S&P 500 crypto stocks tank after Fed’s controversial rate cut

The U.S. Federal Reserve lowered interest rates for the first time in nine months, cutting the federal funds rate by 25 basis points to a new target range of 4.00% to 4.25%. The move, backed by 11 of 12 voting members, comes amid slowing economic growth, weaker job creation, and a slight uptick in unemployment, despite inflation remaining above target. Crypto stocks saw mixed reactions. Coinbase (COIN) fell 2.20% Tesla (TSLA) slipped 0.65% Robinhood (HOOD) edged down 0.37%, MicroStrategy (MSTR) droppe ...