The first day of summer was a sunny one on Wall Street, with US stocks posting their best gains in almost a month. However, things quickly turned stormy in today's early trading as investors fear global interest rate hikes will slow economies and weaken demand. Citigroup says the chance of a global recession is now close to 50%. Meanwhile, President Biden will speak today on his proposed gas tax holiday. Our extensive coverage begins with CNN's Rahel Solomon.

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