Confidence among small-business owners in the U.S. leveled off in April after three consecutive months of drops, but inflation and labor shortages continued to weigh heavily on short-term economic expectations. The number of small-business owners who expected better business conditions in the next six months fell again in April, albeit less than in the previous months. However, the index fell to the lowest level recorded in the survey's history.
The world’s largest technology companies have shed over $1 trillion in value in just three trading sessions. Stocks at large have sold off since the Federal Reserve raised their benchmark interest rate last Wednesday, but technology has endured more pain than other sectors of the economy. Investors now have less interest in what drove business during a strong bull market in recent years, including during the pandemic, and are now pushing more money toward safer pockets of the market, including consumer staple stocks.
Shares of the electric car maker Rivian are down over 20% after one of their largest shareholders, Ford, announced they are selling 8 million shares of Rivian stock.
Bitcoin is now 55% below its November peak, and 40% of Bitcoin holders are now underwater on their investments, according to new data from Glassnode. That percentage is even higher when you isolate for the short-term holders who got skin in the game in the last six months when the price of bitcoin peaked at around $69,000.