U.S. crude rose to the $83 level on Monday. U.S.-based crude is the world's largest crude oil producer. The price of crude is a direct reflection of the price of oil in the United States. The cost of oil is a measure of how much it costs to produce a barrel of oil.

The Dow Jones Industrial Average fell over 400 points or 1.1%, while the S&P 500 and Nasdaq Composite fell over 0.7% and 0.5% midday. JPMorgan shares fell after posting a 14% drop in quarterly profits. stocks tumbled Friday as bank earnings rolled in and after an unexpected 1.9%drop in retail sales.

The stock is on pace for the largest percent decrease since June 26, 2020. Even so, CEO Jamie Dimon believes the economy is rebounding. "I think that the table is set for a very strong economy," he told FOX Business' Maria Bartiromo earlier this week.

He also said the Federal Reserve may do more rate hikes than planned. "The table is set pretty well for growth…with obviously the negative being inflation and how that gets navigated and stuff like that," he said. "I think we're in a good place," he added.
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