Friday,
April 28, 2023
Market recap
Dow Jones
33,826.16
+524.29 (+1.57%)
S&P 500
4,135.35
+79.36 (+1.96%)
Nasdaq
12,142.24
+287.89 (+2.43%)
Top Story
Are high rates, low inventory, and a lack of affordability actually good for first-time homebuyers?
Believe it or not, the answer might be yes. Although it might take some time, change could be in the air for those looking for an entry-level pad. Here’s why.
US stocks finished higher Thursday after another strong day of corporate earnings.
• Meta Platforms (META) saw its shares spike to a 52-week high after topping analyst expectations and providing guidance above consensus. The company announced earnings per share of $2.20 and revenue of $28.65 billion compared to the $2.03 and $27.65 estimates, respectively. Growth in China advertising spend was a major contributor to the company’s positive numbers.
• US GDP grew 1.1% in the first quarter, slowing from the previous quarter’s 2.6% expansion. While in positive territory, it was the weakest growth since the second quarter of 2022, suggesting interest rates are indeed slowing the economy.
• Eli Lilly (LLY) announced that patients who took its obesity drug tirzepatide lost up to 34 pounds or about 16% of their body weight. The drug has already been approved for Type 2 diabetes and the company plans to submit its application to the FDA for broader use by the public in the coming weeks.
What to be on the lookout for today
• Information on personal income and spending for March will be released. These metrics rose 0.3% and 0.2% month-over-month in February, respectively.
• Colgate-Palmolive (CL) will round out the earnings week, along with oil goliaths Exxon Mobil (XOM) and Chevron (CVX). Oil companies had a record year in 2022, so investors will be eager to see if this momentum has continued into 2023.
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Today’s top stories
Mark Cuban and Paris Hilton want to sit you down for a chat. A fireside chat, that is. The Cuban-backed app, Fireside, recently raised $25 million and brought Hilton on board to create, in essence, Netflix (NFLX) meets TikTok. Here are the details. Read more >> Drowning in digital chatter? Discover the hidden cost of workplace communication overload. Are you overwhelmed by endless emails, messages, and video calls? You’re not alone. Here’s how communication overload is impacting workplace efficiency and well-being. Read more >> It’s National Park Week! A trip to a national park can be a great opportunity to explore the great outdoors, without breaking the bank. We’ll share ways to keep costs down on your next adventure. Read more >>Not-so-breaking news
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Comcast (CMCSA) beat Wall Street expectations for its first quarter of 2023, thanks in part to growth in subsidiary NBCUniversal’s Peacock. Its streaming division added 2 million net paid subscribers during the quarter for a total of 22 million, up 60% year-over-year.
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Southwest Airlines (LUV) saw a $325 million hit to top line sales, highlighting the financial impact of its holiday meltdown. In the final days of December, the carrier canceled over 16,000 flights due to a software issue.
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Oddity, the beauty platform behind social media darlings IL Makiage and Spoiled Child, will invest more than $100 million to acquire biotech startup Revela. It aims to use AI to create new molecules to be used in cosmetics.
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Elon Musk tweeted he met with lawmakers, including Senate Majority Leader Chuck Schumer, to discuss AI. Musk has been a prominent critic of the pace of AI developments and Schumer has said he wants to establish a framework to foster AI growth and mitigate risks.
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The US Fish and Wildlife Service said last week’s SpaceX Starship launch and mid-air explosion started a 3.5-acre fire in Boca Chica State Park. No dead birds or wildlife have yet been found.
Financial planner tip of the day
“The sooner you can start investing, the quicker you can start taking advantage of compounding interest, which can accelerate your ability to save. Compound interest is the return you earn on your returns, which can help your earnings grow exponentially over time.”
Brian Walsh, CFP® at SoFi