Tech giveth and tech taketh away – The Magnificent Seven stocks accounted for 29% of the S&P 500 Index's market value as of 3/31/24, and in just one week the group of heavy hitters lost $950 billion in market value. The slide contributed to a 5.5% decline in the Index through April 19. (Source: The Wall Street Journal)

My budget said “no” – First quarter US GDP growth came in at just 1.6%, lower than the expected 2.2% estimates. The slowdown largely reflects a pullback in consumer spending amid higher prices, higher rates, and the exhaustion of post-pandemic government aid. Spending for personal consumption grew by 2.5% during the first quarter, down from 3.3% in fourth-quarter 2023. (Source: Barron’s)

Easy does it – The International Monetary Fund (IMF) has upgraded 2024’s global outlook, saying it appears that the world is headed toward the elusive “soft landing.” The IMF is predicting a 3.2% global expansion this year and next, and sees global inflation falling to 5.9% in 2024, down from 6.8% in 2023. (Source: AP News)

So I creep, yeah – 10-year Treasury yields have continued to creep upward, reaching the highest level in more than five months. The rise comes amid stickier inflation and disappointing GDP ahead of the next Federal Open Market Committee meeting as the market anticipates news on potential rate cuts. (Source: CNBC)

Swiper actually can swipe now – The FTC banned companies from issuing noncompete contracts, meaning employees would no longer face time restrictions to leave and work for a competitor. In theory, the ban would impact nearly 30 million people who are bound by the clause, help improve competition for high-performing employees, and increase wages, though legal challenges are expected. (Source: The New York Times)

A big blow for meme culture – TikTok is officially facing a divest-or-ban order from the US as part of a recent bill signed into law. Tucked away in a $95 billion foreign-aid package aimed at supporting US allies and providing humanitarian aid, the ultimatum gives TikTok’s parent company ByteDance an initial nine months to address demands or face removal from US app stores. (Source: The Verge)

Live, laugh, languish – A new study reports that people who have mentally stimulating jobs are 40% less likely to end up with cognitive impairment after age 70. Routine or repetitive jobs during middle age were linked to a 66% higher risk of mild cognitive impairment and a 37% greater risk of dementia after age 70. (Source: MarketWatch)

Cronuts are so out – Crookies, a chocolate-chip cookie-laced croissant, are the latest viral dessert to grace our screens and bakeries. The franken-pastry, created nearly a year and a half ago out of a Parisian bakery, exploded in popularity after finding virality on TikTok. At its peak, the Parisian bakery who created the crookie was selling 2,300 a day. (Source: The New York Times)

And for my next trick … – Thanks to Taylor Swift's latest album, the "Tortured Poets Department," Swift is now the first artist to surpass one billion streams in a single week. She also smashed the record for most vinyl albums sold in a week in just three days, a record she’d already held, too. (Source: NPR)

Only took 14 years – After Reggie Bush had his Heisman Trophy relinquished back in 2010, the Heisman Trust has announced the formal reinstatement of the award. The decision comes after “enormous changes in the college-football landscape.” (Source: ESPN)