Wall Street reeled on Thursday. Stock markets and cryptos faced severe drops as concerns over impending rate hikes set in.
The Dow Jones Industrial Average nosedived by 506 points, an alarming 1.5% decline, while Bitcoin stumbled to $30,600. Both reflecting the jittery reaction to robust labor market data and anticipations of the United States Federal Reserve’s monetary tightening.
Stock Markets and Cryptos React to Potential Rate Hikes
The Dow’s tumble to 33,782 was mirrored by a 1.6% drop in the Nasdaq and a 1.4% dip in the S&P 500. Simultaneously, the crypto market showed signs of weakening. Bitcoin retreated from a 13-month high, further magnifying the effects of an overall market slump.
Fears were largely spurred by robust labor market data, revealed in the ADP National Employment report.
According to the report, private payrolls increased more than expected in June. This is an indicator of the labor market’s resilience even amid looming recession risks from higher interest rates.
The strong jobs data, coupled with the
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Author: Bary Rahma
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