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The Dow Jones Industrial Average closed down 94.87 points, or 0.20%, at 48,367.06 on Tuesday, December 30; the S&P 500 closed down 9.50 points, or 0.14%, at 6,896.24; and the Nasdaq Composite closed down 55.27 points, or 0.24%, at 23,419.08.December 31st - U.S. stocks closed lower on Tuesday. The Dow Jones Industrial Average fell 0.2%, the S&P 500 fell 0.14%, and the Nasdaq Composite fell 0.24%. Tesla (TSLA.O) fell 1%, Intel (INTC.O) rose 1.7%, and Nvidia (NVDA.O) fell 0.3%. The Nasdaq China Golden Dragon Index rose 0.26%, Baidu (BIDU.O) rose 4.4%, and XPeng Motors (XPEV.N) rose 3.7%.Warner Bros. Discovery (WBD.O) plans to reject Paramounts acquisition offer next week. December 31st - According to the minutes released Tuesday, some Federal Reserve officials expressed reluctance to support further policy easing in the near term when the Fed decided to cut interest rates at its meeting this month, suggesting that further rate cuts may face resistance at its next meeting in January. The minutes showed that the decision to cut rates became increasingly difficult as inflation persisted longer than the Fed had anticipated. Since the December meeting, more economic data has been released, showing that strong consumer spending has helped drive robust economic growth, despite a slight increase in the unemployment rate. New data scheduled for release next month may reshape the thinking of Fed officials ahead of their rate meeting in late January.On December 31st, Fxstreet analyst Joshua Gibson pointed out that the Federal Reserve released the minutes of its final interest rate decision of the year, confirming that FOMC members were willing to consider further rate cuts. However, the minutes did not reveal much other significant information. The Feds stance is tilting towards a dovish position, with most policymakers willing to explore the possibility of further rate cuts. However, the Feds policy adjustments still depend on weak inflation data, rather than a lack of inflation data.

Crypto Prices Slump Over the Weekend

Skylar Shaw

May 09, 2022 09:59

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The Bitcoin market dropped over the weekend, matching the stock market's decline.


According to CoinDesk pricing, the world's biggest cryptocurrency, bitcoin, plummeted to $34,656 on Sunday afternoon, down 3.9 percent from Friday evening. Bitcoin fell below $34,000 earlier this afternoon, about half of its all-time high of $67,802 set in November.


Ethereum, the second-largest cryptocurrency, was trading at about $2,565 on Sunday afternoon, down 5.1 percent from Friday at 5 p.m. EDT.


Bitcoin and other cryptocurrencies are notorious for their wild price volatility. 


For years, individual investors dominated the market, but institutional investors, such as hedge funds and money managers, have begun to take control.


The market has become more aligned with regular markets as more professional investors trade crypto. Many institutional investors that acquire cryptocurrencies see them as high-risk investments, akin to equities in the technology sector. During periods of market turmoil, investors prefer to flee to safer areas.


Last week, the stock market fell the day after the Federal Reserve issued a half-point rate hike, the largest since 2000, to combat inflation. Additional rate hikes are possible this summer, according to Fed Chairman Jerome Powell. 


Some of the central bank's $9 trillion asset portfolio is also being unwound.


The Nasdaq Composite, which is heavily weighted in technology, fell to a 52-week low of 12144.66 on Friday. It is down 22% so far this year.


For most of 2022, cryptocurrency prices remained flat as investors braced for higher interest rates. According to CoinMarketCap, the crypto market was busy over the weekend, with $112 billion in market volume in a 24-hour period. The total value of the cryptocurrency market is currently $1.59 trillion.

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