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Stocks Plunge Into Bear Territory


U.S. stocks and cryptocurrencies tumbled yesterday, with the S&P 500 dropping 3.9 percent and officially entering bear-market territory, defined as a more than 20 percent decline from its previous high.

The Dow Jones Industrial Average lost 2.8 percent yesterday, while the Nasdaq Composite shed 4.7 percent.

The selling was a direct result of last week’s monthly Labor Department inflation report, which was more severe than expected, The Wall Street Journal reported. Investors are now worried about more aggressive interest-rate policy and a potential recession. A 75-basis-point rate hike is suddenly on the table at the Federal Reserve as early as this week, WSJ reported.

Many boating-related stocks fared better than the broader markets in yesterday’s selloff, although Brunswick Corp. shares fell 3.8 percent to a 52-week low and Vision Marine Technologies retreated 11.2 percent.

The best performers in the sector were BRP, down 0.95 percent, and Marine Products Corp., down 1.48 percent.

Bitcoin fell below $22,000 today after plunging yesterday. Stock futures, however, were higher this morning.



Simrad Partners for Sustainable Boating

Using C-Map cartography, the Green Assistant system is designed to curtail wastewater discharges in prohibited areas.


Kenect Acquires Friendemic

The transaction allows Kenect to leverage its business texting platform with Friendemic’s software-as-a-service model.


Two Inducted into NMMA Hall of Fame

Former William Miller & Associates CEO and principal Joe Miller and Smoker Craft president and CEO Doug Smoker will be honored in a ceremony next week at IBEX.


NMTA Steps up To Boost Boating

The Northwest Marine Trade Association is awarding $1,000 Discover Boating grants to entities that promote boating in the region.


Freedom Boat Club Expands European Footprint

Windermere and Torquay are the first U.K. locations for the Brunswick subsidiary, which now has 33 locations across the United Kingdom, France and Spain.


Atlantic Marine Funds Next-Gen Techs

The dealership gave $26,500 to the Cape Fear Community College Foundation to fund scholarships for its Outboard Systems program.


MRAA Launches Podcast

The Boat Biz invites guests from across the recreational marine industry to give guidance on all aspects of selling and servicing boats.

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Dockside Chat on 3D Sonar Technology

Join Editor-in-Chief of PassageMaker Jeff Moser for a dive into 3D forward looking sonar technology with Bob Arrington and Matthew Zimmerman.


ePropulsion Opens R&D Center

Located in Shanghai, China, the new facility “plugs the gap in our research-and-development capabilities for high-power energy systems and electric propulsion systems.”