What you need to know on Wall Street today
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It's been a choppy day in the markets, and not just for cryptocurrencies.
Despite strong jobs numbers - the US economy added 200,000 jobs in January and wages increased at the fastest pace since the recession - stocks are tumbling. The S&P 500, which earlier in the week had its worst two-day decline since August, plummeted as much as 1.1% on Friday. The benchmark is now on pace to finish the week with a loss of almost 3%.
Bank of America saw it coming, and has issued its strongest sell signal yet. Given the market turmoil, it's as good a time as any to note that there's a new way to protect against a meltdown.
Meanwhile, crypto markets swung wildly on Friday, with a major early morning crash giving way to an afternoon rebound.
During European morning trade on Friday, the price of virtually every major cryptocurrency dropped more than 15% as investors remained spooked following bitcoin's fall below the key $9,000 support level on Thursday.
Nouriel Roubini, the noted economist and chairman of Roubini Macro Associates, on Twitter described bitcoin as "The Mother Of All Bubbles."
Here's what else is happening in the markets:
- The White House is making the 'cold currency war' worse, and that could continue to wreck the dollar
- Stocks crater as inflation fears rise and earnings fall short
- ExxonMobil posts a rare earnings miss
- Ethereum sinks to its lowest level of 2018
- The iced tea company that said it would buy 1,000 bitcoin mining machines is backpedaling on its plans
- The bitcoin crash is a blessing in disguise for the US financial system
At Vice Media's once high-flying ad agency Carrot, a founder is out and insiders describe a hostile culture toward women. Current and former employees at Carrot have spoken with Business Insider and described a workplace that, they said, was littered with sexism and misogyny.
The incidents they have described range from being casually told to look pretty and dress well for client meetings to being pulled onto cofounder Mike Germano's lap and facing lewd comments. Read the full story.
Greg Coffey, a star trader who retired at 41, is prepping one of the largest hedge fund launches of 2018. Dealmaking is off to a scorching start - and one Wall Street CEO says it could just be the beginning.
Tim Cook did something unusual on last night's earnings call, sending a signal about Apple's shrinking universe.
An American Airlines passenger had to be duct taped and zip tied after allegedly biting and kicking flight attendants.
Lastly, Emirates' business class lounge in Dubai has showers, beds, and a full bar - take a look inside.