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S&P 500 nears bear market, Coinbase reports

Thursday saw the sixth straight day of losses for the Dow Jones, which fell 0.3% as earnings season moves into the rearview and economic data becomes the focus again.

The S&P 500 fell 0.1% with the Nasdaq finally delivering a positive result, albeit finishing just 0.06% higher.

Wholesale inflation remained higher than expected, up 0.5% over the prior year, taking the annual rate to 11% from 11.5%.

Disney’s tough road ahead, Coinbase ‘not going bankrupt’

Shares in Walt Disney (NYSE: DIS) fell another 1% after management suggested subscriber growth may slow following another strong quarter.

Coinbase (NASDAQ: COIN) shares gained close to 9% but are still down 75% for the year with the recent IPO price of the trading platform a long way off.

Management was forced to confirm it was not at risk of going bankrupt as the selloff in all things crypto sends growing fear through the industry around custody.

Elsewhere, Twitter (NYSE: TWTR) fell 2% with management confirming two executives will step down and jobs put on hold ahead of Musk’s acquisition.

US stock market movers

Here’s how other popular US stocks performed on Thursday.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to open broadly flat this morning. For a round-up of the latest news, check out my ASX 200 morning report.

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Disclosure: At the time of publishing, Drew owns shares in Disney.