There’s a busy week ahead: The Q3 earnings season comes charging in with companies like Citigroup, Delta Air Lines, Domino's Pizza, JPMorgan Chase, Morgan Stanley, PepsiCo, and UnitedHealth all set to report. The economic calendar is also busy with updates on the NFIB small-business index, initial and continuing jobless claims, retail sales data, and consumer sentiment - although the primary focus will be on hot reads on inflation with the producer prices report and consumer prices report due in. Third-quarter S&P 500 earnings growth is now expected to be 2.6%, down from 9.8% in July.

Banks led by Morgan Stanley may lose about $500M in their effort to fund Elon Musk's $44 billion purchase of Twitter as the debt markets have seized in recent months. Lenders including Morgan Stanley, Bank of America, and Barclays originally committed $13B of debt financing for the transaction. Those banks will take a haircut if they had to sell the debt now, according to Bloomberg calculations. They originally agreed to fund the purchase even if they couldn't sell the debt and its now significantly less marketable in the current environment.

Shares in top Chinese chipmakers shed $8.6bn in market value on Monday, as new US export controls threatened to obstruct Beijing’s plans for technological self-sufficiency. The sharp losses came after Washington unveiled new export controls on Friday that restrict the sale of semiconductors made with US technology unless vendors obtain an export license.