What we’re reading (3/6)
“Trade Stress Slams U.S. Stocks” (Wall Street Journal). “Declines were broad-based, with financial and tech stocks notching some of the largest losses. The dollar weakened, heading for its lowest close since election day and its worst four-day stretch since 2022. Investors continued their flight from some of the artificial intelligence shares that only two months ago were market favorites.”
“Stock Market Today: Nasdaq Enters Correction, S&P 500 Sinks To Lowest Since November As Stocks Get Clobbered On Trump Tariff Whiplash” (Yahoo! Finance). “Trade-war uncertainty has persisted as investors weighed how far President Donald Trump would be willing to negotiate on tariffs. On Thursday, Trump said he would pause tariffs on some Mexican goods, and the White House later said the delay also includes goods from Canada.”
“Walmart Asks Chinese Suppliers For Major Price Cuts On Trump Tariffs” (Bloomberg). “Walmart Inc. has asked some Chinese suppliers for major price reductions, with the US retail giant’s efforts to shift the burden of President Donald Trump’s tariffs facing strong pushback from firms in the Asian nation, according to people familiar with the matter.”
“More Americans Tapping 401(k)s To Pay For Financial Emergencies” (The Hill). “Hardship withdrawals let savers tap their retirement funds early for an “immediate and heavy financial need” but are widely seen as a last resort. The most common reasons for taking them are preventing foreclosure or eviction and covering medical bills. Before the pandemic, about 2 percent of account holders took hardship withdrawals annually — less than half the latest share, according to Vanguard data.”
“Country Club No More: Inside Microsoft’s Move To Cull Staff On Performance” (Business Insider). “In 2023, a Microsoft employee asked to take on a lighter workload when his wife was found to have terminal cancer. His managers were supportive, and they appeared happy with his performance during his wife's illness as recently as late 2024, when they told him to expect 120% of his bonus. Then, on January 22, the employee said, an HR representative unexpectedly joined his weekly manager meeting. The employee was fired without severance and was told his health insurance would expire that night. The employee’s wife had to skip chemotherapy treatments for a month after.”
