5/9/22

Another rough day on Wall Street. And shares of electric carmaker “Rivian” got a shock today.
The S&P 500 just hit its lowest level since April of last year. The Nasdaq fell another 4% just today.

The Dow dropped another 653 points, or 2%, to close at 32,245
The Nasdaq fell 521 points.
The S&P plunged over 3%, losing 132 points.

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We’re not alone in this losing streak. Stocks fell today across Europe and Asia. Crude oil was also down. The S&P is down 16% from its record set early this year. Most of this damage is related to the Fed’s aggressive attack on inflation.

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If you think bitcoin is impervious to what’s going on, it’s not. It fell another 10% today after plunging over the weekend. Bitcoin is now more than 50% below its record high of $69 thousand from late last year.

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Shares of Rivian fell 20% today after Ford said it was selling part of its stake in the electric carmaker. That’s about 8-million shares. Rivian stock has fallen 72% this year alone.

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