The stock market plunged on Friday, with the S&P 500 shedding 3.6% and the Nasdaq down an eye-popping 4.2%.
Why it matters: The market is reflecting increasing uncertainty over whether the Federal Reserve can engineer a soft landing as it embarks on an aggressive rate-hiking plan, and economic growth falters.
Geoff Morrell, who in December was named Disney’s first chief corporate affairs officer, on Friday told his team he's resigning because the job is "not the right fit."
Driving the news: Disney and CEO Bob Chapek are embroiled in a firestorm over Disney's opposition to a new Florida law barring instruction on gender identity and sexual orientation for K–3rd graders.
Driving the news: The shortage, exacerbated by pandemic-induced supply chain issues and recent product recalls, has sent the price of formula skyrocketing in certain communities.
Elon Musk sold shares of Tesla stock worth roughly $8.4 billion this week, according to new filings with the Securities and Exchange Commission on Friday.
Why it matters: The sell-off is presumably linked to his deal to buy Twitter for around $44 billion.
Employers' compensation costs were rising quickly at the start of the year, and the price of consumer goods continued its surge in March, according to new data that showed inflation pressures continued in the U.S. through the winter.
Driving the news: The Employment Cost Index, a measure of how much employers pay for their workers' wages and benefits, was up 1.4% in the first quarter and 4.5% over the last year. The personal consumption expenditures price index was up 0.9% in March, or 0.3% excluding volatile food and energy.
The greenbacksoared on Thursday. It will now buy more than 130 yen — a level not seen since mid-2002 — in an illustration of the dollar's growing muscle.
Driving the news: The surge against the yen came after the Bank of Japan stuck to plans to keep interest rates low, despite an increasingly inflationary global backdrop.
Details from Thursday's first-quarter GDP report show a snapshot of how the world has changed over the last few years.
Why it matters: The COVID-era focus on home-buying, home optimization and remodeling is an example of the remarkable changes that occurred in the American economy and individual behavior over the last couple of years.
One of the persistent storylines of the last six months or so is the clash between Americans feeling pessimistic about the economy, and the reality of the actual (booming) economy. But that tale may be about to enter a new chapter.
The big picture: We're at a pivot point in this bad vibe era as the Federal Reserve moves to for-real put the brakes on the economy — which could cool off the era's signature hot labor market. Next week the Fed will likely hike rates by a half-percentage point.
We all have chances to help those struggling instead of looking the other way — or justifying doing nothing.
Why it matters: This mindset applies to leadership, as well as life. We try hard to apply these principles at work — paying close attention and swarming when people hit ruts.
California Attorney General Rob Bonta announced Thursday that his office has subpoenaed ExxonMobil as part of an investigation into the fossil fuel and petrochemical industries' role in "causing and exacerbating the global plastics pollution crisis."
Why it matters: The U.S. only recycles about nine percent of produced plastics, according to estimates from the Environmental Protection Agency. Much of our plastic waste, which takes hundreds of years to decompose, ends up in waterways and poses a major threat to marine life and ecosystems.
