Good evening.
Stocks bounce, U.S. default threat looms, and crypto gains momentum.
Let’s dive in.
Markets
Here are today’s market moves:
What Happened?
U.S. stocks climbed on Tuesday following Monday’s tech-driven selloff.
October can be a volatile month as we’ve seen so far, although it is also typically the start of a better seasonal period for markets.
Issues such as the debt ceiling crisis, rising inflation, and possible Fed tapering are contributing to the volatility.
Treasury Secretary Janet Yellen warned on Tuesday that the U.S. could face a recession if Congress fails to raise the debt ceiling by October 18.
The crypto market gained on Tuesday, with Bitcoin trading near $51k, as the cryptocurrency passed the key $50k level for the first time in a month.
Catch Up
President Biden warned that the US might default on its $28B debt ceiling for the first time in history.
Jamie Dimon says Bitcoin is ‘a little bit of fool’s gold.’
Jury orders Tesla to pay $137 million to a former worker over racist treatment.