Crypto News: Type 'resign' and send

Good morning. Some 40,000 federal employees are said to have hit the "resign" button. Google is ending its formal support for diversity goals. And why eggs over easy may dent your wallet. Listen to the day's top stories.

Markets Snapshot

S&P 500 Futures

6,087.25

Bloomberg Dollar Spot Index

1,301.9

+0.32%

Market data as of 07:20 am EST.

View or Create your Watchlist

Market data may be delayed depending on provider agreements.

The Trump administration's offer to buy out federal employees is said to have attracted over 40,000 sign-ups, or about 2% of the federal civilian workforce. The number is said to be growing ahead of today's deadline to apply. It's simple enough—just type the word "resign" and send from a government e-mail account.

Data Hoarders Are Rushing to Save Vanishing US Health Records

Read the Story

Google will no longer formally seek to improve the diversity of its workforce, the latest step in Silicon Valley's retreat from DEI initiatives. The company told employees it's reviewing its programs and will no longer have "aspirational goals" tied to representation. Companies including Amazon and Google owner Alphabet are being targeted by Oklahoma, the first Republican state to try to use its influence as an investor to end DEI in corporate America.

Car trouble. Ford said profit may fall at least $2 billion this year and warned that Donald Trump's tariff plans would cost the company "billions and billions" in profit. Nissan is looking for a new partner—its rescue deal with Honda is close to collapse—preferably in the tech sector and based in the US. Problems are also brewing at smartphone processor maker Qualcomm. It expects the handset market this year will be flat or only increase in the low single digits.

Photographer: Stefani Reynolds/Bloomberg

Senate Republicans broke with their House counterparts on pivotal budget legislation after weeks of rising frustration with House Speaker Mike Johnson's inability to overcome ideological infighting. The Senate plan would delay action on tax cuts but would accelerate efforts to give President Trump more resources to expand his crackdown on undocumented migrants.

US allies expect the Trump administration to unveil its plan to end Russia's war in Ukraine at the Munich Security Conference next week, people familiar said. Secretary of State Marco Rubio said he won't attend a G-20 summit in Johannesburg, citing among his reasons South Africa's efforts to address inequality. The nation, he says, "is doing very bad things."

Sign up for the twice-weekly Next Africa newsletter for the latest business and economic news from the continent.

Deep Dive: The Unstoppable Retail Crowd

Illustration: Daybreak/Getty Images

The volatile start to the year has spooked some professional investors but has done little to dowse retail traders' enthusiasm for the US market and for high-flying tech stocks in particular.

Mom-and-pop investor sentiment has reached the highest level on record, surpassing what was seen during the meme-stock mania in 2021. Retail exposure to stocks is near the highest level since 1997.

Even as stocks got hit this week by Trump's tariff threats, mom-and-pop investors continued to buy, pouring in $3 billion on that day alone. On Tuesday, some 70% of the inflows went to Magnificent 7 stocks, with Nvidia a top pick.

It's worth recalling how Roaring Kitty sparked a rally in December by posting a cryptic image of a Time magazine cover, triggering a volatility halt in GameStop and sending shares of Unity Software and Clear Secure soaring. And here's our QuickTake on the meme-stock phenomenon and why the rallies often fizzle.

The Big Take

Photographer: Baptiste Virot

Pimco's dive into the private-markets gold rush has been much more tentative than rivals. What was once an innovative bond firm with Bill Gross at the helm now faces the real danger of getting left behind.

Big Take Podcast

How Economists Think About The Future of AI

Opinion

Scott Bessent's remarks about focusing on the 10-year Treasury yield make sense as it's the most important rate in the entire global economy, John Authers writes. The problem is nobody controls the yield—it's set by one of the world's biggest and most liquid markets.

More Opinions

Jonathan Levin

King Dollar Won't Follow Trump's Tariff Playbook

Justin Fox

The Blue State-Red State Tax Divide Isn't Really That Fair

Before You Go

The Waffle House restaurant in Urbana, Maryland, on Feb. 4. Photographer: Michael S. Williamson/The Washington Post/Getty

Paying eggstra. Waffle House is among a growing number of restaurants pushing through an egg surcharge—in this case 50 cents per egg—in response to a supply crunch sparked by bird flu. Quiz question: How many eggs does Waffle House serve up a year? Answer: Probably more than you think. (It's actually 272 million.)

One More

US Set to Announce Seizure of Venezuela Vice President's Plane

Trade wars, tariff threats and logistics shocks are upending businesses and spreading volatility. Understand the new order of global commerce with the Supply Lines newsletter.