Stock Market Today Huge Crypto Deal Shakes Up Nasdaq Kiplinger Kiplinger is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Here's why you can trust us.

Stock Market Today Huge Crypto Deal Shakes Up Nasdaq

News that crypto exchange Binance will buy its rival sent Bitcoin and several tech stocks into a tailspin. (opens in new tab) (opens in new tab) (opens in new tab) Newsletter sign up Newsletter (Image credit: Getty Images) By Karee Venema published 8 November 2022 Stocks traded solidly higher for most of Tuesday, but lost steam in the afternoon as Wall Street reacted to a big shakeup in the cryptocurrency space. Earlier today, crypto exchange Binance said it plans to buy rival FTX's non-U.S. assets amid liquidity concerns at the latter firm. The news sent the price of Bitcoin tumbling 12.6% to $18,184 (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.).

Is Disney Stock a Buy Ahead of Earnings? "Today is a bad day in crypto. Binance had to step in to save Sam Bankman-Fried's FTX crypto exchange," says Edward Moya, senior market strategist at currency data provider OANDA. "This is a major setback for many investors in cryptos who viewed [Bankman-Fried] as a white knight and one of the leaders in the space that was supposed to thrive once we got beyond this crypto winter." The news also pummeled stocks with exposure to digital assets such as cryptocurrency exchange Coinbase Global (COIN (opens in new tab), -10.8%) and online trading platform Robinhood Markets (HOOD (opens in new tab), -19.0%).

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Profit and prosper with the best of Kiplinger's expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Profit and prosper with the best of Kiplinger's expert advice - straight to your e-mail. Sign up Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. The headlines created a whirlwind afternoon for the markets, with the Nasdaq Composite swinging from a nearly 2% gain in early trading to a 0.9% loss by mid-afternoon. The price action stabilized in the final hour of the session, with the tech-heavy index ending up 0.5% at 10,616. The broader S&P 500 Index rose 0.6% to 3,828, while the blue-chip Dow Jones Industrial Average outperformed (+1.0% at 33,160) as Amgen (AMGN (opens in new tab)) added 5.6% on a well-received update for its obesity drug.

Low-Vol ETFs to Consider After the Midterms

Today's early gains came as midterm elections were held across the country. And history suggests the stock market could continue to rise over the next few weeks. "Post-election, we would expect a small lift in the equity market over the next month (+1%) – assuming the consumer price index print on Thursday is not 'hot,'" says Wells Fargo analyst Chris Harvey.

Where to Put Safe Money Today While it will likely take weeks to find out the complete results of the midterms, most are expecting Republicans to win control in the House of Representatives. Harvey says that if we see a "red wave" – where the GOP gains control of both the House and the Senate – defensive stocks should continue to do well. This includes firms in the consumer staples and healthcare sectors. Harvey also says a red wave could be beneficial to low-volatility strategies, which have tended to see strong relative performance following previous elections where Republicans took control of Congress. For investors looking to add defensive positions to their portfolio, here are 10 low-volatility exchange-traded funds that offer an inexpensive way to provide stability amid the market's twists and turns. Check them out.

5 Top-Rated Housing Stocks With Long-Term Growth Potential Explore More Stock Watch Markets Stock Market Today Coinbase Global (COIN) Robinhood (HOOD) Amgen (AMGN) Karee VenemaContributing Editor, Kiplinger.comWith over a decade of experience writing about the stock market, Karee Venema is an investing editor and options expert at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis. Latest Worried About Inflation? You Can Help Protect Yourself From Its Impact Delaying major purchases can help shield present you, and future you could benefit from continuing to invest and contribute to your retirement plans. By Kelly LaVigne, J.D. • Published 13 November 22 What Is Lifetime Income Insurance Worth? A Guaranteed Lifetime Withdrawal Benefit (GLWB) could be just what you need when markets are down and you're worried about future income. By David Blanchett, PhD, CFA, CFP® • Published 12 November 22 You might also like Stock Market Today: Stocks Keep Climbing on Interest-Rate Optimism Investors continued to cheer Thursday's inflation update, with the Nasdaq and S&P 500 scoring their best week in months. By Karee Venema • Published 11 November 22 Kiplinger's Weekly Earnings Calendar (Nov. 14-18) stocks Check out our earnings calendar for the upcoming week. By Karee Venema • Published 11 November 22 Stock Market Today: Stocks Lift Off After Encouraging Inflation Report The major market indexes rallied to their best day in two years after data showed inflation slowed in October. By Karee Venema • Published 10 November 22 Stock Market Today: Stocks Snap Win Streak as Midterm Results Roll In A continued selloff in cryptocurrencies and crypto-related stocks put pressure on the broader market today, too. By Karee Venema • Published 9 November 22 Stock Market Today: Stocks Rise Ahead of Midterms The Dow outperformed thanks to a major M&A-related boost for drugstore chain Walgreens Boots Alliance. By Karee Venema • Published 7 November 22 Stock Market Today: Stocks Swing Wildly After October Jobs Data The major indexes ended with their first win of the week thanks to the latest jobs report. By Karee Venema • Published 4 November 22 Stock Market Today: Stocks Fall Again as Fed Hangover Persists The major market indexes notched a fourth straight loss as Powell's rate-hike warning kept investor sentiment in check. By Karee Venema • Published 3 November 22 Stock Market Today: Stocks Post-Fed Pop Reverses After Powell Takes the Mic It was a volatile session on Wall Street as investors parsed over the Fed's latest policy statement and Powell's presser. By Karee Venema • Published 2 November 22 View More ▸ kiplinger About Us (opens in new tab) Terms and Conditions (opens in new tab) Privacy Policy (opens in new tab) Cookie Policy (opens in new tab) Kiplinger is part of Future plc, an international media group and leading digital publisher. Visit our corporate site.
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