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).
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free 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
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.
-
Stock Market Winners and Losers of the 'Big, Beautiful' Bill
Defense, manufacturing and tech should prosper, while health care and green energy stocks face hurdles.
-
I'm a Financial Planner: Here's How to Invest Like the Wealthy, Even if You Don't Have Millions
Private market investments, once exclusive to the ultra-wealthy and institutions, have become more accessible to individual investors, thanks to regulatory changes and new investment structures.
-
Four Ways a Massive Emergency Fund Can Hurt You More Than It Helps
Saving too much could mean you're missing opportunities to put your money to work. Redirect some of that money toward paying off debt, building retirement funds, fulfilling a dream or investing in higher-growth options.
-
With Buffett Retiring, Should You Invest in a Berkshire Copycat?
Warren Buffett will step down at the end of this year. Should you explore one of a handful of Berkshire Hathaway clones or copycat funds?
-
I'm a Financial Planner: How to Dodge a Retirement Danger You May Not Have Heard About
Timing is everything, and sequence of returns risk can mean the difference between a retirement nest egg that's overflowing … or empty.
-
Caring for Aging Parents: An Expert Guide to Easing the Financial and Emotional Strain
Early conversations, financial planning and understanding the progression of care needs can help to mitigate stress and protect family relationships.
-
Dow Adds 238 Points as UNH, CAT Pop: Stock Market Today
The lack of a September jobs report didn't seem to worry market participants, with the data delayed due to the ongoing government shutdown.
-
I'm a Financial Adviser: The OBBB Is a Reminder for Older People to Have a Long-Term Plan
The new tax bill presents a good opportunity for retirees to revisit tax plans, look into doing some Roth conversions and consider plans for long-term care.