In other news, Instagram's notes feature is growing rapidly, Apple is reportedly planning to slim down its iPhones, and Adobe is facing a lawsuit from the Department of Justice over deceptive subscription practices. Meanwhile, Schonfeld's flagship fund is leading returns among multistrategy managers, Bank of America has identified 10 indicators of a market peak, and Wall Street forecaster Danielle DiMartino Booth has warned of a potential rise in bankruptcies and unemployment in June.
Key takeaways:
- US Surgeon General, Dr. Vivek Murthy, has called for social media to come with a warning label similar to those on cigarette packs, citing its significant mental health harms for adolescents.
- Instagram's notes feature is growing rapidly, potentially signaling a return to status updates, but this may not be beneficial for influencers as notes are best suited to mutual followers.
- Bank of America has identified 10 indicators of a market peak, of which only four have been triggered, suggesting that the market may not have reached its top yet.
- Adobe is facing a lawsuit from the Department of Justice over deceptive subscription practices, including hidden fees and difficulty in cancelling subscriptions.