Wall Street Today | JPMorgan Says Too-Hot CPI Would Put Stocks at Risk of 5% Tumble

With a dovish Fed pivot seemingly off the table after last week's employment report, risks for speculators are running high before Thursday's release of the consumer price index. Anything above the prior reading of 8.3% would be big trouble for the stock market, according to $JPMorgan (JPM.US)$'s trading desk.

$Meta Platforms (META.US)$ CEO Mark Zuckerberg said on Tuesday that his company's newest virtual reality headset, dubbed the Meta Quest Pro, will cost $1,500 and start shipping on Oct. 25. $Microsoft (MSFT.US)$ CEO Satya Nadella joined Meta's Mark Zuckerberg to discuss bringing the company's apps like Teams into VR.

The Biden Labor Department released a proposal Tuesday that could make it possible for gig workers to be reclassified as employees, rather than contractors. The proposed rule, if adopted, could raise costs for companies like $Lyft Inc (LYFT.US)$, $Uber Technologies (UBER.US)$ and $DoorDash (DASH.US)$.
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$Intel (INTC.US)$ is planning a major reduction in headcount, likely numbering in the thousands, to cut costs and cope with a sputtering personal-computer market, according to people with knowledge of the situation.
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$Alphabet-A (GOOGL.US)$ said Tuesday that it will rely on Coinbase to start letting some customers pay for cloud services with cryptocurrencies early in 2023. In addition, Google said it would explore using Coinbase Prime, a service for storing and trading cryptocurrencies. $Coinbase (COIN.US)$ will move some of its applications to Google's cloud from Amazon Web Services.

The Justice Department is investigating whether $Credit Suisse (CS.US)$ continued to help US clients hide assets from authorities, eight years after the bank paid a $2.6 billion tax-evasion settlement and pledged to tackle the issue. Bank says it's cooperating, set 'high standards' for employees.