Good evening.
Stocks recover some losses, Q4 is almost here, and execs at Robinhood and Citadel reportedly colluded during the GameStop frenzy.
Let’s dive in.
Markets
Here are today’s market moves:
What Happened?
The S&P 500 climbed on Wednesday, clawing back some of its losses from Tuesday’s bloodbath.
Tech stocks have been getting hit hard recently, with the Nasdaq yesterday posting its worst day since March amid a spike in bond yields.
Higher yields mean borrowing costs for businesses and individuals go up, which is bad for stocks.
Q4 is near. The fourth quarter, which begins Oct 1 and ends Dec 31, tends to be a strong period for markets.
The crypto market was flat on Wednesday, with Bitcoin trading near $41k, as price holds above the key $40,000 level.
Catch Up
Elizabeth Warren calls Fed Chair Powell a ‘dangerous man,’ says she will oppose his renomination.
TikTok says it now has more than 1 billion monthly active users.
Executives at Robinhood and Citadel Securities held private discussions in the days before GameStop trading halt.