of Dow On Wednesday, it fell more than 200 points amid a widespread sell-off in cryptocurrencies and tech stocks.
Here's how three market experts assess volatility.
Stephanie Link, chief investment strategist at Hightower, assesses the inflation threat.
“This is clearly about monetary policy and the Fed is behind the curve. The Fed minutes will be interesting. [Wednesday]There's also the inflation issue. Is it temporary? Personally, I don't think it's all temporary. Some of it is obviously temporary on the commodity side, but as we get through the supply chain issues, if you look at the wage numbers in the GDP report, 0.7%, the JOLTS number is 8.1 million, and listen to what McDonald's and Chipotle are saying about wage increases. It's definitely in the back of my mind. I know it's in the back of my mind. And then you add in seasonality and profit taking. Keep that in mind. S&P “We're up 85% from last year's lows. So, it makes sense. I think it's very interesting that money market funds have bounced back to $3 trillion. So, there's definitely a more defensive mood. I haven't changed my strategy at all. I really believe that growth is going to continue to be strong.”
Galaxy Digital founder and CEO Michael Novogratz said: Bitcoin.
“A series of events came together – Tax Day, Elon Musk's tweets. We started to break down the positives of the price movement, and now we have a liquidation event. And once Humpty Dumpty falls apart, it doesn't bounce back in two days. It will take a while, but the market will stabilize and find a bottom somewhere. I expect it to be somewhere near here. $36k. [for bitcoin] … It's pretty close. They've had a massive sell-off. And they're not going to recover anytime soon, they're going to stabilize for a while. The story is not going anywhere.”
Jim Cramer, host of CNBC's “Mad Money,” talks about the market pain.
“This day feels more like a crash day, a climax day. Everybody is really panicking. The young people who are buying crypto right now are shaking with fear. … The thing to do is hold back on any really good news that could be profitable. Let's say there's a catalyst like bank stocks.”
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