Top Story
Apple Pay (AAPL) just introduced its own Buy Now, Pay Later service: Apple Pay Later.
Buy Now, Pay Later services have pros and cons. Here’s everything you need to know about using Apple’s latest feature.
US stocks finished higher Wednesday as investors shift focus to the coming PCE inflation numbers.
• Lululemon (LULU) saw its shares surge after topping analyst estimates with $2.77 billion in revenue and earnings per share of $4.40. The popular athletic-wear company provided full-year guidance surpassing previous projections, adding that it believes it’s one of the few companies in the space with a long pathway for growth.
• The average interest rate for 30-year fixed-rate mortgages fell three basis points to 6.45% last week. This marks a third-consecutive decline and the lowest level since mid-February.
• Year-over-year pending home sales fell 21.10% in February. However, month-over-month sales were up 0.8% to their highest level since August, adding to the 8.1% surge in January.
What to be on the lookout for today
• The final numbers for the GDP growth rate will be released in addition to the number of first-time jobless claims. In Q4 2022, the US expanded at an annualized rate of 2.7% which was slightly below expectations.
• The EV charging company EVgo (EVGO) will report earnings. Investors will get a closer look at how the company views the future of electric vehicles, charging stations, and the clean energy revolution in America.
VIRTUAL EVENT TODAY!
Checking In On the Banking Industry with Brandon Copeland & SoFi’s Brian Walsh.
Are you still perplexed by the recent banking headlines? Join SoFi’s Brian Walsh, CFP® and Brandon Copeland as they dive into the events of the past few weeks. Bring your questions and join us today at 1:00pm PST / 4:00pm EST.
And if you can't make it live? No worries, register anyways to receive all the resources and recording afterwards!
Today’s top stories
Seeing fewer listings on Zillow (Z) and Trulia? It’s not just you. High mortgage rates and low inventory are creating a brisk, competitive market for homebuyers. Here’s why it’s happening — and how to navigate it. Read more >> As a hectic Q1 wraps up, it’s time to take stock of some of the bigger surprises. From a Nasdaq rally to pivoting expectations about interest rates, Q1 is not quite what anyone anticipated. Lesson: Don’t take off your seatbelts just yet. Read more >> May 1 is College Decision Day. It’s the time when first-year college applicants typically commit to the school of their choice. For many students and their families, that choice largely depends on the financial aid offered. Navigating financial aid packages can be confusing and award letters can be difficult to understand. We’ll break down the jargon to help ease your decision-making process. Read more >>Not-So-Breaking News
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Amazon (AMZN) is reportedly exploring an acquisition of AMC (AMC), although the companies have yet to make official statements. If acquired, the theater chain would join an entertainment portfolio including Prime Video and MGM Theaters.
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Costco (COST) is experimenting with robots handing out product samples. While this would reduce costs for the wholesaler, it would also mark a major change to a fan-favorite feature.
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Pepsi (PEP) redesigned its logo. The updated version is reminiscent of the company’s 20th century logos, which research revealed consumers preferred.
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The FDA approved Narcan for over-the-counter sales. The nasal spray drug, which blocks the effects of opioid overdose, will now be available at convenience stores, gas stations, and supermarkets.
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Lucid Group (LCID) will cut 1,300 jobs, or approximately 18% of its workforce, in an effort to reduce costs. The layoffs will hit every level of the EV company, including executives.
Financial Planner Tip of the Day
"The first step to tackling high interest debt is understanding your overall debt load. List out all debt including balance, payment, and interest rate. Any debt with an interest rate greater than 7% is considered high, so separate those out and develop a plan to pay them down."
Brian Walsh, CFP® at SoFi