Stock Market Today: Huge Crypto Deal Shakes Up Nasdaq
News that crypto exchange Binance will buy its rival sent Bitcoin and several tech stocks into a tailspin.


Stocks traded solidly higher for most of Tuesday, but lost steam in the afternoon as Wall Street reacted to a big shakeup in the cryptocurrency space.
Earlier today, crypto exchange Binance said it plans to buy rival FTX's non-U.S. assets amid liquidity concerns at the latter firm. The news sent the price of Bitcoin tumbling 12.6% to $18,184 (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.).
"Today is a bad day in crypto. Binance had to step in to save Sam Bankman-Fried's FTX crypto exchange," says Edward Moya, senior market strategist at currency data provider OANDA. "This is a major setback for many investors in cryptos who viewed [Bankman-Fried] as a white knight and one of the leaders in the space that was supposed to thrive once we got beyond this crypto winter." The news also pummeled stocks with exposure to digital assets such as cryptocurrency exchange Coinbase Global (COIN, -10.8%) and online trading platform Robinhood Markets (HOOD, -19.0%).

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The headlines created a whirlwind afternoon for the markets, with the Nasdaq Composite swinging from a nearly 2% gain in early trading to a 0.9% loss by mid-afternoon. The price action stabilized in the final hour of the session, with the tech-heavy index ending up 0.5% at 10,616. The broader S&P 500 Index rose 0.6% to 3,828, while the blue-chip Dow Jones Industrial Average outperformed (+1.0% at 33,160) as Amgen (AMGN) added 5.6% on a well-received update for its obesity drug.
Low-Vol ETFs to Consider After the Midterms
Today's early gains came as midterm elections were held across the country. And history suggests the stock market could continue to rise over the next few weeks. "Post-election, we would expect a small lift in the equity market over the next month (+1%) – assuming the consumer price index print on Thursday is not 'hot,'" says Wells Fargo analyst Chris Harvey.
While it will likely take weeks to find out the complete results of the midterms, most are expecting Republicans to win control in the House of Representatives. Harvey says that if we see a "red wave" – where the GOP gains control of both the House and the Senate – defensive stocks should continue to do well. This includes firms in the consumer staples and healthcare sectors. Harvey also says a red wave could be beneficial to low-volatility strategies, which have tended to see strong relative performance following previous elections where Republicans took control of Congress.
For investors looking to add defensive positions to their portfolio, here are 10 low-volatility exchange-traded funds that offer an inexpensive way to provide stability amid the market's twists and turns. Check them out.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Your Retirement Side Hustle Starter Kit: The Essential Tools and Apps You Need
Check out seven awesome tools and apps to jumpstart your retirement side hustle with confidence.
-
Roku Launches $2.99 Ad-Free Streaming Plan: Howdy Explained
Roku just launched Howdy, an ad-free streaming service with 10,000 hours of classic content. Here's how it compares to other platforms.
-
Stocks Swing Lower as Eli Lilly, Fortinet Spiral: Stock Market Today
The main indexes finished well off their session highs after a disappointing batch of corporate earnings reports.
-
What Tariffs Mean for Your Sector Exposure
New, higher and changing tariffs will ripple through the economy and into share prices for many quarters to come.
-
Stocks Rally on Apple Strength: Stock Market Today
The iPhone maker will boost its U.S. investment by $100 billion, which sent the Dow Jones stock soaring.
-
Rally Pauses for Hot Earnings, Cool Data: Stock Market Today
Markets were mostly mixed Tuesday after decisive moves Friday and Monday.
-
Dow Rises 585 Points on Rate Cut Hope: Stock Market Today
Stocks moved more than 1% again Monday, this time to the upside following the Jobs Friday sell-off.
-
Dow Dives 542 Points on Soft Jobs Data: Stock Market Today
The last day of a busy week ends with the first greater-than-1% move in either direction in more than a month.
-
Stocks Can't Hold Meta, Microsoft Gains: Stock Market Today
The main indexes all opened higher Thursday on impressive Big Tech earnings, but momentum faded into the close.
-
How to Invest for a Fall Interest Rate Cut by the Fed
A lot can happen between now and then, but the probability the Fed cuts interest rates in September is back above 80%.