- The Nasdaq fell 2.67% to finish the midweek session at 13,032.
- Bitcoin is down 15% as Tesla ceases acceptance of Bitcoin as payment.
- Moderna inks deal with Australia to supply 25 million COVID-19 vaccine doses.
The US markets? run of losses extended to a third straight day on Wednesday as US CPI data was released showing a rise of 4.2% for April, exceeding economists estimates and fuelling investors fears of an interest rate hike to control inflation in the near future.
The Dow Jones fell 1.99% to finish the trading day down 682 points to close at 33,588 points. The Dow Jones and S&P500 experienced their steepest three-day declines in nearly 7-months.
The tech heavy NASDAQ fell 2.67% to finish the trading day down 358 points to close at 13,032 points.
One bitcoin is worth US$46,531 going into the Asian trading day, shedding more than 15% in the last 24-hours.
The Australian dollar is firm against the major currencies and is buying 77.32 US cents.
Tesla CEO Elon Musk announced Tesla will no longer accept Bitcoin as payment for car purchases over concerns about the high use of fossil fuels required to mine and transact Bitcoin. This announcement has sent the price of Bitcoin into freefall this morning. Tesla won?t be selling any of its Bitcoin holdings and will reconsider accepting the payment form in the future when the environmental impact is reduced.
Shares in US biotech company Moderna took a hit on Wednesday over concerns of the potential IP waiver on COVID-19 vaccines supported by the Biden Administration. Moderna had favourable news though in after-hours trade as the biotech company has entered into a deal with Australia to supply 25 million doses of its COVID-19 vaccine.
And as COVID lockdowns around the world began easing over the last few months it appears dating was a priority for many as Bumble exceeded all estimates for Q1 revenue and paying users surged 30% for the quarter.