The stock market is freaking out because of the end of free money. It all has to do with something called ‘the Fed put’
WASHINGTON (Reuters) -President Joe Biden’s administration on Tuesday asked the U.S. Supreme Court not to hear Bayer’s bid to dismiss claims by customers who contend that its Roundup weedkiller causes cancer, as the company seeks to avoid potentially billions of dollars in damages. Solicitor General Elizabeth Prelogar, who represents the administration before the high court, said in a court filing that Bayer’s appeal should be rejected. Bayer shares on Wednesday plunged 6.3%, a loss of about 3.7 billion euros ($3.9 billion) in market value, to their lowest in seven weeks at 0735 GMT as traders dismissed any likelihood of the company’s case being heard.