Fresh concerns of a slowing economy, fresh worries of an AI bubble, and a key jobs report looming at the end of the week have sent markets on a wild wide after the holiday weekend.
Catch up fast: Nvidia was the headliner yesterday (surprise, surprise), falling over 9% in what was the biggest one-day loss of market value ($279 billion) of any single stock on record.
That was enough to drag down major indexes, including a 2% drop for the S&P 500 and a steeper 3.5% plunge for the tech-heavy Nasdaq Composite.
Throw in some weaker-than-expected manufacturing data, and investors saw crooked red numbers across a number of stocks from tech to energy to industrials.
The PGA Tour's rivalry with LIV Golf will come to a head in December when two stars from each tour will face off against each other in a special made-for-TV match.
Between the lines: PGA superstars Scottie Scheffler and Rory McIlroy will play LIV's Brooks Koepka and Bryson DeChambeau in a competition to be aired on TNT, Golfweek reported today.
They'll each get an appearance fee, but there won't be prize money.
Zoom out: The PGA Tour and the Saudi backers of the separatist LIV tour are having ongoing discussions about a potential merger, but for now they remain warring entities.
The bottom line: The match "will be widely interpreted as indicating a potential thaw in relations between the once warring camps," Golfweek writes.
Vice President Kamala Harris wants to tax long term capital gains at 28% for wealthy Americans, calling for a top rate that's more than ten points lower than what President Biden has proposed.
Why it matters: Harris' new capital gains policy marks her clearest break yet with Biden as she fleshes out her policy positions as the Democrats' presidential nominee.
Uniswap Labs, the firm behind the world's most popular decentralized exchange, is under fire from a variety of regulators.
Why it matters: If regulators want to throw a giant monkey wrench into the crypto economy, making people afraid to use Uniswap would be a great way to do it.
President Joe Biden is reportedly set to block U.S. Steel's sale to Japan's Nippon Steel.
Why it matters: The $14.9 billion deal, opposed from the start by the United Steelworkers union, has faced fierce bipartisan opposition with presidential candidates courting the labor vote in Pennsylvania, where U.S. Steel is based.
The labor market is cooling rapidly, increasing the odds of an aggressive interest rate cut from the Federal Reserve in just two weeks. New data out Wednesday morning bolsters the case.
Why it matters: The latest job turnover data highlights the risk that the Fed is already behind the curve if it wants to address the deteriorating job market.
Private equity is the cause of, and solution to, America's most intractable monetary mess: The penny.
Catch up quick: Caity Weaver wrote a darkly humorous dive into the copper-colored coins for this past weekend's NY Times Magazine, which is very worthy of your time.
Americans in parts of the South and Southeast are having an especially hard time paying for everyday expenses compared to those elsewhere, according to the latest census data.
Why it matters: Consumers nationwide have been dealing with rising prices — but those in some areas are having a harder time making ends meet than others.
More students than ever are headed to class in an electric school bus this fall as school districts race to take advantage of unprecedented government funding to replace their diesel fleets.
Why it matters: Exhaust from diesel buses is linked to serious health and development conditions for children, especially in low-income communities.
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