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Tech stocks got slammed on Thursday as all three major indices finished in the red.

Tech companies in the S&P 500 dropped by as much 2.7%, and the Nasdaq was down by as much as 2.3%.

First up, the scoreboard:

• Dow: 21,308.52, -146.09, (-0.68%)
• S&P 500: 2,420.87, -19.67, (-0.79%)
• Nasdaq: 6,134.61, -99.81, (-1.60%)
• US 10-year yield: 2.270%, +0.047
• WTI crude: $44.77, +0.03, +0.07%

1. Tech gets slammed. FANG stocks — Facebook, Apple, Netflix and Google — each slipped more than 1.7%, while the tech-heavy Nasdaq 100 index fell 2% to its lowest level since mid-May. Investors are growing increasingly wary of the space as they rotate out of so-called growth stocks amid monetary policy tightening from the Federal Reserve.

2. GDP beat estimates as consumers spent more. Gross domestic product, the value of everything produced in America, increased by 1.4%, a third estimate released Thursday showed. Consumer spending, the largest part of the economy, and exports were revised higher, though the broader picture of economic growth remained the same. The US economy enters its ninth year of expansion in July.

3. CBO says Congress has until mid-October to raise the debt ceiling and avoid an economic disaster. Treasury Secretary Steve Mnuchin has encouraged Congress to raise the limit before the legislative body leaves for its August recess.

4. A top trader at a $12.6 billion hedge fund is going it alone with $200 million from his boss. Giles Coppel, a top trader in Brevan Howard's New York office, is prepping his own hedge fund, people familiar with the matter told Business Insider. Brevan Howard is backing Coppel with $200 million, the people said.

5. Fred's crashed after its plan to buy nearly 1,000 Rite Aid stores was terminated. Walgreens and Rite Aid on Thursday said they scrapped their $17.2 billion merger, following scrutiny from US antitrust regulators. This sent shockwaves to Fred's, the pharmacy chain that had expected to  buy nearly 1,000 stores from Rite Aid. Fred's shares cratered by as much as 24% in early trading. 

6. Initial jobless claims unexpectedly ticked up. Claims, which count the number of people who applied for unemployment insurance for the first time, rose by 2,000 to 244,000. Economists forecast that claims would dip to 240,000.

ADDITIONALLY:

Japan can help us better understand one of the biggest puzzles facing the US economy.

Bitcoin's "bubble" is unlike anything we've ever seen before.

The Fed often starts worrying about an overheating economy "just as the recession it never sees is about to start."

SEE ALSO: An Ivy League professor explains chaos theory, the prisoner's dilemma, and why math isn't really boring

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NOW WATCH: An economist explains the key issues that Trump needs to address to boost the economy

Nike will report earnings for its fiscal fourth quarter after the market closes on Thursday. 

Here's what Wall Street is expecting, according to Bloomberg: 

• Earnings per share: $0.50
• Revenue: up 8% to $8.63 billion
• Gross margin: 44.3%
• Global future orders: 1.25% 
• North America future orders: -6.1%

"While Nike’s been trying to manage 2-yrs of sluggish trends in the US, we think the company needs to embrace a larger US rebasing in FY18," said Michael Binetti, an analyst at UBS, in a note on Tuesday. The company has suggested that more aggresive changes are coming, including possibly a 2% workforce reduction and selling on Amazon to crack down on counterfeiters, Binetti said. 

What matters most for Jefferies analysts is that North American future orders, which reflect retailers' demand and whiffed in the prior quarter, show some improvement. Also, progress on inventories and improved reception for Nike products are key to watch. 

Nike shares have gained about 5% this year. 

More to come ... 

SEE ALSO: Bitcoin's 'bubble' is unlike anything we've ever seen before

Join the conversation about this story »

NOW WATCH: Watch the new Nike ad celebrating Arab women in sports that is causing controversy

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. 

The US economy grew faster than initially thought in the first quarter, according to the Commerce Department.

Gross domestic product, the value of everything produced in America, increased by 1.4%, the Bureau of Economic Analysis' third estimate, released Thursday, showed. Consumer spending, the largest part of the economy, and exports were revised higher, though the broader picture of economic growth remained the same.

Tech companies in the S&P 500 dropped as much as 2.1% on Thursday amid renewed selling in the mega-caps that have led the market higher this year. FANG stocks — Facebook, Apple, Netflix and Google — each slipped more than 1.4%, while the tech-heavy Nasdaq 100 index fell 1.8% to its lowest level since mid-May.

There's a ton of deal news to get through, so let's dive right in:

• Walgreens is buying Rite Aid's assets for $5.18 billion after the two sides terminate their merger
• Fred's crashes after its plan to buy nearly 1,000 Rite Aid stores is terminated
• Blue Apron opens for trading at $10
• Blue Apron got Amazon'd before it even became a public company
• BLUE APRON CEO: Amazon's grocery business could be "good for us"
• A storage startup called off its $109 million IPO the night before it was scheduled to debut
• Staples is being acquired by a private-equity firm for $6.9 billion
• MAPPED: The companies under siege by the Whole Foods-Amazon merger

The Federal Reserve approved plans from the 34 largest US banks to use extra capital for stock buybacks, dividends and other purposes beyond a cushion against possible catastrophe. The banks are set to hand $130 billion to investors, and their stocks are soaring. 

In Wall Street news, a top trader at $12.6 billion hedge fund Brevan Howard is going it alone, and a 33-year old hedge fund manager is hoping to raise at least $200 million for a new fund. 

Martin Shkreli's lawyer used Lady Gaga lyrics to defend his client. "He was born this way," the lawyer said. 

Traders are bracing for the loss of a crucial stock market driver. Millennials are flocking towards some of the most speculative ways to invest. Bitcoin's "bubble" is unlike anything we've ever seen before. And a popular cryptocurrency could be using more than a country's worth of electricity.

We spoke to the CEO of Betterment, an investing startup taking in $12 million a day, about the future of finance, millennials, and happiness.

Foreclosures at one of the most expensive buildings in New York are an ominous sign for the luxury market. America is hooked on credit cards — and it's pretty clear why.

Japan can help us better understand one of the biggest puzzles facing the US economy. The richest US families own a startling proportion of America's wealth. And these three charts explain the economic side effects of the student loan crisis.

Lastly, there are four big mistakes guys make with their business attire, according to a menswear expert.

Join the conversation about this story »

NOW WATCH: Barclays strategist: You can expect a major department store to fail in the next 18 months

A bitcoin trader and advocate in Arizona has been charged with operating an unlawful money transmission.

Source

There are still some question marks about whether bitcoin is in a bubble. But the speed of its price growth is already nearly unmatched.

The cryptocurrency has surged 162% in very volatile trading this year amid continued demand. But as the chart below illustrates, bitcoin's longer-term rally by as much as 1,000% was swifter than homebuilder stocks in the lead up to the housing crash. 

Jeffrey Kleintop, the chief global investment strategist at Charles Schwab, said that "the 10-year buildup is important to how embedded the bubble becomes and how much impact the bursting has on the economy and markets."

In other words, this is simply unprecedented. But arguably, a bitcoin crash probably won't have the same ripple effect on the economy as some other assets would. 

Billionaire Marc Cuban is among those who have said bitcoin prices are in a bubble. "When everyone is bragging about how easy they are making $=bubble," he tweeted. 

Ethereum, another cryptocurrency, is up by more than 3,000% this year. 

SEE ALSO: Millennials are flocking towards some of the most speculative ways to invest

DON'T MISS: PRESENTING: The most important charts in the world from the brightest minds on Wall Street

Join the conversation about this story »

NOW WATCH: An economist explains the key issues that Trump needs to address to boost the economy

There are still some question marks about whether bitcoin is in a bubble. But the speed of its price growth is already nearly unmatched.

The cryptocurrency has surged 162% in very volatile trading this year amid continued demand. But as the chart below illustrates, bitcoin's longer-term rally by as much as 1,000% was swifter than homebuilder stocks in the lead up to the housing crash. 

Jeffrey Kleintop, the chief global investment strategist at Charles Schwab, said that "the 10-year buildup is important to how embedded the bubble becomes and how much impact the bursting has on the economy and markets."

In other words, this is simply unprecedented. But arguably, a bitcoin crash probably won't have the same ripple effect on the economy as some other assets would. 

Billionaire Marc Cuban is among those who have said bitcoin prices are in a bubble. "When everyone is bragging about how easy they are making $=bubble," he tweeted. 

Ethereum, another cryptocurrency, is up by more than 3,000% this year. 

SEE ALSO: Millennials are flocking towards some of the most speculative ways to invest

DON'T MISS: PRESENTING: The most important charts in the world from the brightest minds on Wall Street

Join the conversation about this story »

NOW WATCH: An economist explains the key issues that Trump needs to address to boost the economy

Print section Print Headline:  Dial M for money Print Fly Title:  Changing the currency UK Only Article:  standard article Issue:  Trump’s Washington is paralysed Fly Title:  Doing away with cash Main image:  20170701_bkp511.jpg Before Babylon, Beyond Bitcoin: From Money that We Understand to Money that Understands Us. By David Birch. London Publishing Partnership; 264 pages; £22.50. PEOPLE use money every day and yet struggle to understand it. The economic experiment known as monetarism—limiting the supply of money in order to control inflation—was abandoned when it became clear it was impossible to establish a precise definition of the money supply. The idea of negative interest rates, introduced by some modern central banks, puzzles those who think that savers should be rewarded for thrift. “Before Babylon, Beyond Bitcoin” by David Birch, a consultant, offers a broad historical overview on the nature of this essential ...

Print section Print Headline:  Dial M for money Print Fly Title:  Changing the currency UK Only Article:  standard article Issue:  Trump’s Washington is paralysed Fly Title:  Doing away with cash Main image:  20170701_bkp511.jpg Before Babylon, Beyond Bitcoin: From Money that We Understand to Money that Understands Us. By David Birch. London Publishing Partnership; 264 pages; £22.50. PEOPLE use money every day and yet struggle to understand it. The economic experiment known as monetarism—limiting the supply of money in order to control inflation—was abandoned when it became clear it was impossible to establish a precise definition of the money supply. The idea of negative interest rates, introduced by some modern central banks, puzzles those who think that savers should be rewarded for thrift. “Before Babylon, Beyond Bitcoin” by David Birch, a consultant, offers a broad historical overview on the nature of this essential ...

Fidelity Charitable has announced it has raised nearly $9m in bitcoin in 2017, a figure that already surpasses last year's total.

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POSaBIT, a Seattle-based digital currency payments startup with a focus on serving legal cannabis outlets, has raised $1.5m in funding.

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Code for a popular but controversial bitcoin scaling proposal is set to be released on Friday, marking a major milestone for the effort.

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A Connecticut resident has pleaded guilty to charges that he stole more than $300,000 in bitcoin as part of a phishing scheme.

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