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​The algorithmic stable coin is supposed to maintain a one-to-one peg against the US dollar but slumped nearly to $.26 to the dollar on Wednesday night after the complex mechanisms that were supposed to hold the dollar peg failed leading to the UST crash.

The Dow Jones Industrial Average fell 103.81 points, or 0.33%, to 31,730.3, the S&P 500 lost 5.1 points, or 0.13%, to 3,930.08 and the Nasdaq Composite added 6.73 points, or 0.06%, to 11,370.96.

With "perfect hindsight," Powell said, it "would have been better" to have begun raising rates earlier than March of this year, given inflation began a sharp turn higher in 2021.

The yen held most of its overnight gains on Friday, after falling U.S. yields and market jitters propped up the Japanese currency while another Wall Street selloff drove flight-so-safety bid to dollar, which remains near 20-year high peaks.

GameStop is down about 40% so far in 2022 compared with a 687% gain for 2021, with the stock rising more than 2,463% at its peak last year. AMC shares are down 60.6% year-to-date compared with a 1,183% gain in 2021 and a 3,624% jump at their highest point last year.

SBI, Tech Mahindra, Eicher Motors, HAL, Bank of Baroda, Bandhan Bank, Balkrishna Industries, Alkem Laboratories, Linde India, REC, APL Apollo Tubes, CESC, Nazara Technologies and Emami are among the companies which will announce their earnings today.

Stocks that were in focus include names like KRBL which bucked the trend to close with gains of over 15 per cent, Punjab National Bank hit a 52-week low and closed with losses of over 13 per cent, and IDFC First Bank fell more than 5 per cent.

GM Breweries, which had announced a final dividend of Rs 5 per share, will also go, ex-dividend today.

The near-term target for the stock is placed at Rs 141-144 for May series. The stock touched an intraday low of Rs 148 on 12 May.

The first and most important rule is - avoiding high PE stocks. In the recent fall in US and Indian markets, in an environment of rising rates, the highest falls have been witnessed by the high PE stocks. In the ongoing market fall, valuation correction is likely to be the main theme and will be concentrated in some of the expensive names.