Stock Market Today: Stocks Fall as Bitcoin Booms
While the main indexes retreated ahead of tomorrow's inflation data, Bitcoin hit its highest level in two years.


Stocks closed lower Wednesday with investors' anxiety ramping up ahead of tomorrow's highly anticipated inflation update. But while the main indexes churned in negative territory, there was plenty of green tape to be found – including in the cryptocurrency space, where Bitcoin boomed to its highest level in two years.
There was little to "spark a fresh wave of enthusiasm" before tomorrow morning's release of the Personal Consumption and Expenditures (PCE) price index, says Susannah Streeter, head of money and markets at Hargreaves Lansdown.
The data, which tracks consumer spending, is the Fed's preferred measure of inflation, and it's garnering more attention than usual this time around following recent hot readings in the Consumer Price Index (CPI) and the Producer Price Index (PPI).

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 January PCE index is "expected to show that inflation is being stubborn, with a small uptick expected," Streeter adds, continuing a "bumpy" path down from sky-high price increases.
Bitcoin hits highest level in two years
While inflation is top of mind for investors, there were plenty of headlines today to capture Wall Street's attention. Bitcoin prices, for one, topped out above the $61,000 level for the first time since November 2021.
Gautam Chhugani, senior analyst of Global Digital Assets at Bernstein, says this latest surge came as bitcoin ETFs (exchange-traded funds) have seen an "unprecedented" amount of net inflows, bringing in $1.1 billion over the past two days.
Whatever the catalyst, the positive price action had a halo effect on several crypto-related stocks, with Marathon Digital Holdings (MARA, +2.4%) and MicroStrategy (MSTR, +10.5%) among the day's biggest gainers.
Beyond Meat surges after earnings
As for single stocks, Beyond Meat (BYND) was a big mover after the plant-based protein maker reported earnings, surging 30.7%. While the company reported a wider-than-expected loss of $2.40 per share, revenue of $73.7 million beat analysts' estimates.
Additionally, CEO Ethan Brown said in the earnings call that Beyond Meat is taking "major steps" to return to growth, including "a steep reduction in operating costs and cash use." Indeed, at the end of 2023, the company said it is cutting its global workforce by 19%.
Still, most analysts are skeptical of Beyond Meat. Of the 14 covering the consumer staples stock tracked by S&P Global Market Intelligence, six say it's a Hold, four have it at Sell and four rate it a Strong Sell. This works out to a consensus Sell recommendation.
As for her Sell rating on BYND, Argus Research analyst Taylor Conrad says that while "recent actions will help," increased competition and declining demand for plant-based protein will continue to create challenges for the company.
UnitedHealth drags on Dow after WSJ report
Elsewhere, UnitedHealth Group (UNH) was the worst Dow Jones stock Wednesday, tumbling 3.0%. The stumble comes after a report in The Wall Street Journal revealed the Justice Department has opened an antitrust investigation into the healthcare insurance giant.
At roughly $498 a share, UNH has the greatest weighting of all 30 stocks in the price-weighted Dow Jones Industrial Average, and so it more than contributed to the blue chip benchmark's 0.1% decline to 38,949. The S&P 500 finished down 0.2% at 5,069, while the Nasdaq Composite slipped 0.6% to 15,947.
Related content
- What to Do With Your 401(k) When You Leave Your Job
- Pharmacy Disruptions Are Ongoing In Aftermath of UnitedHealth's Cyberattack
- Wendy's Teases "Uber-Style" Surge Pricing
Get Kiplinger Today newsletter — free
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.
-
Do You Really Need That Wine Cellar?
Home Features Wine cellars are a popular feature in high-end houses. Will installing one in your home increase its value, or would you be better off with a cheaper solution?
-
Think a Repeal of the Estate Tax Wouldn't Affect You? Wrong
The wording of any law that repeals or otherwise changes the federal estate tax could have an impact on all of us. Here's what you need to know, courtesy of an estate planning and tax attorney.
-
Think a Repeal of the Estate Tax Wouldn't Affect You? Wrong
The wording of any law that repeals or otherwise changes the federal estate tax could have an impact on all of us. Here's what you need to know, courtesy of an estate planning and tax attorney.
-
In Your 50s? We Need to Talk About Long-Term Care
Many people don't like thinking about long-term care, but most people will need it. This financial professional recommends planning for these costs as early as possible to avoid stress later.
-
Where to Invest in an Uncertain Market
In an uncertain market, you can still pocket juicy payouts ranging from 4% to 14%, depending on risk.
-
My First $1 Million: Events Industry CEO, 65, Northern New Jersey
Ever wonder how someone who's made a million dollars or more did it? Kiplinger's My First $1 Million series uncovers the answers.
-
Social Security Pop Quiz: Are You Among the 89% of Americans Who'd Fail?
Shockingly few people have any clue what their Social Security benefits could be. This financial adviser notes it's essential to understand that info and when it might be best to access your benefits.
-
Stock Market Today: Investors Look on the Bright Side
A generally good week closes on another positive note, as investors, traders and speculators look for fresh catalysts.
-
My Three-Day Rule for Investing: And If it Applies Now
Stock Market I've seen a lot in my career. Here's what I see now in the stock market.
-
Such Attractive Yields in High-Grade Munis Are Rare and May Not Last Long
According to this munis expert, the last time munis were this cheap was a brief period in 2023. If you kicked yourself for missing out then, you have a second chance now.