Bitcoin Slips Below $19,000 and Cannabis Stocks Continue to Fall
Unfortunately, we’re seeing yet more losses in both stocks and crypto this Thursday morning. The Dow and S&P 500 are both down 0.8%, while the Nasdaq is falling over 1.2%.
Commodities are also in the red. Gold is down 0.3%, although still above $1,800/oz. Crude oil is down 2.8% to $106/barrel, while Bitcoin fell over 4.6%, threatening to enter the $18,000s.
Stocks are retreating on the final day of an otherwise rough quarter for the markets. So far, the S&P 500 is set to close out its worst first half of a year since 1970, a massive reversal of the rally that’s helped the markets soar over the past two years.
The main culprits for this decline are high inflation, as well as concerns that the Fed will end up putting the economy into a recession as it continues to raise rates.
“That’s the biggest risk right now – inflation and the Fed. You don’t want to be whipsawed by the markets,” said Katie Nixon, chief investment officer at Northern Trust Wealth Management.
According to a survey published by Deutsche Bank, around 90% of investors expect the U.S. to enter a recession before the end of 2023. A Wall Street Journal survey of economists found that 44% predicted a recession in the next 12 months, compared to the 18% that felt this way in January. The U.S. housing market seems to be cooling down, if just slightly. 30-year mortgage rates declined to 5.7%, lower than last week but still near multi-year highs.
Canopy Growth (CGC) is down today after the company announced it plans to exchange almost $198 million in convertible notes for cash and stock. Once again, even the largest cannabis companies seem desperate for more funding. Shares fell over 16% on the news, while analysts at CIBC cut the stock from C$5 to just C$3.
Big winners today include Rapid Micro Biosystems (RPID), a contamination detection company. Shares surged 36.3% after receiving an unexpected buyout offer from a private buyer.
Overall, the S&P 500 is down around 7.8% in June alone, as is the Nasdaq. Historically, June tends to be a rough month for the markets, especially in a midterm year as we’re in now. Since January, both indexes have been down 20% and 29.5%, respectively.
As for tomorrow, there’s a bit more manufacturing data to look forward to, but otherwise, it will likely be a bit less busy of a day than usual.
Bitcoin Slips Below $19,000 and Cannabis Stocks Continue to Fall
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