President Joe Biden nominated Federal Reserve Chair Powell for a second term.
Kevin Lamarque.
President Biden nominated Powell for a second term as Fed chairman.
Biden nominated Brainard to be the vice chair of the Federal Reserve.
Tech stock was particularly hard hit by the rise in the yield on the 10-year Treasury note.
US stocks gave up gains on Monday as Treasury yields jumped after President Joe Biden nominated Powell for a second term as chairman of the Federal Reserve.
Tech stock was particularly hard hit by the rise in the yield on the 10-year Treasury note.
Powell's term as Fed chair was set to end in February 2022. The investors were unsure if Biden would choose a more progressive candidate or not.
The White House said that Chair Powell has provided steady leadership during an unprecedentedly challenging period, including the biggest economic downturn in modern history and attacks on the independence of the Federal Reserve. Biden nominated Brainard to be the Federal Reserve's vice chair.
The US indexes stood at 4:00 pm. The close is Monday.
The nomination of Powell and Brainard suggest continuity at the Fed given that they have generally been in alignment when it comes to embracing the new framework. They will face a different economy in the years to come than they did in the most recent ones, according to a Bank of America economist.
Meyer's said that the Fed will have to balance a rise in inflation with its goal of lowering the unemployment rate.
The space company's shares jumped as much as 36% on Monday after it reached its destination with its rocket. The launch was celebrated by Musk on his verified account.
The Model S Plaid will probably launch in China in March of 2022, according to Musk. China demand is seen as the linchpin of the bull thesis.
An ongoing rally in the coin means it's neck-and- neck with dogecoin to become the 10th most valuable coin by market cap. The alternative coin has risen more than 50% since it was announced.
Even though ConstitutionDAO lost out on its bid to buy a rare copy of the US Constitution, the group is looking at another project to invest some of the tens of millions of dollars raised by the group.
Scynexis has risen as much as 42% since Michael Burry's Scion Asset Management revealed in a 13F filing that they had a $1 million position in the company.
West Texas Intermediate crude oil rose as much as 0.74%. The international benchmark for crude oil, called Brent, jumped as much as 0.74%.
The price of gold fell as much as 2.5%.
Business Insider has an original article.
