The S&P officially falls into bear market territory. And some carmakers want the government to take it easy on electric vehicles. Friday’s May inflation report has investors fearing a recession is near. That led to some big losses again on Wall Street.
The Dow fell 876, or 2.8%, to close at 30,516.
The Nasdaq lost 4.68%, down 530 points.
The S&P fell almost 4%, losing 151 today.
Investors are looking to the Federal Reserve to take some of the *sting out of inflation. After raising rates by a half-point last month, many are now calling for a three-quarter point hike to keep prices under control, an action the Fed hasn’t taken since 1994. We’ll find out Wednesday.
Bitcoin fell below $23,000 today, down 18%, after two crypto trading platforms restricted activity. The “Celsius Network” stopped all withdrawals because of “extreme market conditions.” $200 billion was wiped off the crypto market over the weekend.
The CEO’s of GM, Ford and Toyota want Congress to lift the sales cap on the government’s $7,500 vehicle tax credit. They say it’ll help get people to actually buy electric cars and trucks.
From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.