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By Kristin Myers, Editor-in-Chief

What's Happening Today

Good morning! It's Kristin with your daily morning digest.

Stocks are mixed today after steep losses for the major U.S. equity market indexes last week. The S&P 500, Dow, and Nasdaq all tumbled over 2% on Friday amid concerns about the risks of future interest rate hikes and weak earnings reports.

This could be the busiest week of the corporate earnings season yet, with roughly a third of companies on the S&P 500 set to report this week, including some of America's largest tech giants like Apple, Amazon, Meta, Microsoft, and Google parent Alphabet. Tech stocks have had a tough start to 2022, with the tech-heavy Nasdaq Composite Index down over 18% so far this year, as rising interest rates can take a bite out of corporate earnings and make growth stocks (like those of tech firms) less attractive to investors.

Meanwhile, oil prices are dropping on worries about demand falling in response to COVID-19 lockdowns in China that could broadly impact global activity and travel. Lockdowns in China's major hubs like Shanghai could impact supply chains and translate to higher prices for consumers here in the U.S. too, as businesses pass on rising costs of raw materials and transportation.

And if you drive a car, you could get some relief at the pump if oil declines hold since oil prices usually impact gas prices. While lower oil prices usually help rein in inflation, continued lockdowns in China are stoking more inflation fears. Without companies and workers to manufacture and transport goods, you could see higher costs for clothes and other items at the store.

Don't forget to tune in tomorrow, Tuesday, April 26, at 12 noon Eastern, when I talk with Vivian Tu, former Wall Street trader and founder of YourRichBFF, about creating new revenue streams through investing. Our conversation is part of The Balance's Financial Literacy Month Instagram Live series. To catch this conversation and get updates on all of our live events this month, follow The Balance on Instagram!

- Kristin

Editors' Picks

China's COVID Lockdowns Affecting Global Supply Chains (Sky News)

Rapid Inflation, Lower Employment: How the US Pandemic Response Measures Up (The New York Times)

How To Prepare Your Wallet for Inflation (The Balance)

Some Job-Switchers Are Having Second Thoughts (The Wall Street Journal)

MoneyGram Is Sued Over Delayed Wire Transfers (The Balance)

What Is the Best Type of Mortgage To Get? (The Balance)

Types of Business Property Insurance (The Balance)

How To Use the Direct Write-Off Method (The Balance)

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Off the Charts

In a testament to the strength of the U.S. labor market, the percentage of the workforce collecting unemployment benefits for the week ending April 9 was the lowest in data going back to 1971, according to the Department of Labor. The insured unemployment rate of 1%, seasonally adjusted, presents a stark contrast from where it was at the height of the pandemic in 2020, when it climbed as high as 15.9%.

Number of the Day

26.8% - That's how much the true cost of buying a home decreased from January 2000 to February 2022, showing that home affordability has remained relatively stable over the years.

For The Balance's third Financial Literacy Month IG live series, we're discussing the topic of creating revenue streams through investing. Join The Balance Editor-in-Chief Kristin Myers with featured guest Vivian Tu, former Wall Street trader, and founder of YourRichBFF, on Tuesday, April 26, at 12 p.m. EST. Follow us on Instagram to get updates on The Balance's live events this month!