US stocks opened with a market capitalization loss of nearly $1 trillion.

Billionaire Grant Cardone bought over $1 million worth of Bitcoin during the cryptocurrency hack and has continued to increase his BTC holdings. (The Bitcoin Historian)

[Logan: Fed Needs at Least Two More Rate Hikes, 25 Basis Points Each] Federal Reserve official Logan stated that the Fed needs to raise interest rates at least twice more, each time by 25 basis points. (Source: Jinshi Data)

The Nasdaq fell 2.6%, the S&P 500 fell 1.5%, and the Dow Jones Industrial Average fell 0.7%, impacted by weaker-than-expected earnings from tech companies and concerns about AI spending.

Logan stated that pausing rate hikes after a 50-basis-point increase helps determine the appropriate next steps.

St. Louis Federal Reserve President Musaleem stated that U.S. inflation remains too high, necessitating prompt action to tighten monetary policy. He added that if the Fed does not raise interest rates, inflation risks are tilted to the upside, and given the overall strength of the U.S. economy and job market, current financial conditions remain accommodative.