Marketplace All-in-One

Stocks fall; rule change will affect real estate agent commissions; import price inflation slows in February; consumer sentiment unchanged.

There’s news this morning that the National Association of Realtors, a powerful group that sets home sale standards nationally, reached a settlement following nationwide lawsuits alleging its rules and behaviors were keeping real estate commissions artificially high. The proposed agreement includes a payout and elimination of its rules around commissions. We’ll unpack. Then, we’ll discuss a trickier job for the Federal Reserve and hear reflections from a cabaret co-owner and performer.

Stocks have bounced around this week as traders reacted to mixed economic news; the Energy Department plans to loan more than $2 billion to a Canadian mining company; Honda and Nissan consider joining forces to develop electric vehicles; Adobe shares tumble when its predictions for second quarter earnings come in lower than expected.

The campaign to shrink the federal government is working — in Washington, D.C., at least. Data released by the Labor Department shows that D.C. ranked dead last when it comes to growth in federal government jobs last year. Most federal workers have always been based outside the nation’s capital, but the pandemic turbocharged that, hitting the city’s bottom line. Plus, why is it getting more expensive to do your taxes?

From the BBC World Service: With no credible challengers, Vladimir Putin is set to win Russia’s presidential election, and he’s taking credit for what appears to be a reasonably robust economy. But what’s behind those seemingly good numbers? And 500,000 people are expected to line the streets of Dublin to watch the St. Patrick’s Day parade Sunday; 28% of them will be overseas visitors. So how important is the holiday boost for the Irish economy?

We’re at the end of the week, which means we’re serving up another episode of Marketplace Tech Bytes: Week in Review. Autonomous vehicle company Waymo has launched its driverless taxi service in Los Angeles. OpenAI has given CEO Sam Altman his board seat back. And a U.S. bill passed by the House of Representatives would force TikTok’s Chinese parent, ByteDance, to sell its stake in the U.S. version of the popular social media platform or be banned from app stores. Paresh Dave, senior writer at Wired, joined Marketplace’s Lily Jamali to discuss why policymakers have been pushing for action on TikTok for years.

We keep a close eye on the price of oil because it feeds so many industries and hints at what’s coming for the global economy. And right now, the price of crude is going up along with gas at the pump. One reason is that OPEC is holding back on supply. Another: Spring is coming. We’ll explain. Also in this episode: The state of American steel, the rise of the AI training industry, and the Taiwanese roots of bubble tea.  

Reddit, a somewhat untamed fixture of the internet, is launching an initial public offering of its shares. We’ll get into why the company’s culture could become an obstacle to profitability and whether Reddit might get the meme stock treatment its users famously dished out in the past. And, the TikTok creators who’d be most affected by a nationwide ban are the social media company’s greatest lobbyists. Plus, the impact Family Dollar store closures could have on food deserts and an incredible feat by American sailor Cole Brauer. Here’s everything we talked about today: “TikTok’s ‘Juicy Body Goddess’ speaks to CNN about potential ban” from CNN Politics “TikTok creators say House ban threatens lives and livelihoods” from The Washington Post “There is something core to Reddit that is extremely powerful, says former Reddit CEO Ellen Pao” from CNBC Television “Reddit will let users participate in its IPO” from Marketplace “Dollar Tree to close nearly 1,000 stores” from AP News “29-year-old becomes first American woman to sail nonstop around the world” from PBS NewsHour “Sailor Cole Brauer makes history as the first American woman to race solo around the world” from NBC News Join us tomorrow for Economics on Tap! The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

Stocks fall; crude oil prices have been rising this year; retail sales rise in February; mortgage rates fall.

Nicole and Rachel were deeply in love when they had their first serious fight about money. It seemed easily resolvable, but the disagreement dragged on for months and brought a lot more to the surface than they expected. This episode originally aired in 2022 and includes a short update at the end about how Rachel and Nicole are doing today. If you liked this episode, share it with a friend. And to get even more Uncomfortable, subscribe to our newsletter!

The producer price index gained 0.6% in February; retail sales rose 0.6%, as well; initial jobless claims remained low at 209,000; Mnuchin says he will assemble group to purchase TikTok.

Americans have long been known for pulling up stakes and moving for economic opportunity. But rather than chasing higher-paying jobs, more Americans are reluctant to move — and housing costs have something to do with it. Plus, there’s plenty of economic data on the table to discuss: Wholesale inflation came in warm but not hot, retail sales rebounded, and unemployment has stayed under 4% for 25 months now.

On Wednesday, the House of Representatives’ passed a bill with bipartisan support that would force parent company ByteDance to either divest — to sell off — TikTok or see the app banned from U.S. app stores. But could such a divestiture happen? And would TikTok still be TikTok? Also on the program: The stock market is on a tear. Zanny Minton Beddoes, editor of The Economist, calls it “rational exuberance.”

From the BBC World Service: TikTok’s chief executive responds to the decision to potentially ban the app in the United States following allegations of links to the Chinese Community Party. We’ll hear some responses from China. Plus, Bitcoin is breaking records, and this time it’s in the right direction — it’s hitting all time highs. So what’s behind the surge?

On Wednesday, members of the House of Representatives proved they can agree on something. In a bipartisan vote, lawmakers passed a bill that would force TikTok to split from its Chinese owner, ByteDance, or face a nationwide ban — the first for a social media app in the U.S. President Biden has signaled he’d sign the bill into law if it passes the Senate. Advocates argue that the Chinese government could use the hugely popular app to collect Americans’ personal data and threaten U.S. security. Marketplace’s Lily Jamali spoke to Jameel Jaffer, executive director of the Knight First Amendment Institute at Columbia University, about the congressional action. He pointed out that a little something called the First Amendment could complicate the crackdown.