Daily insights, the most important stock market news, so you can stay informed.
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| Tech stocks wrap up steepest three-week slump in two years, led by plunge in Amazon and Intel – CNBC | |
| Jobless rates fall in July for Asian Americans, bucking the overall trend – CNBC | |
| Job growth totals 114,000 in July, much less than expected, as unemployment rate rises to 4.3% – CNBC | |
| Intel suffers one of its worst days in 40 years as stock plunges 26%, loses $30M in market value after earnings miss – New York Post | |
| Japan’s Nintendo says profit slid 71% in Q1 – Reuters | |
| Morgan Stanley tells wealth advisors they can pitch bitcoin ETFs in a first for major Wall Street firms – CNBC | |
| Amazon shares tumble 12% after third-quarter outlook disappoints – CNBC | |
| Snap shares plummet as weak outlook intensifies ad competition fears – Reuters |
Bitcoin’s Market Crash 😱 |
| It’s the worst week of the year for Bitcoin and cryptocurrency. The price of Bitcoin plunged 11% on Sunday and is down 21% in the last 7 days. |
| Bigger Picture: Ethereum, down 14% on Sunday, is now negative for the year. Avalanche fell 17% on Sunday while Cardano dropped 15%. |
| Developing Details: The broader stock market selloff during the last few days has engulfed crypto. Investors are worried about a potential recession. Making matters worse was that Japan’s Nikkei index fell 7% today. |
| Early Bird’s Nest Egg Gains: Bitcoin is a risky investment during a recession due to its high volatility and speculative nature. During the market crash in March 2020, Bitcoin’s price plummeted. Investors tend to avoid risky assets during a recession. |
| Final Thoughts: Bitcoin is still up 20% in 2024 despite the recent selloff |
Trends to Watch |
| Not Our Fault: CrowdStrike to Delta: Stop Pointing the Finger at Us (Wall Street Journal) |
| Banned: US expected to propose barring Chinese software in autonomous vehicles (Reuters) |
| Jumped: Jump Crypto unstakes $315M of ETH, now headed to exchanges (Cointelegraph) |
| Betting on Collapse: Treasuries Surge as Traders Bet Big on a Fed Rescue Mode (Bloomberg) |
| Energetic Idea: As AI gobbles electricity, is now the time to buy unloved utility stocks? (Fortune) |
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