October 23: Market Summary
Bitcoin hits $34,000
Good afternoon.
Markets slide, Big Tech reports Q3 earnings this week, and Bitcoin hits $34,000 (a new 2023 high).
Let's dive in.
Markets
Here are today's market moves:
What's Happening
U.S. stocks finished mixed on Monday as investors await tech earnings.
The market is currently in a state of fear after the S&P 500 fell 2.39% last week:
Big Tech earnings. Four of the world's biggest publicly traded companies — Alphabet, Amazon, Microsoft and Meta — report earnings this week.
The crypto market climbed on Monday. Bitcoin surged to $34k on speculation that the U.S. could soon approve a spot Bitcoin ETF.
Catch Up
The 10-year Treasury yield jumps above 5% for the first time since 2007.
Bill Ackman covers his short position against U.S. Treasurys amid rising global risks.
Around 30% of S&P 500 companies are slated to report Q3 earnings this week.
What Else?
