The Nasdaq was poised to lead Wall Street lower again Monday, with futures tied to the tech-heavy index dropping 2%.
After the central bank increased interest rates, as expected, by 50 basis points on Wednesday, Chairman Jerome Powell took a more aggressive 75 basis point hike off the table for upcoming meetings. He also said he expects 50 basis point rate increases at the Fed's June and July meetings.
Last Wednesday's relief rally in stocks, accompanied by a dip in bond yields, was short-lived. Thursday's whipsaw wiped out and then some the prior session's stock advance as bond yields soared. That dynamic continued Friday and in Monday's premarket. The Fed increased rates 25 basis points in March and it's expected to hike at least that much at its meetings in September, November and December.Bitcoin plunged over the weekend and dropped another 5% on Monday, going below $33,000 as the world's largest cryptocurrency remained correlated to tech stocks and the Nasdaq.
The pattern of late goes against the argument of bitcoin as an inflation hedge. But to be fair, gold, which has long been an investment to protect against inflation, has also suffered in Wall Street's recent rough patch. Bitcoin has dropped 50% from its all-time high of more than $68,000 in November, caught up in this year's risk asset drubbing due to rising inflation and tighter Fed policy as well as Russia's war in Ukraine. Bitcoin has seen many boom and bust cycles over the years.Permian Basin rigs in 2020, when U.S. crude oil production dropped by 3 million a day as Wall Street pressure forced cuts.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Formula One Miami Grand Prix: 6 wild things you need to know about the big raceThe first Formula One Miami Grand Prix features a venue with features not found anywhere else the series visits.
Weiterlesen »
Amy Smart: 25 Things You Don’t Know About Me!Amy Smart reveals all of her secrets to Us Weekly, including why she brings her plants on vacation with her — exclusive interview
Weiterlesen »
Joshua Hall: 6 Things to Know About Christina Haack’s 3rd HusbandChristina Haack was first spotted with Joshua Hall in July 2021 and tied the knot with the real estate agent less than one year later — what to know about her husband
Weiterlesen »
First 6-week losing streak since 2014 — 5 things to know in Bitcoin this weekBTC price cues continue the bearish narrative as Bitcoin braces for CPI data.
Weiterlesen »
Yankees-Rangers series opener postponed again Saturday; makeup MondayThe Yankees and Rangers series opener in the Bronx has been postponed again due to rain.
Weiterlesen »
Rangers-Yankees series opener postponed again; makeup MondayThe series opener between the Texas Rangers and New York Yankees was postponed for a second straight day on Saturday because of a forecast for sustained rain in the area.
Weiterlesen »