Shares of crypto-focused companies have tumbled last week, capping a bruising stretch for the digital asset sector marked by renewed macroeconomic fears and lingering fallout from October’s liquidity crunch and mixed corporate earnings. Coinbase, Block and Robinhood fell between 11 and 14%.
U.S. consumer sentiment slumped to near a 3.5 year low in early November as households across the political spectrum worried about the economic fallout from the longest government shutdown in history, which has caused disruptions ranging from food benefit payments to grounded flights.
The U.S. dollar fell against the euro and Swiss franc for a second straight session as data showed weakness in the U.S. labor market, increasing expectations of another rate cut this year. Meanwhile, sterling rose after the Bank of England kept rates unchanged ahead of this month’s budget.
| U.S. stocks closed in negative territory, with a resumption of Tuesday’s tech selloff as investors contended with mounting economic uncertainty and stretched valuations. All three major U.S. equity indexes lost ground as risk appetite was dampened by worries over inflated stock prices |
Vacation rental firm Airbnb posted higher third-quarter profit and revenue, helped by strong bookings in markets such as Latin America and Asia Pacific. Shares of the company rose 4.6% after the bell.
OpenAI CFO Sarah Friar said that an IPO is “not on the cards” for the company in the near term, the Wall Street Journal reported. Friar said the AI firm is prioritizing growth and research over profitability, and that its recent structural changes do not signal an imminent listing.
