What we’re reading (1/21)
“Nasdaq Tumbles 2% Friday, Notches Worst Week Since 2020 And Falls Deeper Into Correction Territory” (CNBC). “U.S. stocks tumbled on Friday, closing out a losing week and continuing a rough start to 2022. The Nasdaq Composite was hit the hardest with Friday’s selling sending the tech-heavy index to its worst week since 2020.”
“When Pandemic Stars’ Shines Dim” (DealBook). “The future path of the pandemic is uncertain, but investors may have already made up their minds about the prospects for companies that had prospered months earlier. Netflix and Peloton plunged late in the day yesterday, on signs that ‘stay at home’ stocks, which were already under pressure, could take a turn for the worse as people begin to venture out again.”
“We Should Turn Big Box Stores Into Solar Farms” (Gizmodo). “The U.S. has a lot of big box stores. There are more than 100,000 superstores across the country, which means about 7.2 billion square feet (670 million square meters) of rooftop space. Using data from the National Renewable Energy Laboratory, the report estimates that about two-thirds of that underutilized area could be used for solar panels. Fully equipping that space could generate 84.4 terawatt-hours of energy per year, which would save more than 52 million metric tons of carbon dioxide.”
“Crypto Crash Erases More Than $1 Trillion In Market Value” (Bloomberg). “With the Federal Reserve intending to withdraw stimulus from the market, riskier assets the world over have suffered. Bitcoin, the largest digital asset, lost more than 12% Friday and dropped below $36,000 to its lowest level since July. Since its peak in November, it has lost over 45% of its value. Other digital currencies have suffered just as much, if not more, with Ether and meme coins mired in similar drawdowns.”
“As Turkey’s Economy Struggles, Erdogan Goes It Alone” (Washington Post). “The severity of the crisis came into sharp relief this month when the government announced that the annual inflation rate had reached 36.1 percent, the highest since 2002. That rise was driven by the rapid depreciation of the Turkish lira, which lost more than 40 percent of its value last year, and, more broadly, by Erdogan’s push to cut interest rates based on his unorthodox belief that this would lower consumer prices.”
