Good evening.
Global markets tumble, S&P 500 enters a bear market, and Bitcoin approaches $20,000.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks tumbled on Monday as investors fear higher interest rates will cause a U.S. recession.
The S&P 500 is down more than 20% from its January record, sending it to an official bear market.
Fed meeting. The key event for investors this week is the Fed policy meeting on Wednesday.
Investors are preparing for the possibility of a larger-than-expected rate hike after inflation hit a 40-year high in May.
The crypto market fell sharply on Monday, with Bitcoin trading near $22,000 and Ethereum near $1,200, as global markets tumbled.
Catch Up
The overall cryptocurrency market has lost more than $2T in market value since November.
The S&P 500 is having its worst year-to-date performance since 1940.
The consumer price index rose 8.6% in May, the fastest increase since 1981.
What Else?
