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US stock market sell-off continues, Bitcoin slumps

The S&P 500 has fallen to its lowest point since April 2021, reaching 4,000 points as the market fell another 3.2% overnight.

The combination of Chinese weakness, higher bond yields and growing uncertainty around growth has continued to push US stock markets lower.

The Dow Jones comparatively outperformed, falling 2%, with the Nasdaq suffering another 4.3% selloff.

Palantir at all-time low

Palantir (NYSE: PLTR), one of the companies that benefited from the dominance of technology post the pandemic, fell another 21% after reporting a weaker than expected outlook.

This sent Palantir shares down 60% for the year as the company posted quarterly revenue of US$446 million following a slowdown in government work for its data analytic software.

The company is guiding for US$470 million in revenue in the current quarter, below analyst expectations.

Bitcoin halves since November peak

Bitcoin has offered little in the form of a hedge, with the cryptocurrency down 10% overnight alongside the Nasdaq, moving below US$35,000 and taking the drop from the 2021 high to more than 50%.

Nearly every risk asset is being sold off in this environment, but it remains as important as ever to hold the course and rely on diversification amid what is ultimately a market still seeking direction.

US stock market movers

Here’s how other popular US stocks started the week.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to follow this negative lead from US markets to open lower this morning. For a round-up of the latest news, check out my ASX 200 morning report.

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