Good evening.
Stocks tumble, Facebook experiences hours-long outage, and what to expect in the fourth quarter.
Let’s dive in.
Markets
Here are today’s market moves:
What Happened?
U.S. stocks tumbled on Monday as a sell off in shares of big tech companies rippled through the market.
Facebook shares fell 5% after a massive outage that took down its services for more than five hours.
The fourth quarter is usually a good period for markets, although investors seem to be extra cautious this time around.
Issues such as the debt ceiling crisis and the Fed possibly slowing down its support soon are adding to the negative sentiment.
The crypto market gained on Monday, with Bitcoin approaching $50k, as analysts predict the SEC will approve a Bitcoin ETF product in the coming weeks.
Catch Up
Mark Zuckerberg loses $7 billion in wealth amid Facebook outage.
Tesla delivered 241,300 vehicles last quarter, surpassing expectations.
The S&P 500 has averaged gains of 3.9% in the fourth quarter and was up four out of every five years since World War II.