Good evening.
Stocks are tumbling again, Congress averts a government shutdown, and Q4 begins tomorrow.
Let’s dive in.
Markets
Here are today’s market moves:
What Happened?
U.S. stocks closed lower on Thursday, as Wall Street wrapped up the last day of a choppy September and third quarter.
The S&P 500 fell 4.8% in September, its worst monthly performance since March 2020.
Despite the volatility, it’s important to keep a clear perspective. The S&P 500 is only 5% off its highs.
YTD performance:
S&P 500: +15%
Dow Jones: +12%
Nasdaq: +13.8%
Bitcoin: +51%
Q4, historically a strong quarter for markets, starts tomorrow.
The crypto market gained on Thursday, with Bitcoin trading near $43.6k, as SEC chair Gary Gensler reiterated support for futures-based Bitcoin ETFs.
Catch Up
Congress passed a bill on Thursday extending government funding through December 3, averting a government shutdown.
Cathie Wood sells $270M worth of Tesla stake, despite price target of $3,000.
Jim Chanos says NFT market is rife with ‘nefarious activity.’