Good evening.
Markets slide, the British pound hits a record low, and the Dow Jones enters a bear market.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks fell to start the week on Monday, with the S&P 500 hitting its lowest level of 2022.
Dow enters bear market. The Dow Jones has officially entered a bear market (down more than 20% from its January record high):
Global markets have tumbled in 2022 as central banks around the world raise interest rates at the most aggressive pace in modern history.
The crypto market climbed on Monday, with Bitcoin trading near $19,000. Crypto prices have held up recently despite tough market conditions.
Catch Up
The British pound plunged to a record low against the U.S. dollar on Monday.
The S&P 500 is down 23.80% so far in 2022, on track for its biggest annual decline since 2008.
87% of companies that went public in 2021 are trading below their IPO prices.