- As investors continued to reprice assets to account for the federal reserve's move to restrictive policy, stocks gained another significant gain, the dollar rose, and gold fell.

- The S&P 500 reversed a nearly 2% gain in a tumultuous trading session, as the tech-heavy Nasdaq 100 dropped to its lowest level since June. Tesla fell 12% after the electric car maker postponed the debut of new models due to supply-chain issues. Intel drove down other chipmakers after issuing a poor profit prediction, while Apple slumped for the ninth day in a row ahead of its earnings announcement. Along with the two-year treasury yield, the dollar rose. Natural gas futures in the US have risen sharply, indicating that bearish bets are being forced out of the market.

- As traders sought to price the forecast for interest rates, stock prices have been wiped away by more than $5 trillion this year. Markets were expecting four quarter-point rises in 2022, but that number increased to five after Fed Chair Jerome Powell said the economy and job market could withstand a quicker pace if necessary. As they struggle to adjust to a tighter policy environment, Morgan Stanley's strategist Andrew Sheets is doubling down on a bet that US stocks would change from leaders to laggards.