Good evening.
Markets bounce, the Ethereum Merge is finally here, and the stock market has its worst selloff of 2022.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks climbed slightly on Wednesday after a steep selloff yesterday.
The S&P 500 tumbled 4.30% on Tuesday, its worst day of 2022 (so far):
What caused the selloff? U.S. inflation rose more than expected in August, which means the Federal Reserve will likely continue raising interest rates aggressively.
Investors fear that the Fed's aggressive rate hikes will drive the economy into a recession.
The crypto market bounced on Wednesday, with Bitcoin trading near $20,000, after a sharp selloff yesterday. The long-awaited Ethereum Merge is set for Thursday.
Catch Up
Fidelity Investments is weighing a plan to allow individual investors to trade bitcoin on its brokerage platform.
13.5%. That's how much grocery prices rose in August from a year ago, the fastest annual pace since 1979.
The Federal Reserve is expected to hike rates by 0.75% at its meeting next week.