June 13, 2022

Friday’s equities selloff intensified Monday with all three major indices plunging in a way that is reminiscent of March 2020.   Inflation worries have investors second guessing Fed Chair Powell’s commitment to a modest rate hike in this week’s FOMC meeting. The Dow is currently down 2.2% and the S&P 500 is down 3.2%. The Nasdaq, which has been most vulnerable to rising rates, is down nearly 4% two hours into the trading session. Metals also fell with gold and silver down 2.3% and 3.8%, respectively. Bitcoin plunged 12.5% today as cryptos continue to get hammered amid rising prices.