Markets: $5 Trillion Erased in Global Selloff
Bull Theory reported that nearly $5 trillion vanished from global stocks, precious metals and crypto after the Fed signaled a potential rate hike and major tech names missed estimates.
SourceAnalysis
Global markets erased nearly $5 trillion this week as stocks, gold, silver and crypto all fell sharply. US stocks led the losses at $2.0T, followed by Gold at $1.38T and Crypto at $125B. The week opened near highs until Wednesday when the Fed held rates yet two officials voted to hike. Thursday brought 3.6% inflation and a 12.6% drop in Google, sending the Nasdaq to its worst day since June. Friday worsened the rout as Amazon missed estimates, Intel issued weak guidance and Reddit plunged 29%, with the S&P 500 falling 1.8% and the Nasdaq dropping 2.9%.
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