Cryptocurrency Market Downturn - Bitcoin price sank below $93,000, reaching its lowest level since April [2] - Bitcoin's decline has erased nearly all of this year's gains [2] - Traders attribute the downturn to weak Asia demand, leveraged unwind, and a rotation into crypto proxy stocks [2] - Bitcoin has triggered a death cross, a bearish chart signal [2][3] - The market is experiencing extreme fear, ETF outflows, and whale selling, compounding the drawdown [3] - MicroStrategy made its biggest Bitcoin purchase since this summer, holding over $48 billion worth of the coin [4] - Digital asset treasury stocks, including Bit Mine and Immersion, have experienced significant declines [5] Jeff Bezos' AI Venture - Jeff Bezos is launching a new AI company called Project Prometheus, focused on physical intelligence [6] - Project Prometheus has raised $62 billion in initial funding, including money from Bezos [7] - The company aims to apply AI to engineer and manufacture complex real-world systems like computers, spacecraft, and cars [6] - Project Prometheus may carve out a unique niche at the intersection of robotics, infrastructure, and hardware [7] - The company's technology could potentially synergize with Blue Origin's business [8] - The AI advancements could contribute to Amazon's warehouse robotics push, aiming for "lights out" facilities with minimal human oversight [10][11]

Construction Spending Data - August construction spending increased by 02% [1] - July construction spending was revised upwards to 02% [1] - These two months represent the best construction spending readings of the year, equalling August of the previous year [2] - To find a higher construction spending number, one must go back to May of the previous year [2] Market Reaction - The 10-year yield is down two basis points [2] - The 2-year yield is virtually unchanged [3] Data Release - Government data is being released after a period of delay [1][2] - The market anticipates the release of jobs and claims data on Thursday [2]

New York Fed uh President John Williams met last week with banks uh that underwrite the government's debt about and he met about a key short-term lending facility. Williams asked for feedback on the use of the Fed's standing uh repo facility which allows institutions to borrow cash from the Fed in return for highquality collateral like treasury bonds. Central bank officials view the tool as helpful in keeping short-term borrowing costs within their intended range.The news uh comes amid some concern about st ...

And is the labor market in your view and we're going to hear more about it on Thursday. We'll finally get some numbers. >> Is it slowing at this point.And is uh on the other side the other part of the mandate uh is inflation uh are we seeing the beginnings of of another trend higher or do you think that's uh headed lower. No, I I I think on inflation, you know, the last CPI report we got surprised 48 Bloomberg economists on the downside and even had some sort of temporary bad news because there was a refine ...

question. [cheering and applause] >> It takes down a key pillar of the board. >> That was absolutely baked in the idea that we're going to get him, but we don't need him.Yeah, [applause and cheering] >> Mike's going to stick around. Let's get this opening bell on the CNBC real time exchange at the big board. It's Webster Bank based in Connecticut, celebrating 90 years at the NASDAQ.It's a Marisafe provider of workers comp insurance celebrating its 20th listing anniversary. Um, [applause] we did hold last Fr ...

Big moves in some of the top weighted stocks for the week. Nvidia, Tesla, Palunteer, Broadcom, Amazon, all down between anywhere from 2 to 8% as you can see there in that graphic. So, what's behind the move.And have we fallen too far too fast. Let's bring in Frank Cavaleri, founder and CEO over at Capthesis. He's also a CNBC pro contributor.Also with us is Sarah Kun, the managing director at Cleo Capital. Uh we're going to have a kind of more roundtable conversation about this because we'll have varying vie ...

We got to get I don't know some optimism, pessimism. Let's see what Jeremy Seagull's got to say this morning. Professor Ameritus of finance at the University of Pennsylvania's Warden School of Business, also chief economist at Wisdom Tree.Where do you stand, Professor. >> Well, uh Andrew, you said earlier about uh you know, how has the past looked when you invested 23 times earnings of you know, it's certainly a very a very good and apt apt question. Um I would I would answer I would answer the following.Um ...

Strauss Zelnick, Take Two interactive chairman and CEO. Always good to see you. Nice to be here.I always need a primer on this. And maybe the guy in the in my ear should be giving me questions because I don't I don't play video games, and you need to pretend that you're talking to someone that doesn't have kids. I do, but they're older now.What's the state of the video game business right now. >> It's the the the fastest growing part of the entertainment business has been for some time. Amazing.So in mid 22 ...

point. Joining us now with more on the crypto market, John Dagasino, Coinbase head of institutional uh strategy. We've seen this uh this movie before.Um what was the biggest sell-off. We had we had a move from I think 65 down to 15,000, didn't we, at at one point with Bitcoin. >> Sure.I mean, so historically, Bitcoin has traded in these four-year cycles and so we saw 2014, 2018, 2022, uh material moves down 20,000 down to 3,000 at one point I think. >> Absolutely. Yeah.>> So it can lose 70 or 80% of its val ...

Economic Outlook & Inflation - The discussion revolves around the perception of affordability and the impact of inflation on the US economy [2] - Inflation averaged over 5% during the Biden administration's four years [2] - Current inflation is at 3%, considered still too high [2][5] - Real average weekly wages fell during the Biden years due to inflation [5] - Real wages have increased by approximately $1,200 this year, partially offsetting a $3,000 "hole" created by previous policies [7] Government Policies & Spending - The previous administration's policies are blamed for creating a "big hole" that people are still trying to recover from [3] - Increased government spending is cited as a cause of runaway inflation [4] - Obamacare subsidies are criticized for disproportionately benefiting insurance companies and driving up insurance policy prices [9][10] - The fastest inflation in the economy is attributed to government subsidies for Obamacare insurance [10] Cost of Living - The typical monthly mortgage payment has approximately doubled [3] - The cost of a typical bag of groceries increased from around $400 to $512 during a certain period, with minimal increase since then [3]