Good afternoon.
Markets slide, the Nasdaq falls to its lowest level of 2022, and Jamie Dimon warns of a recession in 6 to 9 months.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks fell on Monday, with the Nasdaq hitting its lowest level of 2022.
The tech-heavy index is down 33% this year, on pace for its worst year since the 2008 financial crisis:
The main focus for investors this week is the consumer price index (CPI) report for September, which drops on Thursday.
Earnings season. Q3 earnings season kicks off this week with results from big banks. Investors will get a look at how companies are coping with the Fed's rate hikes.
The crypto market fell on Monday, with Bitcoin trading near $19,000. The overall crypto market is down 70% from its November 2021 peak.
Catch Up
Recession fears. JPMorgan CEO Jamie Dimon warned on Monday that a U.S. recession is coming in 'six to nine months.'
A judge gave Elon Musk and Twitter until October 28 to close the acquisition of the social media platform.
24%. That’s how much the S&P 500 has fallen in 2022 as interest rates rise and investors reassess stock valuations.