Good evening.
Markets slide, the stock market has its worst day since June, and the Ethereum Merge is coming.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks fell sharply on Monday as investors worried about further aggressive rate increases and a slowing economic backdrop.
The S&P 500 tumbled 2.5%, its worst day since June:
Summer rally fades. The stock market has been reversing some of its recent rebound as investors prepare for a speech this week by Jerome Powell, the Federal Reserve chair.
The speech could give clues on how aggressively the Fed plans to raise rates at its meeting next month.
The crypto market fell on Monday, with Bitcoin trading near $21,000. The world's largest cryptocurrency is down 55% since the beginning of the year.
Catch Up
Q2 earnings season wraps up this week. With 95% of S&P 500 companies having reported Q2 results, three-quarters beat expectations.
JPMorgan CEO Jamie Dimon says "something worse" than a recession could be coming.
Ethereum is planning a major upgrade in September, known as the Merge. The upgrade will significantly lower the amount of energy the network uses.