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Why are electricity bills still so high?
The short answer: high utility production costs and increased demand. We’ll break down the factors at play and share 4 budget-friendly tips that could save you on your electric bill.
US stocks finished higher Thursday as weaker employment data signals a looser labor market than previously thought.
• The number of Americans filing for first-time unemployment benefits fell by 18,000 to a total of 228,000, but remained well above expectations of 200,000.The previous week’s numbers were also revised sharply higher from 196,000 to 248,000, indicating a much greater number of unemployment applications than previously thought.
• Layoffs have surpassed 270,000 so far in 2023, a near-400% increase from last year. Over 100,000 of those job cuts were in big tech and, in March alone, companies announced nearly 90,000 layoffs.
• With nearly every company in the S&P 500 having reported Q4 results, total earnings are down 5.8% year-over-year. First-quarter results for 2023 will start rolling out next week.
• Bed Bath & Beyond (BBBY) is asking shareholders to approve a reverse stock split so the company will have enough shares to raise $300 million from a stock offering. Shares of Bed Bath are currently trading at about 30 cents, giving the company a market value of roughly $132 million.
What to be on the lookout for today
• Updates on the unemployment rate, nonfarm payrolls, and average hourly earnings will come in. In February, the average hourly earnings for employees increased by 4.6% on a yearly basis. Inflation rose by 6% over the same period, outpacing wage adjustments by more than a full percentage point.
You’re unique. And so are your money goals.
Setting smart money goals could help you dissolve your financial anxiety and live your best life.
Financial goals need to reflect what’s important to you. But for most people, they are a mix of short-term aspirations (like having an emergency fund) and long-term plans (like retirement savings).
See some of the things you may want to put in place as you plan for the future on SoFi Learn.
And use Vaults in SoFi Checking and Savings to earmark money for different goals while still earning up to 4% APY on your money.
Here are 3 steps to setting your goals:
Today’s top stories
Keeping an eye on currency exchange rates could save you hundreds, or even thousands, on your next international trip. The US dollar has weakened recently compared to the euro. But here’s why traveling to Europe is still a bargain. Read more >> Ensemble just raised $100 million for its new investment style that prioritizes not just founders, but entire teams. This comes at a time when hundreds of thousands of recently laid off tech workers will be landing new jobs. Here’s how Ensemble plans to revamp venture capital culture. Read more >> Did you know that you can shop around for student loans? Find out what terms to look for and key questions to ask a private lender before you sign. Read more >>Not-so-breaking news
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American Airlines (AA) is shifting away from its frequent flyer program in favor of a more dynamic rewards system. In the new system, the value of reward points will fluctuate based on demand, like ticket prices.
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Many US banks are extending promotions in hopes of securing more deposits from customers. Most of the promotions are dependent on customers opening a new account or depositing money consistently.
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Amazon (AMZN) and Microsoft’s (MSFT) cloud businesses are under investigation by a British regulator for anti-competitive practices. The two tech giants control as much as 70% of the UK cloud computing market.
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Chipotle (CMG) sued Sweetgreen (SG) for allegedly violating its trademark rights with a new menu item called the “chipotle chicken burrito bowl”. The burrito giant claimed Sweetgreen is attempting to capitalize on Chipotle’s brand and confuse customers.
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Apple (AAPL) is opening its first physical store in Mumbai, India. The iPhone maker is betting that the Asian country will serve as a new market and manufacturing hub.
Financial planner tip of the day
“While not everyone loves the idea of budgeting, taking a moment to assess and prioritize your spending can yield some real rewards. Even a basic monthly budget can help you reach your financial goals, whether it’s to have a financial cushion, put a downpayment on a new home, go on your dream vacation, or all of the above.”
Brian Walsh, CFP® at SoFi