Stock market today: Dow Jones, S&P 500 continue to slide; Coinbase stock plunges amid sharp decline in Bitcoin price

0

Stock Market Today Mid-Morning Updates

Monday, the Dow Jones Industrial Average is down more than 500 points as investors continue to feel the fallout from higher-than-expected inflation as well as rate hikes. The consumer price index (CPI) rose 8.6% year-over-year in May and could force the Federal Reserve to get even more aggressive with interest rates to help calm the downturn. burning inflation. Many investors will also be closely watching the Fed’s latest policy setting meeting later in the week. There could also be a rate decision set for Wednesday. The S&P 500 fell back into bearish territory as the major indices had their worst week since January 2022.

Tech stocks like Nvidia (NASDAQ: NVDA) and Amazon (NASDAQ:AMZN) are down today along with the broader market on fears of an impending recession and more aggressive Federal Reserve action, in addition to rising inflation as mentioned earlier . On the other hand, Fubo TV (NYSE: FUBO) today announced that it has expanded further into commercial-free television, launching new FAST channels from Trusted Media Brands.

Among the Dow Jones leaders, stocks of Apple (NASDAQ:AAPL) are down 2.49% today as Microsoft (NASDAQ: MSFT) is also down 2.33%. Meanwhile, disney (NYSE: DIS) and Nike (NYSE:NKE) are trading lower on Monday. Among the financial leaders of the Dow, Visa (NYSE: V) is down 2.93% while JPMorgan Chase (NYSE: JPM) is also down 1.94%

EV Leader Shares You’re here (NASDAQ: TSLA) are down 6.38% on Monday. Rival electric vehicle companies like Rivian (NASDAQ: RIVN) are also down 5.50%. Lucid Group (NASDAQ: LCID) is down 8.32% today. Chinese electric vehicle leaders like Nio (NYSE:NIO) and Xpeng Motors (NYSE: XPEV) are also trading lower today.

Dow Jones Today: US Treasury Yields Rise to Highest Since 2007 on Inflation Concerns

After Monday’s trading open, the S&P 500, Dow and Nasdaq are trading lower at 2.29%, 1.82% and 3.48% respectively. Among listed index funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is down 3.35% as the SPDR S&P 500 ETF (NYSEARCA:SPY) is also down 2.87%.

The benchmark 10-year US Treasury yield hit its highest level since 2007 and currently stands at 3.21%. The 2-year Treasury yield also briefly rose above the 10-year rate, reversing for the first time since early April. A reversal is considered by many to be an indicator of a recession. The Fed is in a tough spot as it attempts to bring inflation down with tighter monetary policy. At the same time, he is also trying not to push the economy into a recession. Investors will also be looking at the producer price index which is due on Tuesday as well as retail sales data on Wednesday.

[Read More] Top Stock Market News For Today June 13, 2022

Coinbase Stocks Loses Steam Alongside Bitcoin After Weekend Turmoil

At the same time, the tastes of Coinbase (NASDAQ: COIN) and Microstrategy (NASDAQ: MSTR) are also making headlines. This follows the latest movement in the cryptocurrency markets. After a weekend of steep declines, Bitcoin (BTC) and Ethereum (ETH), among other major digital currencies, continues to experience losses. For a sense of scale, data from CoinMarketCap indicates that the entire cryptocurrency market is down over $200 billion. This would be over the weekend and until Monday morning. Take Bitcoin, for example. The price of the market’s largest digital currency is now below the $24,000 mark, its lowest level since late 2020. In detail, this follows the latest comment from US Treasury Secretary Janet Yellen. Regarding the long-term viability of Bitcoin, she said: “It’s not something I would recommend to most people saving for retirement… For me, it’s a very risky investment.

As a result of all this, businesses that operate around Bitcoin and cryptocurrencies are also in decline. Clearly, MSTR and COIN shares are now trading down over 24% and 13% respectively. Other key crypto names that suffered double-digit losses over the same period include XRP (XRP), Solana (GROUND), and gimbal (ADA). Overall, a booming economy and uncertainty in the markets would cause investors to reconsider more volatile investments now. Nonetheless, with the current downturn in the crypto space, some might also see an opportunity. Because of all of this, it wouldn’t surprise me to see cryptocurrency stocks gaining some attention today.

Source: Trading View

[Read More] Cheap stocks to buy now? 3 cyclical stocks in a nutshell

Tesla stock in the spotlight after 3-for-1 stock split announcement

Among the big names making the stock market news today are You’re here Overall, that would be thanks to the company’s latest SEC filing over the weekend. To wit, on Friday, the electric vehicle (EV) titan filed its annual proxy statement with the SEC, mentioning intentions for a 3-for-1 stock split. On the one hand, that wouldn’t be too surprising. of a move coming from this big growth company now. He joined several large growth firms such as Amazon and Alphabet (NASDAQ:GOOGL) by doing so. In fact, Amazon just completed its 20-to-1 split last week. For companies looking to make their stocks more accessible to retail investors, this would be a move worth considering.

Weighing in on the current move is Tesla, through his filing. He notes, “Our success depends on our ability to attract and retain excellent talent.“This is, according to the company, what it aims to do by offering”exceptional benefits and very competitive salaries.“Part of which would be in the form of each employee having the opportunity to receive shares. As such, Tesla believes that “the stock split would help reset the market price of our common stock so that our employees have more flexibility in managing their equity.“Even if the stock split was mostly cosmetic, there would certainly be no shortage of hedging on TSLA stock now.

TSLA Stock
Source: Trading View

If you enjoyed this article and want to learn how to trade so that you have the best chance of making a profit consistently, you need to check out this YouTube channel.
CLICK HERE NOW!!



Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | [email protected]



Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | [email protected]

Share.

Comments are closed.