Good evening.
Markets slip, inflation reaches a 40-year high, and Q2 earnings season kicks off.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks fell on Wednesday after key inflation data came in higher than expected.
U.S. inflation reached 9.1% in June, its highest rate in 40 years:
Why it matters: The high inflation reading means the Federal Reserve will continue to raise rates at a rapid clip, raising concerns of a looming recession.
The crypto market climbed on Wednesday, with Bitcoin trading near $20,000, snapping a five-day losing streak.
Catch Up
The U.S. dollar and euro hit parity yesterday for the first time in 20 years.
Twitter has filed a lawsuit in Delaware to force Elon Musk to buy the platform for $44 billion.
The IMF on Tuesday cut its 2022 U.S. growth forecast and warned that avoiding a recession will be "increasingly challenging."