Stock Market Today: Dow Jones, S&P 500 Continue To Slide; Coinbase Stock Plunges Amid Sharp Pullback In Bitcoin Price


Stock Market Today Mid-Morning Updates

On Monday, the

Dow Jones Industrial Average

is down by over 500 points as investors continue to feel the fallout from higher-than-expected inflation and also rate hikes. The consumer price index (CPI) was up by 8.6% year-over-year for May and could force the Federal Reserve to get even more aggressive with interest rates to help cool the red hot inflation. Many investors will also be closely following the Fed’s latest policy-setting meeting later in the week. There could also be a rate decision set for Wednesday. The S&P 500 has fallen back into bear market territory as major indexes came off at their worst week since January 2022.

Tech stocks like

Nvidia

(

NASDAQ: NVDA

) and

Amazon

(

NASDAQ: AMZN

) are down today along with the broader market on fears of a looming recession and more aggressive Federal Reserve action, on top of rising inflation as mentioned earlier. On the other hand,

FuboTV

(

NYSE: FUBO

) today announced that it has expanded further into free-ad supported television, launching new FAST channels from Trusted Media Brands.

Among the Dow Jones leaders, shares of

Apple

(

NASDAQ: AAPL

) are down by 2.49% today while

Microsoft

(

NASDAQ: MSFT

) is also down by 2.33%. Meanwhile,

Disney

(

NYSE: DIS

) and

Nike

(

NYSE: NKE

) are trading lower on Monday. Among the Dow financial leaders,

Visa

(

NYSE: V

) is down by 2.93% while

JPMorgan Chase

(

NYSE: JPM

)


is also down by 1.94%

Shares of EV leader

Tesla

(

NASDAQ: TSLA

) are down by 6.38% on Monday. Rival EV companies like

Rivian

(

NASDAQ: RIVN

) are also down by 5.50%.

Lucid Group

(

NASDAQ: LCID

) is down by 8.32% today. Chinese EV leaders like

Nio

(

NYSE: NIO

) and

Xpeng Motors

(

NYSE: XPEV

) are trading lower today as well.

Dow Jones Today: U.S. Treasury Yields Rises To Highest Since 2007 On Inflation Woes

Following the

stock market

opening on Monday, the S&P 500, Dow and Nasdaq are trading lower at 2.29%, 1.82%, and 3.48% respectively. Among exchange-traded funds, the Nasdaq 100 tracker

Invesco QQQ Trust

(

NASDAQ: QQQ

) is down by 3.35% while the

SPDR S&P 500 ETF

(

NYSEARCA: SPY

) is also down by 2.87%.

The benchmark 10-year U.S. Treasury yield soared to its highest level since 2007 and is currently at 3.21%. The 2-year Treasury yield also briefly topped the 10-year rate, inverting for the first time since early April. An inversion is seen by many as an indicator of a recession. The Fed is in a tough spot as it tries to ease inflation with tighter monetary policy. At the same time, it is also trying not to push the economy into a recession. Investors will also be looking at the producer price index that is due Tuesday and also retail sales data this Wednesday.


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Top Stock Market News For Today June 13, 2022

Coinbase Stocks Loses Steam Alongside Bitcoin Following Weekend Turbulence

At the same time, the likes of

Coinbase

(

NASDAQ: COIN

) and

Microstrategy

(

NASDAQ: MSTR

) are also in the news. This follows the latest movement in cryptocurrency markets. Following a weekend of steep declines,

Bitcoin

(BTC) and

Ethereum

(ETH) among other major digital currencies continue to see losses. For a sense of scale, data from CoinMarketCap notes that the entire cryptocurrency market is down by over $200 billion. This would be over the course of the weekend and into Monday morning. Take Bitcoin, for instance. The largest digital currency in the market is now priced below the $24,000 mark, its lowest level since late 2020. In detail, this follows the latest commentary from U.S. Treasury Secretary Janet Yellen. Regarding the long-term viability of Bitcoin, she said, “

It’s not something that I would recommend to most people who are saving for their retirement … To me, it’s a very risky investment.

As a result of all this, companies that operate around Bitcoin and cryptocurrencies are also on the decline. Evidently, MSTR stock and COIN stock are now trading lower by over 24% and 13% respectively. Among the other key crypto names experiencing double-digit losses over the same period are

XRP

(XRP),

Solana

(SOL), and

Cardano

(ADA). All in all, a roaring hot economy and uncertainty in markets would have investors reconsidering more volatile investments now. Nevertheless, with the current dip in the crypto space, some could also see an opportunity. Because of all this, it would not surprise me to see cryptocurrency stocks gaining attention today.

COIN stock
Source: TradingView


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Tesla Stock In Focus After News Of 3-For-1 Stock Split

Among the major names making headlines in the stock market today would be

Tesla

On the whole, this would be thanks to the company’s latest SEC filing from over the weekend. Namely, on Friday, the electric vehicle (EV) titan filed its annual proxy statement with the SEC, mentioning intentions for a 3-for-1 stock split. For one thing, this would not be too surprising of a move coming from this major growth firm now. It joins several major growth firms such as

Amazon

and

Alphabet

(

NASDAQ: GOOGL

) by doing so. In fact, Amazon just completed its 20-for-1 split last week. For companies looking to make their shares more accessible to retail investors, this would be a move to consider.

Weighing in on the current move is Tesla, through its filing. It notes, “

Our success depends on attracting and retaining excellent talent.

” This, the company argues, is what it aims to do by offering “

outstanding benefits and highly competitive compensation packages.

” Part of which would be in the form of every employee having the option to receive equity. As such, Tesla believes that “

the Stock Split would help reset the market price of our common stock so that our employees will have more flexibility in managing their equity.

” Even with the stock split being mostly cosmetic, there would certainly be no shortage of coverage on TSLA stock now.

TSLA stock
Source: TradingView

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