Here is a rundown of Cheddar News' top market stories of the day.
BITCOIN RALLIES
The price of bitcoin is back above $20,000 after months hovering around $16,000 per coin. This is still less than a third of cryptocurrency's peak of roughly $65,000 in 2021, but it does show that bitcoin has so far weathered the recent collapse of several large crypto exchanges. Crypto-related stocks were buoyed by the rally, and second-runner Ethereum is up more than 20 percent year-to-date, threatening to cross $1,500 for the first time since November.
TIKTOK'S NEW PLAN
TikTok parent company ByteDance is rolling out a $1.5 billion plan to reorganize its U.S. operations and increase transparency around its data-collecting, according to a Wall Street Journal article. The China-based company is looking to assuage federal regulators' concerns that Beijing can access U.S. TikTok users' data. Tiktok is also looking to convince the U.S. government that it can operate independently of its parent company.
EV SALES SURGE
Electric vehicle sales now make up around 10 percent of global automotive sales, according to data provided to the Wall Street Journal. However, the U.S. continues to lag behind China and Europe when it comes to EV adoption. Just 5.8 percent of U.S. auto sales were electric vehicles in 2022, which is nonetheless more than double the previous year's percentage.
CHINA'S LOW GROWTH
In the West, China has long been synonymous with growth — both economically and demographically. But two official reports out of China Tuesday show that the country's reputation for constant expansion could be coming to an end. China recorded its first population drop in more than 70 years and its second-lowest growth rate in four decades. The country's economy grew around 3 percent in 2022, which is less than half what it achieved in 2021.
After the 2021 boom, IPO activity slowed down significantly, in part due to monetary policy – but things are getting moving again with tech-friendly companies like Iboutta and Rubrik making a public debut.
With an increasing demand for mental health services, one person wanted to change the therapy game. In 2017, CEO Alex Katz founded Two Chairs, a company that uses technology to match patients with the right therapist.
Not only is April Financial Literacy Month, it’s also the kickoff of the spring homebuying season. So now is the time to make sure you have a financial plan in place – and why it might not be wise for that to include buying your first home.
While the U.S. may slowly be on the path to lowering inflation (and therefore interest rates), Europe has thoroughly trounced America, putting it on the path to lower rates by this summer.
April's release of the monthly Housing Starts and Building Permits reports by the Census Bureau provides crucial insights into the construction activity in the housing market. These reports are an economic indicator, shedding light on the current state of the housing market and its broader economic impact.
Caitlin Clark is heading to the Indiana Fever, the number one draft pick and the highest-scoring college basketball player of all time. And while she may not be getting millions from the WNBA, there's a few ways she'll net compensation for her generational talents.
Author of 'Clean Meat,' Paul Shapiro joins Cheddar to discuss how the cellular agricultural revolution helps lower rates of foodborne illness and greatly improves environmental sustainability. Plus, how his company The Better Meat Co. is bringing healthier food options to the table.
Recent headlines might make it sound like World War III is imminent, but when it comes to your finances, it's not the time to panic. The market is coming off its longest winning streak since 2011.
You may have noticed fewer new venture capital-backed startups (like Airbnb or Uber) lately. The market slowed to a crawl after 2021, but things are expected to take off again in 2025.
Corporate earnings season is underway, that time when companies share their billions in sales or double-digit profits. But the data shows even companies are struggling with high inflation and interest rates.
