Good evening.
Markets snap four-day losing streak, Bitcoin is stuck near $20k, and the U.S. stock market wipes out $1.25 trillion.
Let’s dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks climbed slightly on Thursday, snapping a four-day losing streak.
What's behind the recent selloff? Fed Chair Jerome Powell spooked investors last week when he said the Fed must continue raising rates, even if it means economic pain.
The U.S. stock market has wiped out over $1.25 trillion since his speech.
Investor sentiment is down after much of the summer rally was erased last month. September is historically a bad month for markets, adding to investors’ jitters.
The crypto market was mainly flat on Thursday, with Bitcoin stuck near $20,000, an important psychological level for traders.
Catch Up
Snap plans to lay off 20% of its employees. The company's stock has fallen nearly 80% this year.
99%. That’s how much NFT trading volume is down on OpenSea over the last 4 months.
The U.S. IPO market is having its worst year in two decades amid recession fears.