Axios

Astera Labs' and Reddit's recent public listings fetched modest valuations — but their IPOs proved that there's pent-up appetite from investors for new stocks.

Why it matters: Cracking the IPO window back open is no easy task, and attempts last fall came with mixed initial results.

While the bridge collapse in Baltimore was due to a series of unlikely accidents rather than crumbling infrastructure, the incident has put renewed focus on the vulnerability of bridges across the U.S.

The big picture: The Department of Transportation considers 6.8% of the over 600,000 bridges it tracks and rates to be in "poor" condition. That doesn't sound too bad on a percentage basis, but it's over 40,000 bridges in total.

Pandemic-era conversations about four-day workweeks have quieted down, but U.S. workers are logging off earlier and earlier on Fridays.

Why it matters: COVID's disruptions to the way we work — like lighter Fridays when working remotely — have staying power.

Call it Easter eggflation: High egg prices are impacting holiday celebrations for the second year in a row.

Why it matters: Supply issues related to the ongoing bird flu outbreak and weather-related demand have fueled the inflation of eggs in recent months.

The S&P 500 notched its best first-quarter performance in five years, per CNBC.

• The index is up 10.2% so far.

👨🏻‍⚖️ SBF's jail time is set to be "nothing like a country club." (Axios)

🎒Harvard applications fell 5% from a year ago following a tumultuous period that included its president's resignation and a Supreme Court defeat. (Bloomberg)

🎞️ "Oppenheimer" opened in Japan today after an eight-month delay "to generally favorable reaction." (WSJ)

"It is well past time for this talented reporter and innocent man to come home."

Which is more important: that the general trajectory of inflation over the last year remains downward, or that price gains tick up substantially in the first two months of 2024?

Why it matters: Your answer determines whether you view the latest inflation data as a bump in the road to be ignored or as a warning sign that markets and policymakers alike have gotten overly complacent about the risk of inflation getting stuck at an unacceptably elevated level.

Major cruise lines are diverting upcoming cruises from the Port of Baltimore to Norfolk, Va., after the collapse of the Francis Scott Key Bridge.

Why it matters: The Port of Baltimore has halted vessel traffic, including cruise ships, indefinitely as crews work to clear debris and a cargo ship that is blocking the channel.

An inflation gauge closely watched by the Federal Reserve showed price pressures eased last month alongside a rebound in consumer spending, the government said Friday.

Why it matters: The data suggests more benign inflation compared to the start of the year, but the indicator shows it is still above the Fed's target — the latest sign that crushing inflation will be a rocky process.

Getting over high inflation looks to take even longer than, say, recovering from a romantic breakup.

Why it matters: That's one conclusion to be teased out from a new study, presented at the Brookings Institution Thursday, and helps explain why the national mood about the economy is still fairly grim, even as inflation has fallen over the past year.

A new raft of AI-powered startups wants to disrupt the financial advice industry. Their pitch: Pay a flat fee once in a while when you need advice, rather than a percentage of your assets every single year.

Why it matters: Most Americans under the age of 55 don't need or even particularly want regular hand-holding and check-ins with a financial advisor. A well-constructed financial plan can easily last years until circumstances arise that require a new one.