Wednesday,
May 3, 2023
Market recap
Dow Jones
33,684.53
-367.17 (-1.08%)
S&P 500
4,119.58
-48.29 (-1.16%)
Nasdaq
12,080.51
-132.09 (-1.08%)
Top Story
To binge or not to binge? For streaming services and audiences alike, that is still the question.
In the decade since Netflix (NFLX) pioneered the “binge release” model, the debate over whether it’s superior to the “weekly release” model rages on. Here’s why it matters now more than ever.
US stocks finished lower Tuesday as Wall Street braced for the upcoming Fed interest rate decision
• Chegg (CHGG) saw its shares drop over 40%. The homework assistance and online tutoring company said it saw a noticeable impact from ChatGPT on its new account growth. Nevertheless, the company beat on top-and-bottom line estimates, with earnings per share of $0.53 and revenue of $188 million.
• Uber (UBER) beat analyst expectations, posting a loss of $0.08 per share compared to the $0.09 expected. Both were significantly lower than the $3.03 per share loss posted a year ago. The rideshare company also reported a 29% increase in revenue from the previous quarter at $8.82 billion. In a prepared statement, Uber’s CEO said the company is using AI solutions to predict more accurate arrivals and efficient driver onboarding.
• The JOLTS job openings report showed job offers in the US fell by 384,000 to 9.59 million in March, the lowest level since April 2021. The figure was below expectations of 9.77 million and offers further evidence of a cooling labor market.
What to be on the lookout for today
• All eyes will fall on the Federal Reserve, as it is expected to announce another interest rate decision. Many Fed members are still concerned inflation is too high and requires additional interest rate hikes, though this could be the end of its hiking campaign.
• Investors will get updates from CVS (CVS), Kraft Heinz (KHC), and Yum! Brands (YUM). The latter might speak on its recently-announced plans to use AI to forecast how much food is needed at KFC and Taco Bell locations.
Learn something college doesn’t teach: money management.
We get it. Juggling school and finances isn’t always easy — in fact, it can be downright stressful.
That’s why SoFi launched Ca$h Course, a free student resource packed with innovative tools, articles, and videos designed to help you ace your finances in college.
Get tips on everything from sharing expenses with roommates and saving money on food — to creating a budget, finding student discounts, securing scholarships, and more!
When it comes to mastering your personal finances, Ca$h Course has you covered with money management skills you won’t find in a textbook.
Today’s top stories
Some demographics in the US see as much as $1.3 million in lost wages over their career. The Paycheck Fairness Act aims to address that. Here’s how this new legistlation could impact income inequality. Read more >> ChatGPT just took an empathy test… and passed with flying colors. Based on one study, the AI language model was found to be more empathetic than most doctors. It all comes down to this one major difference. Read more >> Are you bad with money? Here’s how to get better We’ve gathered some telltale signs that you may have some work to do when it comes to money management — plus some key tips and strategies that can help you get better with money. Read more >>Not-so-breaking news
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Tesla (TSLA) increased the price of its Model 3 and Y in China, Canada, Japan, and the US. Despite this hike, the EV leader’s prices are still lower than the start of the year, due to multiple rounds of price cuts.
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General Mills (GIS) is launching a new Kit Kat-branded cereal starting at $5.69 per box. This candy cereal will be joined by other new flavors including Vanilla Spice Cheerios and Cinnamon Toast Crunch Tres Leches.
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Coinbase (COIN) is launching a global cryptocurrency exchange called Coinbase International Exchange. This move comes as the crypto leader finds itself at odds with US regulators.
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Hollywood screenwriters have gone on strike for the first time in 15 years. The 11,500-person Writers Guild of America is holding out for higher pay, better staffed writing rooms, and shorter exclusive contracts, all of which have been diminished by streaming.
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Apple (AAPL) and Google (GOOGL) are teaming up to prevent Apple’s AirTags from being used to track people against their will. The proposed solution will alert iOS and Android users of unwanted trackers.
Financial planner tip of the day
“No matter whether you’re taking an active, passive, or hybrid approach to investing, you’re likely to pay some fees. It's important to look carefully at the fees that you’re paying and to occasionally shop around to see if it’s possible to get similar investments for lower fees.”
Brian Walsh, CFP® at SoFi