CNBC

Asked for his reaction to today's market sell-off, Trump says, "I haven't seen it." "I've been here for two and a half hours," Trump tells a reporter at his Cabinet meeting. Prompted to weigh in, Treasury Secretary Scott Bessent says that as tariff negotiations develop, "we will end up in a place of great certainty over the next 90 days." Find more: cnb.cx/44hPAna

The "vibecession" isn't just lingering — it's deepening. Even before the global tariffs threats from the Trump administration sent shockwaves through the stock market and economy, the feeling of financial security was slipping further out of reach for Americans across all income levels, according to a CNBC|SurveyMonkey Your Money poll. Nearly half (48%) of Americans say they are more stressed now than one year ago, with only one in three (32%) citing an improvement in their financial anxiety, and one in five (19%) citing no change. Inflation was cited as a top financial stressor, while high interest rates, tariffs, and looming layoffs all contribute to the mounting pressure. The cost of essentials like groceries, housing, and health care are reshaping household budgets and leaving even six-figure earners feeling like they're barely keeping up.

State Farm is making its case this week for a major rate hike for California homeowners in a hearing that could prove crucial to the insurer's future. The state's largest property insurer needs approval to raise its rates on customers, and it's applied for an emergency rate increase. The company argues it needs the additional funds to boost capital and avert an increasingly dire financial situation following the devastating Los Angeles wildfires. State Farm General, which is the California arm of the national parent company, is presenting its case for the rate increases in front of an administrative judge in Oakland after the state insurance commissioner, Ricardo Lara, gave the insurer provisional approval for its emergency request.

The Social Security cost-of-living adjustment for 2026 is projected to be the lowest increase that millions of beneficiaries have seen in recent years. This could change, however, due to potential inflationary pressures from tariffs. Recent estimates for the 2026 COLA, based latest government inflation data, place the adjustment to be around 2.2% to 2.3%, which are below the 2.5% increase that went into effect in 2025.

President Trump is declining to rule out the possibility of extending the 90-day pause he placed on his “reciprocal” tariffs while answering questions during a Cabinet meeting on Thursday. Find more: cnb.cx/44hPAna

Janover, a small software company with a new focus on accumulating crypto for its treasury, is surging after completing its first purchase of the Solana token. The company bought $4.6 million of Solana's SOL token on Thursday. Earlier this week, Janover announced that it raised $42 million through the private offering of convertible notes and warrants, with plans to acquire SOL. Janover shares were last higher by more than 60%, after skyrocketing more than 100% earlier in the day.

The impact of President Donald Trump's tariff agenda and resulting trade war will translate to higher consumer prices by summer, economists said. "I suspect by May — certainly by June, July — the inflation statistics will look pretty ugly," said Mark Zandi, chief economist at Moody's. Tariffs are a tax on imports, paid by U.S. businesses. Importers pass on at least some of those higher costs to consumers, economists said.

Cryptocurrencies pulled back with the broader market as investors gave back more than half of Wednesday's historic rally. The price of bitcoin was last lower by more than 4% at $78,853.10, according to Coin Metrics. Ether dropped nearly 9% and Solana's SOL token tumbled more than 8%. Meanwhile, the S&P 500 stock index lost 4.6%. Coinbase fell 8%, while bitcoin proxy Strategy lost 8%. Several bitcoin miners were down double digits, including Core Scientific. Riot Platforms fell 8%.

The bond market screamed at President Donald Trump this week to change course on his tariff plans before he eventually listened and potentially avoided a catastrophe. Trump's stunning pivot Wednesday followed massive tumult in the $140 trillion global bond market and particularly in the $47 trillion portion involving U.S. fixed income. As speculation grew that the ominous surge in Treasury yields was about to create a domino effect of problems for financial markets, the president capitulated. That lead to a breathtaking fury on Wall Street, with major stock market averages staging a historic rally and bond yields coming off their highs.