Ed Ludlow

Earnings, though, of course, are a big factor in it.

We talked about Alphabet, which itself is on track for its worst day since May.

After the bell, we get Amazon.

And Amazon's down 4%, right?

You don't usually see a name that's going to report earnings after the bell decline with that conviction.

Usually you're treading water.

But because Alphabet, the parent of Google, posted such a monster capital expenditures forecast for this year, $185 billion, maybe there's some read-through there, Karen.

Maybe the market's like, oh, wow, what's Amazon going to say?

Like, what do we think's coming here?

And of course, we're bracing.

You wrote a really excellent summary using data in the chart that actually, for all the hype around Bitcoin, if you compare to other asset classes, it has lagged, not just in the short term, but on a longer term basis.

Just explain the reporting.

Right.

Thank you very much.

Another source of pain right now, software debt.

In just four weeks, nearly $18 billion in loans has been pushed into distressed territory, the highest level since October 2022.

For more, Bloomberg American's finance editor, Sally Bakewell, joins us.

Sally, there's enough anxiety and concern in the market right now with software before we even started writing about the debt pile.

But it's the smart thing to do.

Explain what's at issue here, right, in that kind of milestone that I just read out.