Manage episode 295499401 series 2917102
Last week, stocks had their worst week in 9 months. Will the sell-off continue today, or will stocks rebound?
Here's what is happening in the markets today, Monday, June 21st.
So, let’s take a look to see what’s happening in the markets today, Monday, June 21th so that YOU know what’s going on.
With me in the studio is my head coach Mark Hodge.
First, let’s take a look at last week first:
The Dow on Friday lost 533 points, or nearly 1.6%, closing out a five-session losing streak of almost 3.5%.
The S&P 500, which fell 1.3% on Friday, sank four days in a row for a 1.9% weekly decline.
The Nasdaq dropped less than 1% on Friday but it was only down about 0.3% for the week
The Fed was in the spotlight last week. Powell on Wednesday and Fed Member Bullard on Friday. But traders seem to believe the FOMC statement more than Bullard's single statement.
This week: Powell testifies in front of the congress tomorrow (Tuesday). A bunch of other Fed members are scheduled to speak this week, too.
Bitcoin dropped 7%y, trading under $33,000 for the first time in nearly two weeks, on reports that China’s expands on their crackdown on cryptocurrency mining. Reason for the crackdown: “control financial risks and energy consumption.”
MicroStrategy (MSTR) fell 8.7% in premarket trading due to the fall in bitcoin prices. The business analytics company is among the biggest corporate investors in bitcoin, with several billion dollars in holdings on its books.
Coinbase (COIN) slid 3% in premarket action, also hit by the drop in cryptocurrencies amid the latest actions by the Chinese government.
Tesla (TSLA) is also trading lower. And former Tesla executive Jerome Guillen sold about $274 million in Tesla shares since June 10, according to a SEC filing. Guillen left Tesla earlier this month after 11 years, most recently running the company’s Tesla Heavy Trucking unit. Will he be the new executive at Lordstown Motors (RIDE)?
American Airlines (AAL) is canceling hundreds of flights because of labor shortages: half of the flights were canceled because of "unavailable flight crews." Other reasons included maintenance and other disruptions. AAL has to retrain pilots that they furloughed last year.
This wraps up today's stock market news.
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