Stock market news today October 4

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Billionaire investor Stanley Druckenmiller unloads on the
unstoppable machines disrupting markets, and explains how they’ve
kept him from dominating

Stanley
Druckenmiller has made billions by reading
market signals and investing accordingly.

But as machine-driven passive-investment
strategies have exploded in popularity over
the past decade, those signals have all but vanished.

That has resulted in a treacherous environment unlike any
Druckenmiller previously experienced in his long, fruitful career
— one that’s seen him lead George Soros’ Quantum Fund and later
become chairman and president of his own $12 billion hedge fund.

Druckenmiller
is now being forced to reassess his approach and recalibrate
strategies that have worked for decades.

Stocks get whacked as the 10-year hits its highest level
in over 7 years

US equity markets
were under pressure Thursday as Treasury yields touched their
highest levels in over seven years. Selling weighed heaviest on
the tech-heavy Nasdaq, which saw losses in excess of 2%. The Dow
Jones industrial average and the S&P 500 were both lower by
more than 1.2%.

Tuesday’s weakness comes as the
benchmark 10-year
Treasury yield raced above 2.30% for the
first time since the spring of 2011. The 10-year had rallied more
than 15 basis points since Tuesday’s close after a strong
private-sector payrolls reading fueled speculation that the
Federal Reserve would hike interest rates more quickly than
expected. Those rate hikes would make it more expensive for
companies to borrow money, and potentially choke off economic
growth sooner than anticipated.

Ripple’s Chris Larsen makes Forbes 400 as the world’s
richest crypto tycoon

On Thursday, Ripple co-founder Chris
Larsen graced
the Forbes 400 as the 383rd richest person on Earth.

Larsen’s
addition to the list is noteworthy: He’s the first person to
ever make the list with a fortune amassed almost exclusively from
cryptocurrencies.

Forbes estimates Larsen’s current net worth
to be $2.1 billion. While that may seem like a lot, it’s a steep
decline from what
Forbes’ estimated to be Larsen’s total $37.3 billion net
worth in January of this year.

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