Good evening.
S&P 500 hits record, Tesla reaches $1 trillion market cap, and Jack Dorsey warns of hyperinflation.
Let’s dive in.
Markets
Here are today’s market moves:
What Happened?
U.S. stocks climbed on Monday, with the S&P 500 and the Dow Jones closing at fresh records.
Tesla topped $1 trillion in market cap for the first time, making it the 5th largest U.S. company.
Big earnings week. Some of the largest tech companies, including Apple, Microsoft, Alphabet, Amazon, and Facebook report earnings this week.
Strong earnings from companies so far have soothed investors’ concerns about higher inflation and labor shortages.
The crypto market gained on Monday, with Bitcoin trading near $63k, as data shows investors are starting to pour more money into crypto funds.
Catch Up
Elon Musk has gained $220 billion in wealth since the start of the pandemic.
Tax on billionaires’ unrealized gains will likely be in budget package, Democrats say.
Twitter and Square CEO Jack Dorsey says ‘hyperinflation’ will happen soon in the U.S. and the world.