- First-quarter GDP, or America’s primary economy metric, grew at the slowest pace in the past 2 years.
- Apple (AAPL) had its first fall in iPhone sales ever this week. The sales declined by 16% in the first three month of 2016, compared with the same period last year. It is possible that consumers are getting fatigue from the iPhone and the diminishing innovation of Apple’s top selling product.
- The poor sales from AAPL, due to it’s market capitalization (it has the largest market cap in the world), is weighing down the entire stock market.
- With Prince’s death and Beyonce’s Lemonade album, Tidal continues to convert music-lovers, namely Spotify users, to its music streaming service. Spotify’s Head of Communications suggested that exclusives are not good for anyone, throwing shade at Tidal’s primary marketing strategy. Tidal, owned by Jay-Z, is becoming to premier music-streaming service for Black artists. Artists on Spotify keep 70% of their profits, whereas those on Tidal keep 75% of their profits.