Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock

Good morning. On Fortune’s radar today:

• Markets: Down across the board; SpaceX takes heavy losses.
• The Fed will hike rates three times this year, BofA warns.
• Ship owners navigate confusion and threats in the Strait of Hormuz.
• The Iran war boosted electric vehicle sales.
• What companies are paying per worker for AI tokens.
• Alan Greenspan’s hot tub.
• Why men are giving up on work.

This story was originally featured on Fortune.com