Monday,
April 24, 2023
Market recap
Dow Jones
33,808.96
+22.34 (+0.07%)
S&P 500
4,133.52
+3.73 (+0.09%)
Nasdaq
12,072.46
+12.90 (+0.11%)
Top Story
In their push to entice employees to return to the office, employers trade the stick for the carrot.
Here are a few of the companies that will pay to relocate you in exchange for in-person work.
US stocks finished lower Friday to close out a relatively tepid week of first-quarter earnings results.
• Procter & Gamble (PG) beat analyst expectations with revenue of $20.07 billion and earnings per share of $1.37. While the company’s volume fell 3%, higher prices helped to offset lower demand, with a 10% year-over-year increase across its portfolio of products. Procter also raised its sales growth forecast for 2023 to 6%, projecting relatively stable demand for its consumer staples.
• The S&P Global US Manufacturing PMI increased to 50.4 compared to estimates of 49, pointing to the first expansion of factory activity in six months. Its services counterpart also handily beat projections at 53.7, signaling the fastest increase since April 2022.
• Amazon-owned (AMZN) Whole Foods is cutting several hundred corporate jobs as part of its broader reorganization and cost-curbing efforts. Included in these changes, Whole Foods will shift from operating in nine different regions to just six, though no store closures will result from this action.
What to be on the lookout for today
• The Dallas Fed Manufacturing Index will be released. As the leading metric for the state ranked second in factory production and first in exports of manufactured goods, this index offers a valuable insight into the broader health of US manufacturing.
• Coca-Cola (KO) will lead off the busy week of earnings. It is the first of many companies in the Dow Jones Industrial Index to report earnings.
College decision day is one week from today – are you ready?
If a student is lucky enough to receive multiple acceptance offers from colleges, then they have some big decisions to make.
Chances are, they will make that decision by May 1 — also known as College Decision Day. For most colleges and universities across the United States, May 1 is the deadline for prospective students to confirm their admission plans. This is when many students submit a nonrefundable deposit to formalize their choice and new commitment.
Before the big decision day arrives, students and their families will generally want to prepare together. This is a major decision with key factors to consider. Here are 7 tips that could help students prepare for college decision day.
Today’s top stories
A 39% jump in travel and entertainment spending. That's what Amex reported last week. But there's also some stress at the lower end of the economy. This is why Wall Street is watching two other big names that report this week. See which ones they are here. Read more >> Are unpredictable EV prices standard for this emerging market? The electric vehicle market is facing price volatility, making it hard for investors and consumers alike. Here’s how to navigate this new landscape. Read more >> Historically, times of economic turmoil have seen big upticks in graduate school enrollment. But is this the right move for you now? We hope the following information will help you decide whether the cost of earning a master’s will pay off in greater career opportunities — and higher salary — down the line. Read more >>Not-so-breaking news
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What do Beyoncé, Pope Francis, Oprah Winfrey and former President Donald Trump have in common? They all lost their blue checks on Twitter last week. The company is removing these identifiers from accounts that don’t pay a monthly fee to keep them.
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BuzzFeed (BZFD) shuttered its news division. Tech and media companies that once flourished are now forced to navigate a high-rate environment, putting pressure on growth stocks with advertising-based business models.
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Chile's President Gabriel Boric said he would nationalize the country's lithium industry. The country is the second largest producer of the metal used to produce electric vehicles. Many in the EV industry are now scrambling to secure what they need to keep production on schedule.
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No one likes doing laundry, especially after a couple years of price hikes on items like detergent. But there may be a reason to rejoice — Procter & Gamble (PG) is implementing discounts on Tide in order to stay competitive as shoppers watch their wallets.
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The largest global owner of commercial real estate is feeling the impact of a slowdown in the space. Blackstone (BX) reported a 36% drop in distributed earnings since last year as dealflow stalls amid rising interest rates.
Financial planner tip of the day
"A stock is essentially a small piece of a company. Investors can buy stock, and in doing so, become shareholders of that specific company. Money can be earned in two ways, through the stocks value growing over time, as well as dividends, if applicable. Investing in stocks can offer the potential to earn a high rate of return in the long term, but that potential comes with some risk. They’re one of the more volatile forms of investing for the short and medium term."
Brian Walsh, CFP® at SoFi