Good evening.
Market rout continues, Ethereum cuts its energy consumption by 99.95%, and FedEx warns of a 'worldwide recession.'
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks fell on Friday as Wall Street wrapped up one of its worst weeks in months.
Investors grew concerned after FedEx warned that a global recession could be coming as demand for packages around the world tumbles:
The September Effect. The stock market's weakness this month could be due to the September Effect, which refers to historically weak stock market returns for the month of September.
All eyes will be on the Federal Reserve next week. The central bank is expected to raise interest rates by 0.75%.
The crypto market was mainly flat on Friday. Ethereum completed a long-awaited upgrade known as the Merge this week, reducing its energy consumption by 99.95%.
Catch Up
FedEx stock fell 22% on Friday, its worst day since going public in 1978.
Mortgage rates topped 6% this week, their highest level since the 2008 financial crisis.
Adobe announced that it's acquiring Figma, a popular design platform, for around $20 billion.