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It’s ugly out there: What’s happening in the market rout

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Check here for the latest updates on markets and stocks

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Last week both the S&P 500 and Nasdaq logged their biggest weekly percentage drops since the onset of the pandemic in March 2020. Today it looks like the carnage is continuing. Check here for the latest updates on markets and stocks.

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11:44 a.m.

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11:40 a.m.

If stocks have it bad today, and so far they do, cryptocurrencies have it worse.

Bitcoin has tumbled 6.6 per cent to a six-month low, below US$34,000 and other digital currencies are seeing even bigger losses, reports Bloomberg.

Ether fell 7.6 per cent and touched US$2,201, also the lowest since July. Solana’s SOL and Cardano’s ADA plunged 19 per cent and 13 per cent, respectively, according to data compiled by CoinGecko.

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Bitcoin and other cryptocurrencies have come under widespread selling pressure in recent days, with traders pointing to hawkish signals from the Federal Reserve and a selloff in technology shares as reasons for traders to withdraw from risky assets.
Bitcoin and other cryptocurrencies have come under widespread selling pressure in recent days, with traders pointing to hawkish signals from the Federal Reserve and a selloff in technology shares as reasons for traders to withdraw from risky assets. Photo by REUTERS/Dado Ruvic/Illustration/File Photo

Hawkish signals from the Fed and a tech selloff have investors backing away from riskier assets like cryptocurrencies, which some say is not a bad thing.

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Since its all-time high in November, Bitcoin has tumbled more than 50 per cent.

“We don’t think it is a bad thing if market volatility takes some of the air out of the more speculative corners of the market,” said strategists led by Mark Haefele, chief investment officer at UBS Global Wealth Management.

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— Bloomberg

11:24 a.m.

Canada’s main stock index is not having a great day either. The TSX was down 417.19 points at 10:44 this morning, the lowest in three months. It shed 3.4 per cent last week.

What has investors so worried this morning? They are bracing for meetings by the Bank of Canada and the U.S. Federal on Wednesday, both of which are likely to outline policy tightening or potentially hike. Add to that tensions between the West and Russia with troops building up on the Ukraine border and it’s a recipe for a rout.

The TSX was down 2.68 per cent this morning.

10:49 a.m.

The S&P 500 headed toward correction territory today. The benchmark index fell as much as 2.3 per cent Monday and will join the Nasdaq in official correction if it closes 10 per cent below the Jan. 3 high. At 10:48 a.m. ET, it was down 76.10 points at 4,321.84.

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The S&P 500 Index is set to enter a correction phase after the benchmark fell for a fifth day.
The S&P 500 Index is set to enter a correction phase after the benchmark fell for a fifth day. Photo by Yahoo Finance

Additional reporting by Reuters and Bloomberg

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