Corporate profits are soaring on Wall Street. But those gains aren’t translating to businesses on Main Street.

Small business profitability fell 1.3% in April, the weakest reading in two years, a recent Bank of America Institute report found. Small businesses are under strain from rising gas prices and new tariffs, according to one of the report’s authors, economist Taylor Bowley. “There’s been one shock after another,” she said, also noting caution around hiring and expansion.

It’s an important signal for the economy at large—small businesses account for nearly half of all jobs in most states.

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SpaceX’s reported plans to go public at a valuation of $1.75 trillion would make Elon Musk the world’s first member of the four-comma club, according to Forbes’ estimates, with an estimated $1 trillion net worth.

Four Republicans joined with Democrats as the House approved a resolution to prevent further military action in Iran, the latest sign of growing congressional opposition to the war.

Once the world’s third-largest cryptocurrency, Cardano’s ADA token fell to nearly a six-year low amid a broader crypto selloff and the cancellation of its flagship conference. Wednesday’s drop extends the token’s 10% decline over the last week, as bitcoin also fell to its lowest level since October 2024.

In another sign of a resilient labor market, private sector payrolls increased more than expected last month, according to a report from payroll........

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