Bitcoin is down more than 80% from last year’s high, nearing its worst-ever bear market

Roughly $700 billion has been wiped off cryptocurrencies’ global market capitalization since the high, according to data from CoinMarketCap.com. Bitcoin skyrocketed to current its all-time high of almost $20,000 in December 2017. Coinbase’s CEO said this summer that at the height of that boom, the exchange was opening up 50,000 new accounts a day, for mostly retail investors. The all-time high also came ahead of the availability of bitcoin futures. That would make this year’s downturn the second


Roughly $700 billion has been wiped off cryptocurrencies’ global market capitalization since the high, according to data from CoinMarketCap.com. Bitcoin skyrocketed to current its all-time high of almost $20,000 in December 2017. Coinbase’s CEO said this summer that at the height of that boom, the exchange was opening up 50,000 new accounts a day, for mostly retail investors. The all-time high also came ahead of the availability of bitcoin futures. That would make this year’s downturn the second
Bitcoin is down more than 80% from last year’s high, nearing its worst-ever bear market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-26  Authors: kate rooney, getty images
Keywords: news, cnbc, companies, retail, investors, pompliano, billion, worstever, 80, price, alltime, nearing, high, market, dropped, bear, bitcoin


Bitcoin is down more than 80% from last year's high, nearing its worst-ever bear market

Measured in dollars, this year’s damage has been much more significant. Roughly $700 billion has been wiped off cryptocurrencies’ global market capitalization since the high, according to data from CoinMarketCap.com. The price of one bitcoin has dropped more than $15,000 since December.

Bitcoin skyrocketed to current its all-time high of almost $20,000 in December 2017. Coinbase’s CEO said this summer that at the height of that boom, the exchange was opening up 50,000 new accounts a day, for mostly retail investors. The all-time high also came ahead of the availability of bitcoin futures. Those products have also fallen. On Monday, they dropped to their lowest levels since launching.

Trading volumes are also down drastically. Bitcoin’s 24-hour volume was near $49 billion at the peak, and as of Monday was down 61 percent, to $19 billion.

Even some bitcoin bulls are anticipating more short-term carnage.

Anthony Pompliano, founder and partner at crypto investment firm Morgan Creek Digital Assets, is predicting an 85 percent decline from the all-time high. That would make this year’s downturn the second-worst bear market for bitcoin, implying a price of about $3,000.

“We’ve probably got a bit more to fall,” Pompliano told CNBC’s Squawk Box Monday.

Still, Pompliano is bullish on its long-term value. Despite the volatility, it’s still the up more than 400 percent in the past two years, far outperforming the S&P 500’s 20 gains in the same time frame.

“Through 2017 all of the buyers were retail — as the price is drawing down you’re starting to see institutional investors come in,” Pompliano said.


Company: cnbc, Activity: cnbc, Date: 2018-11-26  Authors: kate rooney, getty images
Keywords: news, cnbc, companies, retail, investors, pompliano, billion, worstever, 80, price, alltime, nearing, high, market, dropped, bear, bitcoin


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Wells Fargo’s Scott Wren: Oil prices have ‘dropped like a rock’ but are finally nearing bottom

Oil prices have “dropped like a rock” over the past seven weeks but are finally approaching a bottom, Wells Fargo strategist Scott Wren told CNBC on Friday. “It’s caught the falling knife,” the senior global equity strategist at Wells Fargo Investment Institute said in a “Squawk on the Street” interview. Oil prices fell Friday to their lowest levels in more than a year. Wren also said the latest wave of energy market selling has added to fears in the broader market of a slowdown in economic grow


Oil prices have “dropped like a rock” over the past seven weeks but are finally approaching a bottom, Wells Fargo strategist Scott Wren told CNBC on Friday. “It’s caught the falling knife,” the senior global equity strategist at Wells Fargo Investment Institute said in a “Squawk on the Street” interview. Oil prices fell Friday to their lowest levels in more than a year. Wren also said the latest wave of energy market selling has added to fears in the broader market of a slowdown in economic grow
Wells Fargo’s Scott Wren: Oil prices have ‘dropped like a rock’ but are finally nearing bottom Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-23  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, finally, wren, rock, prices, growth, slowdown, scott, dropped, wells, crude, global, nearing, right, market, fargos, strategist, oil


Wells Fargo's Scott Wren: Oil prices have 'dropped like a rock' but are finally nearing bottom

Oil prices have “dropped like a rock” over the past seven weeks but are finally approaching a bottom, Wells Fargo strategist Scott Wren told CNBC on Friday.

“It’s caught the falling knife,” the senior global equity strategist at Wells Fargo Investment Institute said in a “Squawk on the Street” interview. However, “from our perspective oil, while it’s hard to say right now exactly where the bottom is going to be, we feel it’s pretty close to where we are right now.”

Oil prices fell Friday to their lowest levels in more than a year.

West Texas Intermediate crude fell $3.41, or 6.2 percent, to $51.22 in light trading after the Thanksgiving holiday. WTI briefly slid about 7 percent to its weakest prices since Oct. 12, 2017. International benchmark Brent crude was around $59.52 a barrel, down $3.08, or 4.9 percent

The sell-off in crude comes amid escalating concerns about an increase in global supply and a slowdown in economic growth. OPEC and non-OPEC members meeting in Vienna on Dec. 6 are expected to start curtailing output.

Wren also said the latest wave of energy market selling has added to fears in the broader market of a slowdown in economic growth.

Wren has previously said two things will determine the market action by the end of the year: If there is “any whiff” of anything positive on U.S.-China trade and Federal Reserve Chair Jerome Powell’s decision on interest rates.

“We know growth is decent here in the U.S.,” he said. “But clearly the market is afraid and [oil is] adding to fears already that the global economy is going to be slowing down.”

–CNBC’s Tom DiChristopher contributed to this report


Company: cnbc, Activity: cnbc, Date: 2018-11-23  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, finally, wren, rock, prices, growth, slowdown, scott, dropped, wells, crude, global, nearing, right, market, fargos, strategist, oil


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Siri creator says Apple ‘dropped the ball’ on third-party voice partners, but they’re the future

Siri may not be living out its full potential under Apple’s wing, but voice-enabled assistants are nevertheless the future of digital technology, Siri’s co-founder and former CEO Dag Kittlaus told CNBC on Tuesday. On the whole, voice assistants today are used in “very basic” ways, Kittlaus told Jim Cramer in a “Mad Money” interview. Now, you’ve got millions and millions of apps that change the world. This week, Kittlaus’ team at Viv launched a new platform for third-party companies to create cap


Siri may not be living out its full potential under Apple’s wing, but voice-enabled assistants are nevertheless the future of digital technology, Siri’s co-founder and former CEO Dag Kittlaus told CNBC on Tuesday. On the whole, voice assistants today are used in “very basic” ways, Kittlaus told Jim Cramer in a “Mad Money” interview. Now, you’ve got millions and millions of apps that change the world. This week, Kittlaus’ team at Viv launched a new platform for third-party companies to create cap
Siri creator says Apple ‘dropped the ball’ on third-party voice partners, but they’re the future Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: elizabeth gurdus
Keywords: news, cnbc, companies, creator, thirdparty, partners, theyre, apple, viv, speech, voice, dropped, things, youve, told, ceo, siri, kittlaus, ball, future, millions, way


Siri creator says Apple 'dropped the ball' on third-party voice partners, but they're the future

Siri may not be living out its full potential under Apple’s wing, but voice-enabled assistants are nevertheless the future of digital technology, Siri’s co-founder and former CEO Dag Kittlaus told CNBC on Tuesday.

Since Apple acquired Siri in 2010, “on the positive side, it’s a lot faster, the speech recognition’s gotten a lot better, but they dropped the ball on a couple things like opening it up to third parties,” said Kittlaus, now co-founder and CEO of Viv, an artificial-intelligence company acquired by Samsung in 2016.

On the whole, voice assistants today are used in “very basic” ways, Kittlaus told Jim Cramer in a “Mad Money” interview. Most consumers use them for setting alarms or reminders, but the potential for them is huge, he said.

“Imagine 2007. [The] iPhone launches. It’s got about nine apps on it, but this is like Weather and Stocks,” he said. “Nine months later, they open the App Store. Now, you’ve got millions and millions of apps that change the world. So we want to do that with AI and with assistants.”

This week, Kittlaus’ team at Viv launched a new platform for third-party companies to create capabilities for Bixby, Samsung’s own voice assistant.

The tool set lets “third parties come in in almost like a Wikipedia-like way,” the CEO said. “So, anyone can add new things to Bixby. Users can enable it.”

“Eventually, you’ve got thousands of things that these things can do for you,” he continued. “It becomes one of the most important parts of your day.”

Soon enough, consumers — who waste millions of hours commuting to and from work — will be able to speak to their connected cars and ask them to order food for when they arrive at home or send gifts to relatives, Kittlaus said, adding that speech is roughly seven times faster than typing.

“It’s absolutely going to happen,” he said. “Once you use that, you don’t go back to the old way, right?”


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: elizabeth gurdus
Keywords: news, cnbc, companies, creator, thirdparty, partners, theyre, apple, viv, speech, voice, dropped, things, youve, told, ceo, siri, kittlaus, ball, future, millions, way


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Dow plunges about 400 points as Apple, Amazon and Facebook fall

Stocks dropped sharply on Monday as the biggest and most popular technology stocks plunged. Apple led tech shares lower after The Wall Street Journal reported the company has cut production orders for the new iPhones unveiled earlier this year. Facebook shares dropped 5.7 percent as the company was hit with more negative publicity regarding the fallout from its handling of the 2016 election and foreign influence on its platform. A WSJ report said Facebook CEO Mark Zuckerberg blamed COO Sheryl Sa


Stocks dropped sharply on Monday as the biggest and most popular technology stocks plunged. Apple led tech shares lower after The Wall Street Journal reported the company has cut production orders for the new iPhones unveiled earlier this year. Facebook shares dropped 5.7 percent as the company was hit with more negative publicity regarding the fallout from its handling of the 2016 election and foreign influence on its platform. A WSJ report said Facebook CEO Mark Zuckerberg blamed COO Sheryl Sa
Dow plunges about 400 points as Apple, Amazon and Facebook fall Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: fred imbert, adam jeffery, saul loeb, afp, getty images, marlene awaad, bloomberg, qilai shen, kcna, thomas barwick getty images
Keywords: news, cnbc, companies, plunges, fall, company, shares, times, 400, points, apple, tech, fell, dow, stocks, report, amazon, facebook, technology, dropped


Dow plunges about 400 points as Apple, Amazon and Facebook fall

Stocks dropped sharply on Monday as the biggest and most popular technology stocks plunged. Facebook and Apple led the losses.

The Dow Jones Industrial Average fell 395.78 points to 25,017.44. The S&P 500 dropped 1.7 percent to 2,690.73 as the technology sector pulled back 3.8 percent. The tech-heavy Nasdaq Composite lagged, falling 3 percent to close at 7,028.48 as Amazon dropped 5.1 percent.

The popular “FAANG” trade made up of Facebook, Amazon, Apple, Netflix and Alphabet is now in a bear market with each member down more than 20 percent from their one-year highs.

“It’s going to require a recovery in tech to make things happen,” said Greg Luken, CEO of Luken Investment Analytics. “I think where we are in tech, we’re going to see tough sledding towards the end of the year. I think stocks that are down will see further selling pressure.”

Apple led tech shares lower after The Wall Street Journal reported the company has cut production orders for the new iPhones unveiled earlier this year. The company’s stock fell nearly 4 percent and fell back into a bear market, down 20 percent from its 52-week high.

Facebook shares dropped 5.7 percent as the company was hit with more negative publicity regarding the fallout from its handling of the 2016 election and foreign influence on its platform. A WSJ report said Facebook CEO Mark Zuckerberg blamed COO Sheryl Sandberg for how the company handled the situation. This report comes after backlash from a New York Times article detailing how Facebook company ignored and then tried to hide that Russia used the platform to disrupt the U.S. election in 2016.

Tech shares also fell after The Financial Times reported Chinese authorities have alleged “massive evidence” of antitrust violations by Samsung, SK Hynix and Micron Technology. The report also said China would deepen its investigation into the three companies, which are the largest memory-chip manufacturers in the world.


Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: fred imbert, adam jeffery, saul loeb, afp, getty images, marlene awaad, bloomberg, qilai shen, kcna, thomas barwick getty images
Keywords: news, cnbc, companies, plunges, fall, company, shares, times, 400, points, apple, tech, fell, dow, stocks, report, amazon, facebook, technology, dropped


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Bitcoin plummets under $6,000 to a new low for the year after months of stability

The world’s largest cryptocurrency hit its lowest level of the year, falling as much as 9 percent to a low of $5,640.36, according to CoinDesk. Ether fell as much as 13 percent while XRP, the third largest cryptocurrency by market capitalization, dropped 15 percent, according to CoinMarketCap.com. The rout is likely being spurred by uncertainty around bitcoin cash, according to founder and CEO of BKCM, Brian Kelly. The two digital currencies will split into “Bitcoin ABC,” or core Bitcoin Cash, a


The world’s largest cryptocurrency hit its lowest level of the year, falling as much as 9 percent to a low of $5,640.36, according to CoinDesk. Ether fell as much as 13 percent while XRP, the third largest cryptocurrency by market capitalization, dropped 15 percent, according to CoinMarketCap.com. The rout is likely being spurred by uncertainty around bitcoin cash, according to founder and CEO of BKCM, Brian Kelly. The two digital currencies will split into “Bitcoin ABC,” or core Bitcoin Cash, a
Bitcoin plummets under $6,000 to a new low for the year after months of stability Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: kate rooney, yu chun christopher wong, getty images
Keywords: news, cnbc, companies, trading, months, fork, largest, low, dropped, cryptocurrency, cash, according, 6000, bitcoin, market, stability, plummets, 15


Bitcoin plummets under $6,000 to a new low for the year after months of stability

Bitcoin’s moment of relative stability ended abruptly Wednesday.

The world’s largest cryptocurrency hit its lowest level of the year, falling as much as 9 percent to a low of $5,640.36, according to CoinDesk. Bitcoin had been trading comfortably around the $6,400 range for the majority of the fall, a stark contrast from its volatile trading year.

Other cryptocurrencies fared even worse on Wednesday. Ether fell as much as 13 percent while XRP, the third largest cryptocurrency by market capitalization, dropped 15 percent, according to CoinMarketCap.com.

The rout is likely being spurred by uncertainty around bitcoin cash, according to founder and CEO of BKCM, Brian Kelly.

That cryptocurrency was down 18 percent ahead of a “hard fork” scheduled for November 15. The two digital currencies will split into “Bitcoin ABC,” or core Bitcoin Cash, and “Bitcoin SV,” short for “Satoshi’s Vision.” Bitcoin Cash itself is a result of a fork from bitcoin, after a disagreement on the best way to scale a digital currency.

The entire cryptocurrency market capitalization dropped by $15 billion over 24 hours Wednesday, according to CoinMarketCap.com. The total market cap $85 billion, down more than 70 percent since the start of this year.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: kate rooney, yu chun christopher wong, getty images
Keywords: news, cnbc, companies, trading, months, fork, largest, low, dropped, cryptocurrency, cash, according, 6000, bitcoin, market, stability, plummets, 15


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Shares of Apple suppliers in Asia sink amid worries about iPhone demand

Shares of some major Apple suppliers fell in Asian trading Tuesday — some to multi-year lows — after the iPhone maker’s stock plunged on concerns about customer demand. Lumentum shares dropped nearly 33 percent. The worries about slowing iPhone demand spilled over into shares of Apple suppliers in Tuesday trading in Asia, where most of the companies are based. In Taiwan, Hon Hai Precision, better known as Foxconn, fell more than 2 percent to its lowest in nearly a month. In Japan, Panasonic decl


Shares of some major Apple suppliers fell in Asian trading Tuesday — some to multi-year lows — after the iPhone maker’s stock plunged on concerns about customer demand. Lumentum shares dropped nearly 33 percent. The worries about slowing iPhone demand spilled over into shares of Apple suppliers in Tuesday trading in Asia, where most of the companies are based. In Taiwan, Hon Hai Precision, better known as Foxconn, fell more than 2 percent to its lowest in nearly a month. In Japan, Panasonic decl
Shares of Apple suppliers in Asia sink amid worries about iPhone demand Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: evelyn cheng, source
Keywords: news, cnbc, companies, dropped, iphone, worries, demand, shares, sink, report, asia, fell, amid, lowest, trading, nearly, apple, suppliers


Shares of Apple suppliers in Asia sink amid worries about iPhone demand

Shares of some major Apple suppliers fell in Asian trading Tuesday — some to multi-year lows — after the iPhone maker’s stock plunged on concerns about customer demand.

Apple dropped 5 percent overnight in New York trading after Lumentum, a manufacturer of lasers that can sense in 3-D, said it received a request from one of its largest customers to “materially reduce” shipments to them. Lumentum shares dropped nearly 33 percent. The company did not name Apple in Monday’s report, but previously listed the tech giant as its largest customer in a filing for fiscal year 2018.

Also on Monday, TF International Securities’ Ming-Chi Kuo reversed his view on iPhone XR sales by cutting his outlook for shipments by 30 million units. The reduction followed a Nikkei report earlier this month, citing supply chain sources, that Apple told Foxconn and Pegatron to stop plans for additional iPhone XR-related production lines.

The worries about slowing iPhone demand spilled over into shares of Apple suppliers in Tuesday trading in Asia, where most of the companies are based.

In Taiwan, Hon Hai Precision, better known as Foxconn, fell more than 2 percent to its lowest in nearly a month.

Pegatron briefly fell more than 5 percent to its lowest since May 2014, before recovering losses and trading higher. Largan Precision also temporarily tumbled more than 5 percent to its lowest since July 2016 before reversing and rising more than half a percent.

In Japan, Panasonic declined 2.5 percent and Alps Electric dropped nearly 5.8 percent, both to their lowest since late 2016. Nitto Denko fell more than 4 percent.

Hong Kong-traded AAC Technologies briefly fell more than 7 percent to its lowest in more than two years, before recovering much of its losses.

In Shenzhen, Luxshare fell more than 5 percent to its lowest in a month, while Suzhou Anjie Technology fell more than 1 percent.

The major Asian stock indexes pared opening losses by midday Tuesday.

— CNBC’s Todd Haselton and Lauren Feiner contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: evelyn cheng, source
Keywords: news, cnbc, companies, dropped, iphone, worries, demand, shares, sink, report, asia, fell, amid, lowest, trading, nearly, apple, suppliers


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European markets lower after Fed meeting, Italy in focus; UBS down 3%

Basic resources fell as much as 1.5 percent as global trade concerns are still weighing on sentiment. The French-based Rubis dropped to the bottom of the European benchmark after posting its latest results and getting a rating downgrade. Stateside, the Fed decided to keep rates unchanged but said that it expects “further gradual increases,” which pushed stocks slightly lower. Higher interest rates tend to dent stocks as investors believe companies will have less room for dividends. Investors are


Basic resources fell as much as 1.5 percent as global trade concerns are still weighing on sentiment. The French-based Rubis dropped to the bottom of the European benchmark after posting its latest results and getting a rating downgrade. Stateside, the Fed decided to keep rates unchanged but said that it expects “further gradual increases,” which pushed stocks slightly lower. Higher interest rates tend to dent stocks as investors believe companies will have less room for dividends. Investors are
European markets lower after Fed meeting, Italy in focus; UBS down 3% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: silvia amaro
Keywords: news, cnbc, companies, meeting, european, dropped, uk, rates, investors, ubs, focus, profit, italy, markets, stocks, fed, mexico, president, trade, lower


European markets lower after Fed meeting, Italy in focus; UBS down 3%

The pan-European Stoxx 600 was 0.6 percent lower with almost every sector in the red.

Basic resources fell as much as 1.5 percent as global trade concerns are still weighing on sentiment. Banking stocks were also down by more than 1 percent. In particular, UBS shares dropped 2.7 percent after the U.S. Justice Department filed a suit against the bank for investors’ losses linked to mortgage-linked securities prior to the financial crisis.

Spanish lender BBVA was also under pressure, off by more than 5 percent. This was after the announcement of a new bill in Mexico, curbing banks from charging commissions for certain services. Mexico represents about 40 percent of BBVA’s overall net profit, Reuters reported.

The French-based Rubis dropped to the bottom of the European benchmark after posting its latest results and getting a rating downgrade. The stock was down by 10 percent.

The German group Thyssenkrupp dropped nearly 6 percent after cutting its profit outlook for the second time this year.

Apart from corporate news, investors are also tracking a number of political events.

Stateside, the Fed decided to keep rates unchanged but said that it expects “further gradual increases,” which pushed stocks slightly lower. Higher interest rates tend to dent stocks as investors believe companies will have less room for dividends.

Investors are also closely monitoring developments in Italy, after the European Commission said Thursday that Rome’s economic forecasts are not in line with its own calculations. Eurogroup President Mario Centeno is meeting Italy’s finance minister Giovanni Tria at 11.30 GMT.

Meanwhile, in Brexit news, the U.K. government is set to hold critical meetings during the weekend, as European Council President Donald Tusk said Thursday he hopes for a breakthrough within days.

On the data front, there will be balance of trade figures out in the U.K. at 9.30 am London time and GDP numbers also due at the same time.


Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: silvia amaro
Keywords: news, cnbc, companies, meeting, european, dropped, uk, rates, investors, ubs, focus, profit, italy, markets, stocks, fed, mexico, president, trade, lower


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The stock market loses 13% in a correction on average, if it doesn’t turn into a bear market

“It’s a bad sign that oversold markets not bouncing,” Michael Hartnett, Bank of America Merrill Lynch’s chief investment strategist, wrote. “The inability of oversold markets to bounce suggests investors worried by either systemic financial market event or recession.” The Nasdaq Composite dropped 1.7 percent Friday, led lower by Amazon and Google parent company Alphabet, which dropped 6.7 percent and 2.2 percent, respectively. “Asset carnage is cross-market and has infected U.S. tech leadership,


“It’s a bad sign that oversold markets not bouncing,” Michael Hartnett, Bank of America Merrill Lynch’s chief investment strategist, wrote. “The inability of oversold markets to bounce suggests investors worried by either systemic financial market event or recession.” The Nasdaq Composite dropped 1.7 percent Friday, led lower by Amazon and Google parent company Alphabet, which dropped 6.7 percent and 2.2 percent, respectively. “Asset carnage is cross-market and has infected U.S. tech leadership,
The stock market loses 13% in a correction on average, if it doesn’t turn into a bear market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-26  Authors: thomas franck, kate rooney, michael nagle, bloomberg, getty images
Keywords: news, cnbc, companies, market, financial, markets, strategist, hartnett, oversold, correction, tech, average, stock, turn, 13, dropped, wrote, doesnt, loses, lower, bear


The stock market loses 13% in a correction on average, if it doesn't turn into a bear market

“It’s a bad sign that oversold markets not bouncing,” Michael Hartnett, Bank of America Merrill Lynch’s chief investment strategist, wrote. “The inability of oversold markets to bounce suggests investors worried by either systemic financial market event or recession.”

Tech has been especially slammed this week. The Nasdaq Composite dropped 1.7 percent Friday, led lower by Amazon and Google parent company Alphabet, which dropped 6.7 percent and 2.2 percent, respectively. Both tech giants released quarterly earnings that topped analyst estimates, but revenues fell short.

“Asset carnage is cross-market and has infected U.S. tech leadership,” Hartnett pointed out, adding that the asset class is oversold. He also named lower oil and wider credit spreads as recession “tells” and reasons to stay bearish.

Hartnett warned last month that the “Great Bull” market that began at the bottom of the financial crisis is dead. The strategist highlighted rising interest rates, slower economic growth and excessive amounts of debt.


Company: cnbc, Activity: cnbc, Date: 2018-10-26  Authors: thomas franck, kate rooney, michael nagle, bloomberg, getty images
Keywords: news, cnbc, companies, market, financial, markets, strategist, hartnett, oversold, correction, tech, average, stock, turn, 13, dropped, wrote, doesnt, loses, lower, bear


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The stock market loses 13% in a correction on average, if it doesn’t turn into a bear market

“It’s a bad sign that oversold markets not bouncing,” Michael Hartnett, Bank of America Merrill Lynch’s chief investment strategist wrote. “The inability of oversold markets to bounce suggests investors worried by either systemic financial market event or recession.” The Nasdaq Composite dropped 1.7 percent Friday, led lower by Amazon and Google-parent company Alphabet, which dropped 6.7 percent and 2.2 percent, respectively. “Asset carnage is cross-market and has infected U.S. tech leadership,”


“It’s a bad sign that oversold markets not bouncing,” Michael Hartnett, Bank of America Merrill Lynch’s chief investment strategist wrote. “The inability of oversold markets to bounce suggests investors worried by either systemic financial market event or recession.” The Nasdaq Composite dropped 1.7 percent Friday, led lower by Amazon and Google-parent company Alphabet, which dropped 6.7 percent and 2.2 percent, respectively. “Asset carnage is cross-market and has infected U.S. tech leadership,”
The stock market loses 13% in a correction on average, if it doesn’t turn into a bear market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-26  Authors: thomas franck, kate rooney
Keywords: news, cnbc, companies, strategist, 13, financial, market, oversold, lower, tech, bull, stock, doesnt, average, markets, bear, turn, loses, correction, dropped, hartnett


The stock market loses 13% in a correction on average, if it doesn't turn into a bear market

“It’s a bad sign that oversold markets not bouncing,” Michael Hartnett, Bank of America Merrill Lynch’s chief investment strategist wrote. “The inability of oversold markets to bounce suggests investors worried by either systemic financial market event or recession.”

Tech has been especially slammed this week. The Nasdaq Composite dropped 1.7 percent Friday, led lower by Amazon and Google-parent company Alphabet, which dropped 6.7 percent and 2.2 percent, respectively. Both tech giants released quarterly earnings that topped analyst estimates, but revenues fell short.

“Asset carnage is cross-market and has infected U.S. tech leadership,” Hartnett pointed out, adding that the asset class is oversold and classify as a bull trade. He also named lower oil and wider credit spreads as recession “tells” and reasons to stay bearish.

Hartnett warned last month that the “Great Bull” market that began at the bottom the financial crisis is dead. The strategist highlighted rising interest rates, slower economic growth and excessive amounts of debt.


Company: cnbc, Activity: cnbc, Date: 2018-10-26  Authors: thomas franck, kate rooney
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One asset is shockingly stable during the market sell-off this week — bitcoin

As U.S. stock markets went haywire this week, the major cryptocurrency known for giving investors whiplash was surprisingly calm. Bitcoin is up 1 percent for the week as of Friday afternoon, according to data from CoinDesk, and remained in the $6,500 range without much fanfare. Equity markets were a different story — the Dow Jones Industrial Average is down almost 3 percent for the week. Bitcoin dropped 6 percent as the total cryptocurrency market during that time lost $18 billion of its value.


As U.S. stock markets went haywire this week, the major cryptocurrency known for giving investors whiplash was surprisingly calm. Bitcoin is up 1 percent for the week as of Friday afternoon, according to data from CoinDesk, and remained in the $6,500 range without much fanfare. Equity markets were a different story — the Dow Jones Industrial Average is down almost 3 percent for the week. Bitcoin dropped 6 percent as the total cryptocurrency market during that time lost $18 billion of its value.
One asset is shockingly stable during the market sell-off this week — bitcoin Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-26  Authors: kate rooney, anthony wallace, afp, getty images
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One asset is shockingly stable during the market sell-off this week — bitcoin

As U.S. stock markets went haywire this week, the major cryptocurrency known for giving investors whiplash was surprisingly calm.

Bitcoin is up 1 percent for the week as of Friday afternoon, according to data from CoinDesk, and remained in the $6,500 range without much fanfare.

Equity markets were a different story — the Dow Jones Industrial Average is down almost 3 percent for the week. It ended 500 points higher on Thursday after plummeting a day earlier, then on Friday dropped more than 500 points after some disappointing quarterly results from key tech companies. It later recovered some of that drop.

Fears of an ongoing trade war and rising interest rates added to the sell-off. But Bitcoin’s insulation from the market wreckage is relatively new.

Earlier in October, uncertainty around stock markets bled into cryptocurrencies as the Dow dropped as much as 1,300 points in two days, its biggest sell-off since February. Bitcoin dropped 6 percent as the total cryptocurrency market during that time lost $18 billion of its value.

Bitcoin has lost more than 65 percent of its value since nearing a high of $20,000 last year, when retail investors were fanatically pouring into the asset class. The cryptocurrency is still up 14 percent year over year, and was trading near $6,483 Friday, according to CoinDesk.

Its volatility has made it almost impossible to use as a viable payment method. Instead bitcoin has been billed as a store of value, or “digital gold.” That safe haven use case also seemed unlikely at certain points this year, as it fell alongside major stock markets.

Gold, a more established safe-haven asset, was up 0.6 percent this week.


Company: cnbc, Activity: cnbc, Date: 2018-10-26  Authors: kate rooney, anthony wallace, afp, getty images
Keywords: news, cnbc, companies, stable, markets, stock, value, major, shockingly, cryptocurrency, dropped, asset, bitcoin, points, selloff, market, week


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