chief Powell said the central bank might wind down support more quickly than initially planned.
Apple – the most valuable company in the world – hit a new record high even as tech fell.
Despite recent volatility, major stock market indexes are still sitting near record highs.
Investors are betting that December will be a good month for markets.
The crypto market was roughly flat on Tuesday, with Bitcoin near $57k, as November wraps up. December is historically a good month for crypto.
Catch Up
Yesterday President Biden said omicron is a ‘cause for concern, not a cause for panic.’
CNN suspends Chris Cuomo indefinitely over role in advising brother Andrew during harassment scandal.
Fed chair Jerome Powell said it was ‘probably a good time to retire’ the Fed’s repeated characterization that inflation would be transitory.