October 25: Market Summary

Nasdaq enters correction

Good afternoon.

Markets slide, the Nasdaq enters a correction, and Google wipes out $160 billion in market value.

Let's dive in.

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Markets

Here are today's market moves:

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What's Happening

• U.S. stocks fell on Wednesday as investors digested earnings from tech giants.

• Nasdaq enters correction. The Nasdaq is down more than 10% from a recent high, putting it in correction territory:

• Q3 earnings: Microsoft gained 3% on strong earnings, while Alphabet tumbled 9.5% on disappointing cloud revenue.

• The crypto market climbed on Wednesday. Bitcoin briefly topped $35K this week for the first time since 2022.

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Catch Up

1. The Nasdaq plummeted 2.43% today, its worst day since February.

2. FTX founder Sam Bankman-Fried is set to testify at his fraud trial.

3. Google wiped out $160 billion in market value today, its biggest one-day loss ever.

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What Else?

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