The Trump administration ousted Gary Shapley as acting commissioner of the Internal Revenue Service, multipleoutlets reported on Friday, citing anonymous sources.
Why it matters: The interim position has had a revolving door as President Trump's pick awaits Senate confirmation.
Manufacturers expect dismal business conditions that could plunge the sector back into a recessionary-like state.
Why it matters: President Trump's trade war is intended to revitalize domestic factories by discouraging the consumption of foreign-made goods.
But for the moment, surveys show manufacturers expect the opposite: less expansion, plummeting sales, job cuts and higher prices. It's a signal that they see high hurdles and economic pain as the White House aims to delink the U.S. manufacturing sector from the rest of the world.
Driving the news: Stock-trading app Webull began trading this week, more than a year after agreeing to go public via a merger with a blank-check company sponsored by South Korean conglomerate SK.
A federal judge on Thursday issued new restrictions on Elon Musk's Department of Government Efficiency, extending a ban on its access to Americans' personal data in Social Security Administration systems.
Why it matters: The Social Security database contains sensitive personal information about every American, and DOGE's claim it was rooting out fraud threatens to disrupt critical services for millions.
Delve into the wonders of Earth with nature programs available to stream.
What we're watching: A tour of the world's national parks with former President Obama, a series that uncovers some of nature's oddities, and a documentary that explores queer behaviors in plants and animals.
Why it matters: Eli Lilly said on Thursday that its experimental pill — called orforglipron — is showing promising results and could serve as an alternative to blockbuster injectable medications like Ozempic and Mounjaro.
The Dow Jones Industrial Average fell 527 points on Thursday, despite the fact that 20 of its 30 components actually rose in price. The culprit: UnitedHealth Group, whose $131 fall was singlehandedly responsible for an 805-point decline.
Why it matters: A single highly-priced stock, if it falls far enough, can now create a greater point drop in the Dow than the 508-point plunge that triggered panicked headlines around the world in 1987.
President Trump's trade war is inspiring the latest TikTok trend — Chinese manufacturers encouraging shoppers to buy direct and pay less.
Why it matters: The trend highlights American consumers' desperation to avoid massive price increases on Chinese-made goods as Trump's tariffs take effect.
The SEC's Crypto Task Force will have another roundtable next week, where experts will discuss custody — that is, who is allowed to hold customers' digital assets.
Why it matters: How digital value is custodied is probably the most core concept in digital assets — and an issue where regulatory decisions carry high stakes: impacting innovation, and the future role of TradFi vs. crypto-native firms.
Driving the news: Yesterday, the task force announced the next roundtable's lineup of speakers, which leans on firms that specialize in crypto custody.
The lineup favors big centralized companies that secure digital assets for institutions that want to focus on other things.
Stablecoin legislation is already having a big impact and neither chamber has even had a floor vote on it yet.
The big picture: Stablecoin projects are coming fast and furious, fueled by expectations of a liquidity wave once the world's biggest economy gives its official nod.
Standard Chartered experts project stablecoins to become a multitrillion-dollar category by 2028 if legislation passes that sanctions the sector.
New entrants will find thatstablecoins are a good business as long as interest rates aren't zero. Backed by reserves, usually U.S. Treasuries, they're a great business if rates are high.
Bitcoin was a gift to the world that has made a lot of people rich. Some of those people and companies give back, to keep the momentum going.
Why it matters: Bitcoin, like many other prominent blockchains, has no central company to steward its ecosystem — it relies on the largesse of its adherents to keep growing.
Driving the news: Digital asset finance company Unchained announced several philanthropic initiatives to advance the Bitcoin ecosystem this week.
Among its latest plans:
Investing in community hubs, contributing cash to the Bitcoin Policy Institute, and launching a bitcoin-focused university endowment at the University of Austin in Texas.
President Trump's efforts to more directly control the Fed are coming at a perilous time, given the details of this economic moment.
The big picture: Trump wants the Fed to cut rates, but paradoxically, the more he succeeds at limiting its independence, the greater the risk of inflation expectations and long-term interest rates shooting higher.
Sen. Lisa Murkowski (R-Alaska) this week described widespread worry about the chaos of President Trump's second administration, telling nonprofit leaders in her state: "We are all afraid."
Why it matters: Murkowski has been a consistent voice of dissent on everything from Cabinet nominations to DOGE cuts to tariffs to renaming Denali. "I am oftentimes very anxious myself about using my voice because retaliation is real," she said Monday.
The Federal Reserve Bank of Philadelphia said on Thursday that Anna Paulson, a current Fed economist, will be the next leader of the bank.
Why it matters: Paulson, whose research has focused on financial markets institutions, will get a vote on the Fed's interest rate-setting committee next year as the central bank grapples with huge questions about how White House trade policy will impact the economy.
President Trump's latest social media tirade against Fed Chair Jerome Powell is raising the possibility of an unprecedented — and experts say prohibited — use of executive power.
Why it matters: Trump may want to remove the country's most powerful economic policymaker, but it won't be as easy as telling him, "You're fired!" He'd likely need an assist from the Supreme Court — one some of its conservative justices have already signaled they're open to providing.
House Democrats are pressing the Social Security Administration's inspector general to open a probe into DOGE's tinkering with the agency, Axios has learned.
Why it matters: Social Security is an extremely sensitive issue that touches upon the financial security of millions of older Americans — a particularly politically active group.
OpenAI is in advanced talks to buy coding assistant company Windsurf for more than $3 billion, in what would be its largest-ever acquisition, per multiple sources.
Why it matters: This could be the starting gun for an AI apps land grab by foundation models.
President Trump blasted Federal Reserve chair Jerome Powell on Thursday with the strongest suggestion yet of his intention to try to fire the nation's most powerful economic policymaker.
Why it matters: Trump's attack comes after Powell said that tariffs were likely to stoke inflation and slow economic growth.
Tariffs are driving buyers of custom manufacturing services to quickly rewire their supply chains, including looking toward American suppliers to create their products.
The corporate world is getting flatter, as more companies look to get rid of managers.
Why it matters: The trend is accelerating as firms look for ways hold down costs in the wake of Trump tariffs, finds a new report out Thursday morning from Korn Ferry, a global consulting firm.
Here's what's new on Netflix, Paramount+, Apple TV+, Prime Video, Disney+, Max and Peacock.
What we're watching: A documentary about the Oklahoma City bombing, a look at the tragic family story surrounding pop singers Nick and Aaron Carter, and a new period comedy about a former inmate acclimating back into society.
Elon Musk has fathered at least 14 children with at least four women, intent on fighting civilizational collapse with a "legion" of genetically gifted offspring, according to an explosive new feature in the Wall Street Journal.
Why it matters: The investigation reveals new details on how the world's richest man has used his vast wealth and influence to recruit, manage — and at times silence — the mothers of his many children.
Global fund managers have turned startlingly pessimistic when it comes to the chances that the world will be able to withstand the effect of across-the-board U.S. tariffs — and they're particularly bearish when it comes to the U.S. itself.
Why it matters: The most recent Fund Manager Survey from Bank of America underscores the thesis that global investors are selling America.
Streaming platforms have something for everyone this Easter weekend, including stoner classics available to watch on 4/20, the unofficial weed holiday.
What we're watching: Catch everything from Cheech and Chong to Harold and Kumar on Prime Video, Netflix, Peacock, Max, Paramount+, Tubi and Pluto TV.
