"It may be that interest rates will have to rise somewhat to make sure our economy doesn't overheat," Treasury Secretary Janet Yellen said on Tuesday, triggering a selloff in the tech sector which depends on low rates for its lofty valuations. The Nasdaq closed 2% lower on the news, before a correction was issued by the press office. "Let me be clear, it's not something I'm predicting or recommending," Yellen later explained.  The Fed Chair has previously insisted that he's "not even thinking about thinking about higher rates" until the labor market recovers from last year's economic downturn.

Another crypto craze is taking the market by the storm as a parabolic rally for altcoins (cryptos other than bitcoin) took the value of all digital tokens past $2.3T. Dogecoin a crypto that started as a joke, is now changing hands at 68 cents, up about 63% in the past 24 hours, 131% over the past week, and over 11,000% so far in 2021.

Private job growth accelerated in April but fell a bit short of Wall Street expectations, according to a report Wednesday from payroll processing firm ADP.  Companies added 742,000 workers for the month, a jump from March’s upwardly revised 565,000 but a bit shy of the 800,000 forecast from economists surveyed by Dow Jones.