Sell-off across the stock market pushed the S&P 500 into the bear market as negative sentiment across Wall Street deepened.
The losses for the benchmark index follows renewed concerns of a recession, with fears that last week’s hot inflation data would force the US Federal Reserve into taking an even more aggressive approach.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
Market analysts now expect the Fed to go for a 0.75% rate hike on Wednesday.
US stocks traded sharply lower on Monday, with the S&P 500 plummeting by 3.88% by markets’ close to officially descend into bear market territory. Washington Post columnist Heather Long commented:
The Dow Jones Industrial Average, which shed 876 points, or 2.79%, is about 17% off its recent highs while the Nasdaq Composite extended its declines by 4.68%.
Amid the bloodbath on Wall Street, the 10-year US Treasury yield jumped more than 20 basis points to hit above 3.36%. It’s the highest level the benchmark yield has risen to since 2011.
Economist Peter Schiff had this to say about the bond yields and oil prices, which was slightly up at $121.09 per barrel.
The sell-off was also intense in the crypto market, as investors reacted to negative news around lending platform Celsius Network. Binance’s temporary pause on BTC withdrawals also ate into sentiment, with Bitcoin (BTC/USD) dipping to intraday lows of $22,725.
Ethereum (ETH/USD) also fell sharply to session lows below $1,200 as sell-off wiped billions of dollars off the broader crypto market capitalization.
BTC/USD was trading around $23,270 early evening on Monday (ET hours), down more than 15% on the 24-hour log. The top cryptocurrency is trading at levels last seen in December 2020.
ETH/USD was down 16% to $1,245.
9.3/10
75.26% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
There is good reason to be afraid. Previous down markets have seen declines in excess…
United Parcel Service, Inc. (NYSE:UPS) and FedEx Corporation (NYSE:FDX) are two robust logistics companies. Both…
Canadian crypto mining firm Bitfarms sold roughly $62 million worth of Bitcoin (BTC) in June,…
Invezz does not provide financial advice. Our aim is to simplify information about investing, enabling…
Noma, a Japanese film studio, has announced that it is producing three feature films that…
Bitcoin (BTC) saw continued strength on June 21 as Wall Street trading opened with a…