Good evening, this is Markets Desk with your closing rundown.
CoreWeave took a punishing eleven percent drop today after Meta announced plans to monetize its excess AI computing capacity by selling it directly to outside customers. That puts Zuckerberg's operation in direct competition with CoreWeave's core business model, and the market wasted no time repricing that threat.
Shifting to wealth management, a striking signal is emerging from Citi's private banking desk. Darlene Patterson, the firm's Global Head of Client Solutions, says she is witnessing something she has never seen in her entire career — ultrawealthy American clients actively seeking to book assets outside the United States. That kind of capital flight from domestic markets, even at the margin, carries real implications for dollar-denominated assets.
And on the labor front, economists are raising fresh alarms over a growing cohort of non-college-educated men withdrawing from the workforce entirely, increasingly living at home as rising rents price them out of independence. Women now outnumber men in the labor force for the third time in recorded history, and the downstream effects on household formation and consumer spending are drawing serious attention.
That's the tape. Markets Desk, signing off the floor.
