The Federal Open Market Committee met Tuesday to weigh its next move on interest rates (among other things), and companies are beginning to report second-quarter results in earnest this week. As investors tried to sense which way the winds were blowing, the market's mood Tuesday was distinctively pessimistic.
As of the close of trading, the Nasdaq Composite (NASDAQINDEX: ^IXIC) was down 220 points, about 1.9%. The session's "leading losers" included Coinbase (NASDAQ: COIN) , Affirm Holdings (NASDAQ: AFRM) , and Roku (NASDAQ: ROKU) , down 21.1%, 11.7%, and 7.9%, respectively. None of the three reported earnings, though Roku will do so later this week.
According to various sources, crypto trading and blockchain building platform Coinbase is facing a probe by the U.S. Securities and Exchange Commission into whether it improperly allowed Americans to trade digital assets that should have been registered as securities. Coinbase Chief Legal Officer Paul Grewal posted on Twitter that "...we are confident that our rigorous diligence process -- a process the SEC has already reviewed -- keeps securities off our platform..." and linked to a company blog post from earlier this month titled, "Coinbase does not list securities. End of story."
For further details see:
Coinbase, Affirm, and Roku Lead Nasdaq Stocks Lower: Avoid or Opportunity?