Top Story
TikTok’s new workplace-related hot take: "bare-minimum Mondays.”
A TikTok trend encourages people to ease into the workweek by only doing the essentials on Monday. But is it worth the potential consequences? There are surprising pros and cons on both sides of the argument. Get the details and decide for yourself.
US stocks finished lower Monday after JPMorgan’s takeover of First Republic Bank
• First Republic lost nearly half of its deposits in recent weeks. As a result, it was seized by federal regulators and sold most of its operations to JPMorgan. JPMorgan, the biggest US bank by assets, has now taken over $92 billion of First Republic’s deposits, including the $30 billion Chase and other large banks contributed last month.
• ON Semiconductor (ON) beat analyst expectations with revenue of $1.65 billion and earnings per share of $1.19. In addition to nearly doubling its silicon carbide revenue, the company offered guidance for the second quarter above previous estimates.
• The ISM Manufacturing PMI, which measures manufacturing activity nationwide, increased to 47.10 in April. The figure came in slightly above the 46.8 consensus and 46.3 reading in March, but still points to an overall contraction in manufacturing activity for the sixth consecutive month.
• Four of the S&P 500’s biggest tech stocks collectively account for 60% of the index’s year-to-date gain. Said stocks are Apple (AAPL), Microsoft (MSFT), Nvidia (NVDA), and Meta Platforms (META). Nvidia alone has made up 11.6% of the S&P 500’s gain this year, with its own performance just shy of 90%.
What to be on the lookout for today
• The JOLTS job openings report for March will be released. In February, job openings in the US fell by 632,000 to 9.9 million, signaling a cooling labor market. Additionally, investors will get an update on factory orders. In February, new orders fell by 0.7% month-over-month.
• Major companies including Pfizer (PFE), Starbucks (SBUX), and Uber (UBER) are set to report earnings. Ford (F) will also give what is expected to be a positive update to investors. The F-150 maker just became America’s best selling car brand, led by strong EV sales, which surged 41% in the first quarter.
Time for a remodel? Here’s how much it might cost.
The cost to remodel a house will depend on the number of rooms you decide to renovate, the degree to which each room is remodeled, the materials you use, and the area in which you live.
Are you thinking of renovating or remodeling your home? This home renovation cost calculator can help you estimate your project cost before you get started.
And if you need a little more cash on hand to help with your project, using a personal home improvement loan can help.
Today’s top stories
US companies have a unique marketing strategy this Mother’s Day: don’t market. Many companies are letting customers opt out of marketing emails ahead of the potentially difficult US holiday. If it’s well-received, it could change modern marketing. Read more >> America’s families are on the move. A recent Zillow (Z) survey shows that the more children in a family, the more likely they are to move. Here are some factors for households with children to consider when looking for a new home. Read more >> Do you ever find that you “can’t resist” buying something you don’t really need? Impulsive or compulsive shopping can harm your finances. Here are tips on understanding these shopping behaviors and stopping them. Read more >>Not-so-breaking news
-
American Airlines (AA) pilots have approved a strike mandate ahead of the busy summer travel season. The 15,000-person union is holding out for better wages and working conditions.
-
Adidas (ADDYY) is being sued by investors over its former partnership with Kanye West. The class action lawsuit alleges the apparel company ignored signs of extreme behavior from the rapper.
-
Subway closed 571 locations in 2022, or 2.7% of its total shops. The once-largest restaurant chain by number of locations is now reportedly pursuing a sale at a $10 billion valuation.
-
The Federal Aviation Administration has launched 170 new flight routes in the eastern US to avoid congestion. These new routes should save an estimated 6,000 minutes of travel each year.
Financial planner tip of the day
"Early retirement may be one of your financial goals, and achieving it requires some planning. Maxing out your 401k or 403b is great, but you will likely need to save more than the limits and want more flexibility using a taxable account."
Brian Walsh, CFP® at SoFi