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April 16: Market Summary

April 16: Market Summary

April selloff

Apr 16, 2024

Good afternoon.

Markets fall, the stock market is having a rough April, and the Bitcoin halving is this week.

Let's dive in.

Markets

Here are today's market moves:

What's Happening

U.S. stocks fell after Fed Chair Powell warned that rate cuts will come later than expected.
The stock market is having a rough month, with the S&P 500 down 3.86%:

Why markets are falling: Inflation has been hotter-than-expected this year, weakening the case for rate cuts.
The crypto market slipped this month, with Bitcoin down 10%. The Bitcoin halving is expected this week.

Catch Up

Tesla is laying off more than 10% of its global workforce.
Fed Chair Powell says there's been a "lack of progress" on inflation this year.
The price of gold has soared to a record high this month.

What Else?

To get rich, do work where you get paid in proportion to the number of customers you satisfy instead of the number of hours you work. Not all work of this kind will make you rich, but nearly all work that can make you rich is of this kind.
— Paul Graham (@paulg)
Apr 6, 2024

This is Jim Simons.
He is the founder of the most secretive and successful hedge fund in the world.
As of 2024, Renaissance Technologies has $106,000,000,000 under management.
His net worth is around $31,000,000,000.
Here’s Jim's story:
— pedma (@pedma7)
Apr 5, 2024

In real estate, you make money on the buy.
In business, you create money in the build.
In finance, you extract money on the sale.
— Naval (@naval)
Apr 4, 2024