<ul class="summary-list"><li>US stock <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> will likely face much tougher conditions this summer, investor <keyword id="11899354" type="UNKNOWN" weightage="60" keywordseo="scott-minerd" source="Orion">Scott Minerd</keyword> said. </li><li>The <keyword id="6357328" type="UNKNOWN" weightage="60" keywordseo="nasdaq" source="Orion">Nasdaq</keyword> Composite and <keyword id="11898248" type="UNKNOWN" weightage="60" keywordseo="sp-500" source="Orion">S&amp;P 500</keyword> could plunge 75% and 45% respectively, he predicted. </li></ul>The stock markets are in for a grim summer with the Nasdaq Composite and <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> in for huge slides, according to Guggenheim's Scott Minerd. In an interview with <a href="https://www.marketwatch.com/story/a-summer-of-pain-the-nasdaq-composite-could-plunge-75-from-peak-s-p-500-skid-45-from-its-top-warns-guggenheims-scott-minerd-11652901040">MarketWatch</a> Wednesday, billionaire investor Minerd said there's a possibility of the <a href="https://www.google.com/url?q=https://markets.businessinsider.com/index/nasdaq_composite&amp;sa=D&amp;source=docs&amp;ust=1652963302992864&amp;usg=AOvVaw0OMknUrk1Swlklp5lUa0WE">Nasdaq Composite</a> plunging 75% from last year's peak and the S&amp;P 500 dropping 45% from its top in the coming months. He compared the possible implosion to the dot-com bubble burst of the 1990s. "That looks a lot like the collapse of the internet bubble," he said. Minerd's pessimistic outlook is fueled by the <a href="https://www.businessinsider.com/personal-finance/what-is-the-federal-reserve?utm_medium=ingest&amp;utm_source=markets">Federal Reserve's</a> aggressively tightening monetary policy where interest rates have been <a href="https://www.businessinsider.com/fed-raises-interest-rates-may-double-sized-hike-mortgages-loans-2022-5">lifted rapidly</a>. It comes in response to soaring <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword> as a result of pandemic-era fiscal support, global supply chain blockages and surging energy and commodity prices from the war in Ukraine. He said the Fed is likely to raise rates even further until inflation cools down and "until they see a clear breaking of the inflation trend." If that means the Fed will dial up the benchmark rate above what is considered a neutral rate, that's what will happen, Minerd said. "With the passage of time as the Fed continues to hike, we will likely find ourselves experiencing the effects of increasingly restrictive monetary policy. Well before it reaches this terminal rate the Fed will increase the risk of overshooting, causing a financial accident, and starting a recession," Minerd said in a <a href="https://www.guggenheiminvestments.com/perspectives/macroeconomic-research/fed-aggressiveness-sets-up-2023-collision">research note</a>. With more possible rate hikes pending, Minerd said a recession will be hard to avoid. He echoes sentiments expressed by other industry experts including Goldman Sachs CEO David Solomon who recently said there is a <a href="https://markets.businessinsider.com/news/stocks/goldman-sachs-ceo-recession-odds-economy-david-solomon-fed-rates-2022-5">"reasonable" chance</a> that the US economy will enter a recession. He added the Fed wrongly appears to have few concerns about a bear market in stocks. "We are probably going to have a pretty severe selloff," he anticipated. US stock markets have been caught in a brutal storm this year, with the tech-heavy Nasdaq and S&amp;P 500 plunging. On Wednesday, US stock indexes fell further, suffering their <a href="https://markets.businessinsider.com/news/stocks/stock-markets-today-us-futures-drop-as-inflation-fears-spread-2022-5">biggest one-day loss</a> since the peak of the pandemic, with the S&amp;P 500 losing 4% and the <keyword id="11930332" type="UNKNOWN" weightage="60" keywordseo="nasdaq-100" source="Orion">Nasdaq 100</keyword> falling 5.1%. Despite volatility in the market, the Fed is unlikely to cushion stocks from sliding even further, Minerd said. "What's clear to me [is that] there is not market put, and I think we're all waking to that fact now," he said.Against such a backdrop, stock markets are heading for a "summer of pain," he added. He continued, predicting October is when stocks may hit a bottom.

A 'summer of pain' is shaping up for US stocks, with a 45% slide from the S&P 500's top on the cards, Guggenheim’s Scott Minerd predicts

<ul class="summary-list"><li><keyword id="11893881" type="UNKNOWN" weightage="60" keywordseo="cathie-wood" source="Orion">Cathie Wood</keyword>'s flagship ARK Innovation ETF sank Friday as the sell-off in tech shares deepened. </li><li>The actively managed fund slipped as much as 7.3% to its lowest in more than a year on Friday.</li><li>Benefitting from Wood's slump, however, is the Tuttle Capital Short Innovation ETF, which is up by 6%.</li></ul>Cathie Wood's flagship <a href="https://ark-funds.com/funds/arkk/">ARK Innovation</a> exchange-traded fund sank Friday as the sell-off in technology shares deepened. The actively managed ETF, which trades under the ticker <keyword id="12107572" type="UNKNOWN" weightage="60" keywordseo="arkk" source="Orion">ARKK</keyword>, slipped as much as 7.3% to its lowest in more than a year and has fallen 25% year-to-date. Tech stocks have taken a beating as fears of rising inflation mount on top of concerns surrounding the emergence of the new Omicron coronavirus variant.Wood's ARKK, which has $21 billion in assets, focuses on growth stocks with ''disruptive innovation" at their core. These encompass the fields of genomics, automation, robotics, and artificial intelligence.The fund's biggest holdings include <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a>, which accounts for nearly 1o%, followed by <a href="https://markets.businessinsider.com/stocks/tdoc-stock">Teladoc Health</a>, <a href="https://markets.businessinsider.com/stocks/coin-stock">Coinbase Global</a>, <a href="https://markets.businessinsider.com/stocks/roku-stock">Roku</a>, and <a href="https://markets.businessinsider.com/stocks/zm-stock">Zoom Communications</a>, all at roughly 5% each.<h2>ARKK top 10 Holdings</h2><table id="DataTables_Table_2" style="width: 100%; height: 242px;" width="100%" cellspacing="0"><thead><tr style="height: 22px;"><th style="width: 11.8181%; height: 22px;" tabindex="0">TICKER</th><th style="width: 35.7144%; height: 22px;" tabindex="0">Name</th><th style="width: 23.7662%; height: 22px;" tabindex="0">Weight (%)</th><th style="width: 28.4415%; height: 22px;" tabindex="0">YTD Performance</th></tr></thead><tbody><tr style="height: 22px;"><td style="width: 11.8181%; height: 22px;">TSLA</td><td style="width: 35.7144%; height: 22px;">TESLA </td><td style="width: 23.7662%; height: 22px;">9.98%</td><td style="width: 28.4415%; height: 22px;">UP 40.42%</td></tr><tr style="height: 22px;"><td style="width: 11.8181%; height: 22px;">TDOC</td><td style="width: 35.7144%; height: 22px;">TELADOC HEALTH </td><td style="width: 23.7662%; height: 22px;">5.81%</td><td style="width: 28.4415%; height: 22px;">DOWN 40.42%</td></tr><tr style="height: 22px;"><td style="width: 11.8181%; height: 22px;">COIN</td><td style="width: 35.7144%; height: 22px;">COINBASE GLOBAL </td><td style="width: 23.7662%; height: 22px;">5.43%</td><td style="width: 28.4415%; height: 22px;">DOWN 19.14%</td></tr><tr style="height: 22px;"><td style="width: 11.8181%; height: 22px;">ROKU</td><td style="width: 35.7144%; height: 22px;">ROKU </td><td style="width: 23.7662%; height: 22px;">5.37%</td><td style="width: 28.4415%; height: 22px;">DOWN 19.14%</td></tr><tr style="height: 22px;"><td style="width: 11.8181%; height: 22px;">ZM</td><td style="width: 35.7144%; height: 22px;">ZOOM VIDEO COMMUNICATIONS</td><td style="width: 23.7662%; height: 22px;">5.34%</td><td style="width: 28.4415%; height: 22px;">DOWN 45.18%</td></tr><tr style="height: 22px;"><td style="width: 11.8181%; height: 22px;">U</td><td style="width: 35.7144%; height: 22px;">UNITY SOFTWARE </td><td style="width: 23.7662%; height: 22px;">4.85%</td><td style="width: 28.4415%; height: 22px;">DOWN 1.08%</td></tr><tr style="height: 22px;"><td style="width: 11.8181%; height: 22px;">SPOT</td><td style="width: 35.7144%; height: 22px;">SPOTIFY TECHNOLOGY </td><td style="width: 23.7662%; height: 22px;">4.02%</td><td style="width: 28.4415%; height: 22px;">DOWN 27.01%</td></tr><tr style="height: 22px;"><td style="width: 11.8181%; height: 22px;">TWLO</td><td style="width: 35.7144%; height: 22px;">TWILIO INC </td><td style="width: 23.7662%; height: 22px;">3.95%</td><td style="width: 28.4415%; height: 22px;">DOWN 26.57%</td></tr><tr style="height: 22px;"><td style="width: 11.8181%; height: 22px;">EXAS</td><td style="width: 35.7144%; height: 22px;">EXACT SCIENCES </td><td style="width: 23.7662%; height: 22px;">3.80%</td><td style="width: 28.4415%; height: 22px;">DOWN 40.32%</td></tr><tr style="height: 22px;"><td style="width: 11.8181%; height: 22px;">SQ</td><td style="width: 35.7144%; height: 22px;">SQUARE INC </td><td style="width: 23.7662%; height: 22px;">3.76%</td><td style="width: 28.4415%; height: 22px;">DOWN 20.18%</td></tr></tbody></table>Wood's magic touch seems to be wearing off. The star stock picker <a href="https://www.businessinsider.com/cathie-wood-ark-invest-etf-bio-tesla-portfolio-reddit-profile-2021-2?utm_source=markets=ingest">shot to prominence</a> in 2020 thanks to her blockbuster performance driven by bets on mega-growth stocks like Tesla. Her ETFs last year have delivered eye-popping returns, with her flagship fund up more than 150% in 2020. Benefitting from Wood's ETF slump this year, however, is the Tuttle Capital Short Innovation ETF, which launched in November to gain inverse exposure to ARKK, according to Matthew Tuttle, CEO and CIO of Tuttle Capital Management, who serves as the adviser.The Tuttle ETF, which trades under the ticker SARK, was up 6% Friday.

Cathie Wood's flagship Ark fund plummets 7% as tech sell-off deepens

<ul class="summary-list"><li>US stocks extended earlier losses on Tuesday after tapering comments from Fed Chair Jerome Powell stoked rate-hike fears.</li><li>Investor nerves were already rattled after Moderna's CEO expressed reservations about the efficacy of his vaccine against the new strain.</li><li>The 10-year Treasury note yield slid.</li></ul>US stocks extended earlier losses on Tuesday following <a href="https://www.businessinsider.com/omicron-threatens-economic-recovery-inflation-employment-jerome-powell-senate-hearing-2021-11/" target="_blank" rel="noopener">new comments from Jerome Powell</a>. The Fed Chair mulled an earlier-than-expected end to bond tapering, and also remarked that inflation can no longer be considered "transitory."Major indexes already opened lower on Tuesday after <a href="https://markets.businessinsider.com/stocks/mrna-stock">Moderna's</a> CEO expressed reservations about the efficacy of his company's existing vaccine against the new coronavirus strain.Here's where US indexes stood as of 11:55 a.m. ET on Tuesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">S&amp;P 500</a>: 4,569.72, down 1.8%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">Dow Jones Industrial Average</a>: 34,485.37 (651 points), down 1.9%</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">Nasdaq Composite</a>: 15,478.12, down 1.9%</li></ul>Investors are trying to assess the threat and gravity of <keyword id="12616996" type="UNKNOWN" weightage="60" keywordseo="omicron" source="Orion">Omicron</keyword> especially as major global economies seem to be on the cusp of a recovery. The strain was deemed a "<a href="https://www.businessinsider.com/4-questions-scientists-have-about-omicron-new-coronavirus-variant-2021-11">variant of concern</a>" by the World Health Organization, in part because preliminary evidence suggests it may increase the risk of reinfection with COVID-19.It did not help that Moderna's boss, Stephane Bancel, told the <a href="https://www.ft.com/content/27def1b9-b9c8-47a5-8e06-72e432e0838f">Financial Times</a> Tuesday "there is no world" in which vaccine effectiveness is the same against Omicron as against the Delta variant. He added that it will likely take months for vaccine-makers to develop and distribute large numbers of effective shots.Other drugmakers, such as <a href="https://markets.businessinsider.com/stocks/bntx-stock">BioNTech</a>, have also thus far not shed much light on the <a href="https://www.businessinsider.com/biontech-omicron-variant-coronavirus-covid-19-vaccine-start-work-pfizer-2021-11">efficacy of their vaccines</a> against Omicron. Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, over the weekend warned that the US might enter a <a href="https://markets.businessinsider.com/news/stocks/fauci-fifth-wave-omicron-threat-looms-2021-11">fifth wave</a> of infections."This whipsaw price action could become a regular feature over the next couple of weeks as information on the variant trickles out," said Craig Erlam, senior market analyst at Oanda. "For now, <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> will remain very sensitive to indications that vaccines may not protect us this winter as much as we hoped."After the Dow <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-dow-coronavirus-strain-south-africa-variant-2021-11?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">plunged 905 points</a> on Friday to its largest Black Friday selloff since 1931, equities <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-sp500-rebound-omicron-variant-coronavirus-2021-11?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">bounced back</a> Monday. Many analysts have maintained their relatively <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-omicron-covid-variant-equities-investment-banks-2021-11?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">upbeat forecasts</a> for stocks.Bond yields, which move inversely to prices, fell with the key <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">10-year Treasury note</a> yield sliding to 1.448% from Monday's 1.529%.Oil prices slipped Tuesday, <a href="https://markets.businessinsider.com/news/commodities/oil-price-today-futures-drop-after-moderna-ceos-omicron-comments-2021-11">erasing</a> all of the previous day's gains. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti&amp;utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">West Texas Intermediate crude</a> oil slipped 3.12% to $67.77 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, fell 3.26% to $71.03 per barrel.The Organization of the Petroleum Exporting Countries, due to meet Thursday, is expected to decide whether it will pause supply increases or not.<a href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">Gold</a> rose as much as 0.49% to $1,795.76 per ounce.

US stocks extend losses as new tapering comments from Fed Chair Powell stoke rate-hike concern

<ul class="summary-list"><li>Stocks fell on Thursday as <keyword id="142630" type="ORGANIZATION" weightage="60" keywordseo="jobless-claims">jobless claims</keyword> rose to 373,000 last week, surpassing estimates. </li><li>The yield on the US 10-year Treasury slipped for the fourth consecutive day to 1.289%.</li><li>Bitcoin and oil tumbled, while gold climbed.</li></ul><ul class="summary-list"></ul>US stocks slipped on Thursday as the unexpected rise in jobless claims complicated investors' outlook on the economic recovery.The <keyword id="55718" type="CITY" weightage="60" keywordseo="Dow-Jones">Dow Jones</keyword> Industrial Average dropped nearly 400 points, while the yield on the key <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">10-year US Treasury note</a> slipped for the fourth consecutive day to 1.289%.Filings for unemployment insurance unexpectedly edged higher. <a href="https://www.businessinsider.com/weekly-jobless-claims-373000-unemployment-insurance-filings-labor-market-data-2021-7">Jobless claims rose to 373,000</a> last week, the Labor Department said, missing the median estimate of 350,000 claims from economists surveyed by Bloomberg.The print continues a choppy downward trend. The previous week's reading was revised to 371,000 from 364,000.The stock market in the earlier half of the year notched a series record highs, but recent economic data such as labor shortages have caused some investors to worry about the momentum of the recovery.Yet for Mike Loewengart, managing director of investment strategy at E-Trade Financial, it's only "natural" for the <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> to hit pause."We're sitting at record highs and when you consider where we are in the business cycle, it's not time to hit the panic button," he said in a statement.On <a href="https://markets.businessinsider.com/news/stocks/stock-market-close-record-sp500-nasdaq-highs-fomc-minute-reaction-2021-7">Wednesday</a>, the S&amp;P 500 closed at a record high amid falling Treasury yields. Minutes from the Federal Reserve's June meeting showed policymakers are continuing to make progress towards reaching their threshold to scaling back asset purchases.Here's where US indexes stood at the 9:30 a.m. ET open on Thursday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">S&amp;P 500:</a> 4,304.03, down 1.24%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 34,287.39, down 1.14% (394.40 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Nasdaq composite</a>: 14,434.36, down 1.57%</li></ul>In cryptocurrencies, <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">bitcoin</a> slipped 6.12% to $32,627.According to crypto lender Amber Group, the price of the digital asset may have to <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-outlook-btc-25000-institutional-interest-amber-group-2021-7">fall as low as $25,000</a> before major investors start snapping up bitcoin in large quantities again.Meanwhile, sites pushing suspected <a href="https://markets.businessinsider.com/currencies/doge-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">dogecoin</a> scams have <a href="https://markets.businessinsider.com/currencies/news/dogecoin-scams-sites-domains-bitcoin-ether-coinbase-binance-phishing-2021-7">skyrocketed in 2021</a>, rising in lockstep with the meme token's nearly 4,000% rise since the beginning of the year, according to data from cybersecurity firm BrandShield.Oil prices fell further amid concerns of a surging COVID-19 variant and the <a href="https://markets.businessinsider.com/news/stocks/oil-price-opec-meeting-abandoned-3-year-high-supply-tighten-2021-7?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">breakdown in talks among OPEC+ members.</a> <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">West Texas Intermediate crude</a> fell as much as 0.15%, to $72.09 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestce=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, dropped 0.12%, to $73.34 per barrel, at intraday lows.<a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Gold</a> climbed as much as 0.73%, to $1,816.69 per ounce, extending its gains for the seventh day, as expectations of higher interest rates decline.

Dow drops 394 points as unexpected rise in jobless claims complicates economic outlook

<ul class="summary-list"><li>US stocks traded near record highs Monday spurred by tech shares</li><li>The yield on the US 10-year Treasury note was trading at 1.482%.</li></ul>US stocks closed mostly higher on Monday, with the <keyword id="30287" type="CITY" weightage="60" keywordseo="SP">S&amp;P</keyword> 500 and <keyword id="6357328" type="UNKNOWN" weightage="60" keywordseo="nasdaq">Nasdaq</keyword> both hitting record highs on the back of gains in mega-cap technology stocks. Tech companies such as Apple, Amazon, Facebook, and Zoom outperformed. A judge on Monday dismissed antitrust lawsuits by the Federal Trade Commission that were seeking to brand the social media giant as an unlawful monopoly.Later this week, investors will turn their attention to US non-farm payroll data on Friday. This will give an indication of how consistently the economy is recovering from the pandemic and what that might mean for the outlook for <keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">inflation</keyword>.Stocks recently have been edging higher thanks to robust <keyword id="48165" type="ORGANIZATION" weightage="60" keywordseo="economic-data">economic data</keyword>, the prospect of more fiscal stimulus, and continued low yields.The yield on the US 10-year Treasury note was trading at 1.482%.Here's where US indexes stood at the 4:00 p.m. ET close on Monday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 4,290.61, up 0.23%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 34,283.27, down 0.44% (150.57 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Nasdaq composite</a>: 14,500.51, up 0.98%</li></ul>Shares of <a href="https://markets.businessinsider.com/stocks/ntla-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Intellia Therapeutics</a> <a href="https://markets.businessinsider.com/news/stocks/intellia-therapeutics-stock-price-gene-editing-crispr-data-liver-regeneron-2021-6-1030559172">soared as much as 63%</a> after the company <a href="https://www.globenewswire.com/news-release/2021/06/26/2253514/0/en/Intellia-and-Regeneron-Announce-Landmark-Clinical-Data-Showing-Deep-Reduction-in-Disease-Causing-Protein-After-Single-Infusion-of-NTLA-2001-an-Investigational-CRISPR-Therapy-for-Tr.html" target="_blank" rel="noopener">released promising data</a> from its ongoing phase one trial of a gene-editing CRISPR drug.Meme stock and Reddit favorite <a href="https://markets.businessinsider.com/stocks/amc-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">AMC Entertainment</a> climbed higher, <a href="https://markets.businessinsider.com/news/stocks/amc-stock-price-reddit-favorite-reports-strong-weekend-fast-furious-2021-6-1030559968">surging 10%</a> following a strong weekend at the movies thanks to hot weather and the opening of "Fast and Furious 9".Insider is tracking the <a href="https://markets.businessinsider.com/news/stocks/insider-stock-buying-transactions-5-biggest-week-ended-june-25-2021-6-1030559764">five top insider stock buys</a> from last week.More broadly, the US IPO market had its <a href="https://markets.businessinsider.com/news/stocks/ipo-market-record-stock-outlook-performance-deal-forecast-busiest-renaissance-2021-6-1030560242">busiest quarter in over 20 years</a> with newly public stocks roaring back after a downturn in May. The second quarter of 2021 saw 113 IPOs raising $39.9 billion, data from Renaissance Capital reveals.In cryptocurrencies, <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">bitcoin</a> climbed 5.44% to $34,427 while <a href="https://markets.businessinsider.com/currencies/eth-usd?utm_source=markets&amp;utm_medium=ingestgest">ether</a> spiked 16% to $2,095.Ether last week <a href="https://markets.businessinsider.com/currencies/news/ether-record-outflows-cryptocurrency-market-outflow-selloff-eth-btc-2021-6-1030560156">saw record outflows of $50 million,</a> the largest since 2015 and a turnaround from a broader trend this year, as a growing number of investors diversify their portfolios away from <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">bitcoin</a>, data from CoinShares show.<keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">Oil</keyword> prices edged lower, as a spike in COVID-19 cases in Asia stalled a recent rally ahead of this week's OPEC+ meeting.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener"></a><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">West Texas Intermediate crude</a> slipped 1.61% to $72.86 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestce=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, also fell 2.06%, to $74.63 per barrel.<a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Gold</a> slid 0.20% to $1,778.84 per ounce. The price of the precious metal remains subdued as investors continue to assess the Fed's policy stance.

S&P 500, Nasdaq close at record highs as mega-cap tech spurs gains

<ul class="summary-list"><li>US stocks close mixed on Wednesday, with the <keyword id="6357328" type="UNKNOWN" weightage="60" keywordseo="nasdaq">Nasdaq</keyword> hitting a record high</li><li>The yield on the US 10-year Treasury note was little changed at 1.492%.</li><li>Bitcoin staged a rebound, clawing back above $34,000. <keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">Oil</keyword> and gold were up, while <keyword id="1592301" type="PERSON" weightage="60" keywordseo="lumber">lumber</keyword> fell.</li></ul>US stocks closed mixed on Wednesday, with the <keyword id="30287" type="CITY" weightage="60" keywordseo="SP">S&amp;P</keyword> 500 making turning lower late in the day while the Nasdaq ended at a record high. "US stocks are stabilizing as investors are clearly in wait-and-see mode over the current wave of inflationary pressures," Edward Moya, senior market analyst at Oanda, said in a statement. "Equities have quickly bounced back from last week's Fed-induced selloff as investors quickly realize interest rates will not move anytime soon."Equities were up and down throughout the day, dipping lower after Atlanta Fed President Raphael Bostic said the central bank could raise rates in 2022, as well as start tapering asset purchases in the near term. He also said higher inflation in the US could last up to nine month. The US 10-year Treasury note was last at 1.492%. On Tuesday, yields fell 2 basis points, responding to the Fed's more tempered policy outlook.Here's where US indexes stood at the 4:00 p.m. ET close on Wednesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 4,241.84, down 0.11%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 33,874.18, down 0.21% (71.40 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Nasdaq composite</a>: 14,271.73, up 0.13%</li></ul><a href="https://markets.businessinsider.com/stocks/msft-stock?utm_source=markets&amp;utm_medium=ingestgest">Microsoft</a> still has <a href="https://markets.businessinsider.com/news/stocks/microsoft-stock-price-2-trillion-valuation-continued-cloud-growth-wedbush-2021-6-1030547368">23% upside potential</a> even after it surpassed <a href="https://markets.businessinsider.com/news/stocks/microsoft-market-valuation-record-hits-2-trillion-apple-tech-stocks-2021-6-1030545944?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">a $2 trillion valuation on Tuesday</a>, according to Wedbush analyst Dan Ives. He also increased his price target to $325 from $310 and reiterated his "outperform" rating on the stock.Mortgage giants <a href="https://markets.businessinsider.com/stocks/fnma-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Fannie Mae</a> and <a href="https://markets.businessinsider.com/stocks/fmcc-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Freddie Mac</a> <a href="https://markets.businessinsider.com/news/stocks/fannie-mae-freddie-mac-stock-price-supreme-court-ruling-gses-2021-6-1030548533">plunged as much as 45%</a> following a ruling from the Supreme Court. In a 7-2 decision, the court gave the US President authority to remove the head of the Federal Housing Finance Agency, complicating the prospects for their release from government control.Meanwhile, the <a href="https://markets.businessinsider.com/currencies/news/mark-cuban-bitcoin-btc-price-digital-gold-infaltion-hedge-2021-6-1030541844?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">cryptocurrency</a> space has been recovering from its most recent sell-off.<a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Bitcoin</a> <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-today-rebound-above-34000-2021-gains-cryptocurrency-china-2021-6-1030547896">staged a rebound</a> after wiping out all its gains for 2021 at one point the day prior. The world's largest cryptocurrency climbed as much as 6% to $34,821.53. Cathie Wood's ARK ETFs took advantage of last week's crypto carnage to load up on shares of Coinbase and Grayscale Bitcoin Trust, <a href="https://markets.businessinsider.com/news/stocks/cathie-wood-bitcoin-ark-etfs-buy-coinbase-grayscale-trust-crypto-2021-6-1030547547">fund filings show</a>. Crypto exchange FTX announced it is <a href="https://markets.businessinsider.com/currencies/news/ftx-mlb-first-cryptocurrency-exchange-sponsor-baseball-major-league-bitcoin-2021-6-1030548360">partnering with Major League Baseball</a> to become the first cryptocurrency exchange sponsor in professional sports. Oil rose ahead of a meeting of the OPEC+ group next week.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">West Texas Intermediate crude</a> climbed 0.48% to $73.20 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?type=brent">Brent crude</a>, oil's international benchmark, jumped by $0.57% to $75.24 - edging to its highest since late 2018.<a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Gold</a> slightly rose 0.03% to $1,778.03 per ounce. <a href="https://markets.businessinsider.com/commodities/lumber-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Lumber</a> <a href="https://markets.businessinsider.com/news/stocks/lumber-prices-futures-chart-skid-below-900-commodity-inflation-board-2021-6-1030548187">fell as much as 3%</a> to $859.8 per thousand board feet, extending the fall beneath $900 as the commodity's <a href="https://markets.businessinsider.com/news/stocks/lumber-prices-today-continue-slide-as-pandemic-boom-wanes-2021-6-1030525323?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">rally continues to cool off</a>.

US stocks trade mixed with Nasdaq at a record high as investors weigh recovery signals

<ul class="summary-list"><li>US stocks trade higher on Friday as investors shrug off fresh data showing a rise in <keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">inflation</keyword>.</li><li>The Personal Consumption Expenditures price index gained 0.6% in April and 3.6% year-over-year as American spending rebounded.</li><li>"This report puts the Fed in a really good place, inflation is up, but real yields are still low," an expert said.</li></ul>US stocks trade higher on Friday as investors shrug off fresh data showing a surge in inflation.The Personal Consumption Expenditures price index - a key measure of domestic inflation - <a href="https://www.businessinsider.com/inflation-outlook-report-pce-index-april-price-growth-reopening-recovery-2021-5">gained 0.6% through April</a>, the Commerce Department announced Friday, as American spending rebounded.The jump is the largest single-month gain since 2008, in line with the median estimate of a 0.6% increase from economists surveyed by Bloomberg.The PCE index also notched a 3.6% year-over-year gain, surpassing the median estimate of 3.5%"This report puts the Fed in a really good place, inflation is up, but real yields are still low," Jamie Cox, managing partner for Harris Financial Group, said in a statement. "This is basically a transitory sweet spot." US stocks <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-4th-straight-pandemic-low-jobless-claims-2021-5-1030473098">closed up Thursday</a>, with the Dow Jones leading the S&amp;P 500 and Nasdaq composite higher. The move came after weekly <a href="https://www.businessinsider.com/weekly-jobless-claims-406000-economy-labor-market-unemployment-hiring-recovery-2021-5?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">jobless claims fell to a fresh post-pandemic low,</a> at 406,000.Here's where US indexes stood shortly at the 9:30 a.m. ET open on Friday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 4,212.45, up 0.28%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 34,606.47, up 0.41% (141.83 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Nasdaq composite</a>: 13,782.14, up 0.33%</li></ul><a href="https://markets.businessinsider.com/stocks/amc-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Shares of AMC</a> resumed their <a href="https://markets.businessinsider.com/news/stocks/amc-stock-price-doubles-in-4-days-redditors-rally-2021-5-1030472772?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">blistering rally</a> in early Friday trading, <a href="https://markets.businessinsider.com/news/stocks/amc-stock-price-approaches-30-amid-blistering-reddit-rally-2021-5-1030475334">jumping more than 10% to approach $30</a> - the highest price in years. As of Friday, AMC has been on a five-day hot streak amid hype from retail traders on Twitter and Reddit, and <a href="https://markets.businessinsider.com/news/stocks/gamestop-amc-stock-price-short-sellers-reddit-meme-stocks-wallstreetbets-2021-5-1030467069?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">short-sellers are taking a major hit</a>.In the digital asset space, trading platform <keyword id="2382887" type="PERSON" weightage="60" keywordseo="eToro">eToro</keyword> <a href="https://www.etoro.com/news-and-analysis/crypto/new-cryptoassets-available-on-etoro/" target="_blank" rel="noopener">added</a> <a href="https://markets.businessinsider.com/currencies/news/etoro-defi-crypto-tokens-trading-aave-yearn-finance-yfi-demand-2021-5-1030475108">two decentralized finance tokens</a>, Aave and Yearn.Finance YFI, to its trading offering this week, alongside crypto tokens Compound COMP and Decentraland MANA. DeFi has gained traction amongst crypto investors in recent weeks after having been long overlooked on account of its complex nature.Meanwhile, the newly launched <a href="https://nl.nytimes.com/f/a/9dRLhKZdiMYtaeBEF5G3hw~~/AAAAAQA~/RgRik1e7P0S5aHR0cHM6Ly9jcnlwdG9mb3Jpbm5vdmF0aW9uLm9yZy8_Y2FtcGFpZ25faWQ9NCZlbWM9ZWRpdF9ka18yMDIxMDUyOCZpbnN0YW5jZV9pZD0zMTc3MSZubD1kZWFsYm9vayZyZWdpX2lkPTg1MjQyNTk0JnNlZ21lbnRfaWQ9NTkyODEmdGU9MSZ1c2VyX2lkPWI3ZWNiMzk0MTIyNzk5NDdkMTk2NmI0YzM2ZDJhNWUwI3B1cnBvc2VXA255dEIKYK670rBgjpLdm1IYaXNhYmVsbGV0YW5sZWVAZ21haWwuY29tWAQAAAAA" target="_blank" rel="noopener">Crypto Council for Innovation</a>, an industry group that includes heavyweights such as Square, Fidelity, Coinbase, and Paradigm, is <a href="https://www.businessinsider.com/crypto-council-innovation-square-fidelity-coinbase-paradigm-boss-bitcoin-2021-5">looking for a new boss</a>, <a href="https://www.nytimes.com/section/business/dealbook?campaign_id=4&amp;emc=edit_dk_20210528&amp;instance_id=31771&amp;nl=dealbook&amp;regi_id=85242594&amp;segment_id=59281&amp;te=1&amp;user_id=b7ecb39412279947d1966b4c36d2a5e0b39412279947d1966b4c36d2a5e0">DealBook first reported</a> Friday. The news of CCI's hunt for new leadership comes as authorities are mulling ways to increase oversight of crypto. <keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">Oil</keyword> prices were higher. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">West Texas Intermediate crude</a> jumped as much as 0.70%, to $67.32 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestarkets&amp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, rose 0.46%, to $69.78 per barrel.<a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Gold</a> fell as much as 0.23%%, to $1,893.64 per ounce.

US stocks climb as economic optimism overshadows rise in inflation

<ul class="summary-list"><li>Pent-up <keyword id="25450" type="ORGANIZATION" weightage="60" keywordseo="savings">savings</keyword> worth around 8% of US GDP are set to be unleashed, Karen Ward said.</li><li>The JPMorgan strategist said savings and <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> could meaningfully push up <keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">inflation</keyword>.</li><li>She added that this would likely generate some volatility in parts of the stock market.</li></ul>US consumers unleashing their pent-up savings in a huge wave of spending could drive up inflation and rattle some parts of the stock market, <keyword id="188135" type="COMPANY" weightage="60" keywordseo="JPMorgan-Asset-Management">JPMorgan Asset Management</keyword>'s chief strategist for Europe has said.Karen Ward said in an online presentation this week that JPMorgan estimates Americans have built up extra savings worth around 8% of US GDP during the COVID-19 pandemic, when their spending options have been limited.Ward, a former top economic advisor to the UK's finance ministry, said she thought most of this would be unleashed in a spending spree. When combined with <a href="https://www.businessinsider.com/stimulus-biden-signs-trillion-covid-relief-package-checks-direct-payments-2021-3">Joe Biden's $1.9 trillion stimulus bill</a> - worth around 9% of GDP - that is likely to push inflation higher, she said."I'm not talking about runaway inflation of the 70s," she said. "But I just think the risks in my view are more skewed towards inflation averaging 3% over the next 10 years, rather than inflation averaging 1% over the next 10 years."Core personal consumption expenditure inflation, the Federal Reserve's preferred measure, stood at an annualized <a href="https://www.bls.gov/news.release/pdf/cpi.pdf">1.5% in January</a>.Ward said that a rise in inflation was likely to generate volatility in parts of the stock market as investors reacted to the new situation. She added that confusion around the Fed's <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-inflation-jerome-powell-jackson-hole-comments-crisis-strategy-2020-8-1029540793?utm_source=markets&amp;utm_medium=ingestgest">new tolerance of higher inflation and employment</a> would also create uncertainty.Economists expect the <a href="https://markets.businessinsider.com/news/stocks/us-economic-outlook-forecast-precovid-real-gdp-financial-crisis-comparison-2021-4-1030287025">US economy to boom in 2021</a>, following the worst contraction since World War II in 2020. Yet they are divided on what this means for price levels, which is a key question for <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>, given the importance of inflation to assets' values and returns.Whether or not inflation rises persistently "is the big question that nobody knows the answer to," said Nasdaq chief economist Phil Mackintosh.Rising growth and inflation expectations have already <a href="https://markets.businessinsider.com/news/stocks/10-year-treasury-yield-new-infrastructure-bill-vaccinations-2021-3-1030259055">pushed bond yields sharply higher</a>, with investors demanding a bigger return to account for price rises.The move up in yields shook many investors in February and March. The tech stocks that did so well during the pandemic <a href="https://markets.businessinsider.com/news/stocks/stock-markets-today-tech-shares-bond-yields-oil-price-70-2021-3-1030158665">fell sharply</a>, as bonds and stocks that are set to do better from strong growth and inflation started to look more attractive.Ward said she thought bond yields would rise further as inflation picked up, and would probably generate further volatility in some parts of the market on the way.The JPMorgan strategist said the Fed's new mandate to tolerate higher inflation and employment may also cause problems."Not only do they want to reach full employment, but they also want inclusive employment. So what exactly does that mean?" she said. "I think that has the potential to generate us some volatility."Yet, she said the global stock market as a whole was unlikely to be majorly troubled because stronger growth should support companies' earnings.Many analysts believe inflation will remain low, however, that is partly because unemployment is set to remain higher than it was before the crisis in the medium term.The Fed itself has signaled it does not think inflation will be damaging, with chair Jerome Powell <a href="https://www.businessinsider.com/economic-outlook-unemployment-scarring-risks-federal-reserve-support-jerome-powell-2021-4">reiterating that message</a> on Thursday.Jan Hatzius, Goldman Sachs' chief economist, <a href="https://markets.businessinsider.com/news/stocks/us-economy-recovery-fact-hiring-nonfarm-payrolls-grow-goldman-sachs-2021-4-1030276178">predicted in a note</a> on Monday that US inflation would remain "well below the Fed's 2% target, consistent with an economy that remains well below full employment."He added: "All this has increased our confidence that Fed officials will be able to stay the course in exiting only very gradually from their highly accommodative stance."

Americans unleashing pent-up savings could drive up inflation and rattle parts of the market, JPMorgan's chief strategist says

<ul class="summary-list"><li><keyword id="55716" type="PERSON" weightage="60" keywordseo="US-shares">US shares</keyword> traded mixed on Tuesday as consumer prices surged in March.</li><li>Consumer prices rose 0.6% in March fueled by an economy rebounding from the pandemic recession.</li><li>Traders nervously eyed calls to halt use of <keyword id="92247" type="COMPANY" weightage="60" keywordseo="Johnson-Johnson">Johnson &amp; Johnson</keyword>'s vaccine following reports of blood clots in six recipients. </li></ul>US shares trade mixed on Tuesday as consumer prices surged in March and officials called for a halt in the administration of Johnson &amp; Johnson vaccines.Consumer prices rose 0.6% in March from February, the Labor Department reported Tuesday, fueled by an economy rebounding from the pandemic recession.It shot up 2.6% from the same period a year ago - roughly in line with the 2.5% expectation from economists polled by Reuters - when large swathes of the country were in lockdown to curb the spread of the virusThe year-over-year climb is the highest since August 2018. It is also higher than the 1.7% recorded in February.Among the biggest contributors were gasoline prices, which surged 9.1% in March, and food.Consumer <keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">inflation</keyword> data aim to capture the cost of buying goods and services, which the Federal Reserve and financial <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> watch closely.Bond yields meanwhile have temporarily risen on <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-us-futures-cpi-inflation-data-bond-treasury-yields-2021-4-1030297232">expectations of higher growth and inflation.</a> This, in turn, has weighed on technology shares, which look relatively less attractive when yields rise.The <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">10-year US Treasury note</a> rose higher Tuesday by 1.5 basis points to 1.691% from the 1.675% at the end of Monday. Yields move inversely to prices. On Monday, all three major indexes ended lower as investors took a breather from Friday's record highs. Here's where US indexes stood at the 9:30 a.m. ET open on Tuesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 4,128.33, up 0.01%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 33,652.89, down 0.27% (92.51 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Nasdaq composite</a>: 13,925.10, up 0.51%</li></ul><a href="https://markets.businessinsider.com/stocks/jnj-stock">Johnson &amp; Johnson</a> shares <a href="https://www.businessinsider.com/johnson-and-johnson-stock-jnj-vaccine-fda-cdc-blood-clots-2021-4">fell by as much as 3.5%</a> after the US Food and Drug Administration and the Centers for Disease Control and Prevention jointly recommended a pause in its Covid-19 vaccine over blood clot reports in some people who had received the shot. It remains unclear if this will impede President Joe Biden's <a href="https://www.businessinsider.com/biden-sets-goal-of-200-million-vaccines-in-first-100-days-by-april-30-2021-3">goal of administering 200 million vaccines in his first 100 days</a>.<a href="https://markets.businessinsider.com/stocks/gme-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">GameStop</a> could see its rally fade because of strong digital competition from <a href="https://markets.businessinsider.com/stocks/msft-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Microsoft</a> and <a href="https://markets.businessinsider.com/stocks/sony-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Sony</a>, Ascendiant Capital analyst Edward Woo said. Woo pointed to <a href="https://markets.businessinsider.com/news/stocks/gamestop-stock-price-prediction-reddit-trading-rival-competition-edward-woo-2021-4-1030297169">GameStop's low market share in digital game sales</a> and expects the company's long-term share price to drop sharply."Due to the popularity of GameStop on Reddit chat boards and with Robinhood retail investors, GameStop shares appears to no longer trade on traditional fundamental valuations or metrics, but on retail investors' sentiment, hope, momentum, and the powers of crowds," he wrote.<a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Bitcoin</a> breaks its record for the second straight day, <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-all-time-high-btc-stimulus-institutional-coinbase-cryptocurrencies-2021-4-1030297319">soaring to an all-time high above $63,000</a> amid excitement ahead of Coinbase's direct listing on the Nasdaq. The world's most famous cryptocurrency rose as much as 5.3% to hit $63,179 on Tuesday, well above the last all-time high of just over $61,700 seen in March. Oil prices edged higher after strong Chinese import data, Reuters reported, shrugging off tensions in the Middle East, which thus far have not affected oil supply. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">West Texas Intermediate crude</a> climbed 0.92%, to $60.251 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestce=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, rose 1.01% to $63.92 a barrel.<a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Gold</a> slipped 0.24%, to $1,739.81 per ounce, as the treasury yields weighed on the precious metal's appeal.

US stocks trade mixed as investors digest March inflation surge and J&J vaccine pause

<ul><li><keyword id="1268253" type="PERSON" weightage="60" keywordseo="Robinhood">Robinhood</keyword> CEO <keyword id="6520524" type="UNKNOWN" weightage="60" keywordseo="vlad-tenev">Vlad Tenev</keyword> told Bloomberg that "investing should be as ubiquitous as shopping online."</li><li>Tenev rebuffed comments from various experts on the addictive nature of Robinhood.</li><li>"I reject the idea that investing in the US capital <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> is gambling," Tenev said.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a></li></ul>Robinhood Markets CEO Vlad Tenev defended the mission of his trading platform, which seeks to "democratize finance for all" amid backlash from lawmakers, regulators, and Wall Street firms blaming the mobile app for luring inexperienced investors and "gamifying" the stock market."Investing should be as ubiquitous as shopping online," Tenev <a href="https://www.bloomberg.com/news/articles/2021-03-10/robinhood-ceo-rebukes-critics-in-call-for-ubiquitous-investing?srnd=markets-vp">told Bloomberg</a>. "It should just be something that people do."The Menlo Park, California-based company has faced scrutiny for its role at the center of the GameStop frenzy in January. This includes complaints that the mobile app used "aggressive" tactics to lure young and inexperienced investors with commission-free trades.A five-hour congressional hearing in front of the House Financial Services Committee was held on <a href="https://www.businessinsider.com/robinhood-add-more-customer-support-after-congress-grilled-ceo-2021-2">February 18</a>, scrutinizing the role the company played."This is what I signed up for," <a href="https://www.bloomberg.com/news/articles/2021-03-10/robinhood-ceo-rebukes-critics-in-call-for-ubiquitous-investing?srnd=markets-vp">Tenev said</a>. "Any time you're causing change in society and kind of upending the status quo, it's probably not going to be the most comfortable process."The 34-year-old founder also rebuffed comments from various experts on the addictive nature of trading apps like Robinhood. The app has attracted over <a href="https://www.businessinsider.com/robinhood-addiction-cathie-wood-tesla-gamestop-short-sellers-insider-investing-2021-2">13 million</a> users since 2013, many of whom are younger retail traders. "I reject the idea that investing in the US capital markets is gambling," <a href="https://www.bloomberg.com/news/articles/2021-03-10/robinhood-ceo-rebukes-critics-in-call-for-ubiquitous-investing?srnd=markets-vp">Tenev said</a>. "We'd be happy to have the conversation, but of course we understand that investing is a serious thing.""The facts will come out and it will bear out that Robinhood is a customer-focused company that's operating with the highest standards of integrity," <a href="https://www.bloomberg.com/news/articles/2021-03-10/robinhood-ceo-rebukes-critics-in-call-for-ubiquitous-investing?srnd=markets-vp">Tenev said</a>.In the February hearing, Tenev maintained that Robinhood has created opportunities for a new generation of investors. The CEO told lawmakers that the assets of his platform's users have collectively grown by more than <a href="https://markets.businessinsider.com/news/stocks/robinhood-ceo-says-day-traders-on-the-platform-have-gained-35-billion-2021-2-1030103154">$35 billion</a>, a claim challenged by some, including Rep. Jim Himes.

Robinhood CEO says investing 'should be as ubiquitous as shopping online' and should not be viewed as gambling

<ul class="summary-list"><li>US stocks slipped from record highs on Tuesday.</li><li>Investors are eyeing the upcoming Fed meeting as well as earnings from <keyword id="6354427" type="ORGANIZATION" weightage="60" keywordseo="apple">Apple</keyword>, <keyword id="10387" type="CITY" weightage="60" keywordseo="Microsoft">Microsoft</keyword>, and <keyword id="6357623" type="DEFINITION" weightage="60" keywordseo="alphabet">Alphabet</keyword>.</li><li>Bitcoin slipped, gold rose, while oil prices were mixed. </li></ul>US stocks slipped from record highs on Tuesday as investors prepare for the upcoming Federal Reserve's two-day meeting and await earnings reports from mega-cap tech giants. Stocks were also dragged by a slump in Chinese shares amid an ongoing clampdown on key industry sectors. The Fed meeting, taking place Tuesday and Wednesday, will shed light on the central bank's outlook on domestic and global economic recovery and will give <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> a glimpse of the central bank's plan to begin tapering asset purchases or start raising rates.Meanwhile, the Big Tech companies scheduled to report results on Tuesday include <a href="https://markets.businessinsider.com/stocks/aapl-stock" target="_blank" rel="nofollow noopener">Apple</a>, <a href="https://markets.businessinsider.com/stocks/msft-stock" target="_blank" rel="nofollow noopener">Microsoft</a>, and <a href="https://markets.businessinsider.com/stocks/googl-stock" target="_blank" rel="nofollow noopener">Alphabet</a>. More than one-third of the S&amp;P 500 companies are expected to post earnings this week, with <a href="https://markets.businessinsider.com/stocks/fb-stock" target="_blank" rel="nofollow noopener">Facebook</a> due on Wednesday.Here's where US indexes stood at the 9:30 a.m. ET open on Tuesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest">S&amp;P 500</a>: 4,406.15, down 0.37%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Dow Jones Industrial Average</a>: 34,969.94, down 0.5% (174.37 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Nasdaq Composite:</a> 14,802.34, down 0.27%</li></ul>US stocks in recent weeks have climbed mostly higher as investors cheered robust corporate earnings and the accelerating pace of global economic recovery. The Delta variant, however, on top of inflationary concerns, continues to dampen the positive sentiment."Any 'hot readings' of incoming economic data and inflationary signals are tempered by the macro risks posed by the Delta variant, and future mutations of COVID-19," Tom Lee, head of research at Fundstrat, said in a Tuesday note. "Therefore, we think the probabilities favor the Fed erring on the side of accommodation/dovishness."In cryptocurrencies, <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> reversed its rally to drop below $38,000 after Amazon quashed speculation about accepting cryptocurrency payments.The world's largest cryptocurrency by market capitalization last week saw a t<a href="https://markets.businessinsider.com/news/currencies/bitcoin-fund-outflows-ether-logged-investment-coinshares-2021-7">hird consecutive week of outflows</a>, according to data from Coinshares. <a href="https://markets.businessinsider.com/currencies/etc-usd">Ether</a> also saw investors pull money for the first time in four weeks, as the cryptocurrency market came under intense pressure.Oil prices were mixed. The <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">West Texas Intermediate crude</a> was down 0.17%, to $71.79 while <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestarkets&amp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, rose 0.11% to $74.58 a barrel.<a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Gold</a> rose 0.36%, to 41,804.32 per ounce.

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