6/29/22

A major crypto trading firm isn’t doing well. And the Feds want Google and Apple to remove a popular social media app. The stock market is poised to close out the worst first half of the year since 1970. Stocks fluctuated today.

The Dow finished up 82 points to close at 31,029
The Nasdaq lost 3
The S&P fell 2 points today.

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Fed Chairman Jerome Powell says inflation will not take hold of the US economy over the long term. He says it’s his group’s job to make sure that doesn’t happen. He says “there’s a clock running here, where we have inflation running now for more than a year.”

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This isn’t a good sign for cryptocurrency. A major crypto hedge fund has fallen into liquidation. Three Arrows Capital is the latest casualty of the so-called “crypto winter.” Two days ago, the firm defaulted on a $350 million loan.

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The FCC has asked Google and Apple to remove TikTok from their platforms. It’s over China-related data security concerns. TikTok is owned by Chinese company Bytedance. An FCC official calls the app “a surveillance tool that harvests extensive amounts of personal and sensitive data.

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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.