Happy Tuesday! The US Stock Market Plunged Over 1,000 Points Overnight

Here’s a little bit of financial apocalypse news to brighten your Tuesday morning: the Dow Jones Industrial Average has plummeted by 1,175 points, its biggest single-day drop in history.

In conjunction with a massive drop on Friday, that adds up to a frankly huge 1,800 point shortfall – meaning that all the Dow Jones gains in 2018 are gone. It is entirely possible that Trump forgot to touch wood after making this tweet.

There are a number of reasons this has happened, but the one everyone’s pointing to is an uncommonly fast rise in interest rates, leading to expectations of inflation and a surge in bond yields.

Some argue that a drop in oil prices and bitcoin on Monday also may mean people are less inclined to put their money into high-risk assets at the moment.

The Australian stock market is following Wall Street, too. The ASX had its worst day since June 2017 yesterday, and all signs point to a 2.3 percent drop.

Is it time to crack open each others’ heads and feast on the delicious goo inside? Probably not – but I’m not going to tell you what you can and can’t do. We’ll keep you posted.