5 things to know before the stock market opens Tuesday, June 14

• Monday’s steep sell-off saw the S&P 500 lose 3.9% and the Nasdaq already in a bear market since March drop 4.7%. The Dow sank 876 points or 2.8%. The 30-stock average fell further into a correction, down 17% since its January record high. A correction is defined as a decline of 10% or more from a prior high. All three stock benchmarks have been dropped for four sessions in a row.

• After the Fed’s May meeting, which saw rates go up 0.5%, Powell took a 0.75% hike off the table.
• But a lot has changed since then with the stock market sell-off and the surge in bond yields, and another recession-signaling 2-year yield and 10-year yield inversion.
• The markets are concerned the Fed is going to have to clamp down much harder on the economy to fight inflation and that it might lead to a recession.

• Bitcoin briefly dropped below $21,000 overnight in Asia before bouncing back slightly. Crypto assets were hammered Monday as concerns mount over lending platform Celsius and crypto exchange Binance briefly pausing withdrawals. Bitcoin, trading around $22,000 early Tuesday, has fallen roughly 68% from its all-time in November.

• Oracle CEO Safra Catz said in a statement, “We believe that this revenue growth spike indicates that our infrastructure business has now entered a hyper-growth phase.” Oracle’s earnings beat is particularly important as investors turn their focus to companies that can generate profitability and cash during a downturn. Before the after-hours jump, Oracle shares were down 27% for the year.

CNBCs Sarah Mino† Samantha Subin† Fred Imbert† Jeff Cox† Abigail Ng† Kate Rooney and Ari Levy contributed to this report.

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