Friday,
May 5, 2023
Market recap
Dow Jones
33,127.74
-286.50 (-0.86%)
S&P 500
4,061.22
-29.53 (-0.72%)
Nasdaq
11,966.40
-58.93 (-0.49%)
Top Story
Google (GOOGL) is joining the verification frenzy by adding checkmarks to Gmail accounts.
But it’s taking a very different approach from fellow tech companies Twitter and Meta Platforms (META). We’ll explain how Gmail verification works.
US stocks finished lower Thursday as the Fed’s latest interest rate decision reignited concerns in the regional banking sector.
• Moderna (MRNA) wildly surpassed expectations with earnings per share of $0.19 compared to the $1.77 loss per share that was projected. The company maintained its full-year guidance of roughly $5 billion in revenue from its COVID vaccine, which will come from already-signed government contracts. Despite demand for COVID vaccines falling, the company expects the US to need 100 million doses annually.
• Ferrari (RACE) raced past expectations, as its first-quarter profit jumped 24% to 1.63 euros per share. The company also maintained its full-year revenue guidance of roughly 5.7 billion euros, adding that its order books extend all the way to 2025.
• The US trade deficit narrowed to a four-month low of $64.2 billion in March. Exports increased by 2.1%, largely prompted by sales of crude oil, fuel oil, natural gas, and passenger cars. On the other hand, imports fell 0.3%, largely driven by a decline in purchases of semiconductors, electronics, and construction machinery.
What to be on the lookout for today
• Investors will learn how many jobs the US created in April. In March, the economy saw 236,000 new jobs, the lowest total since December 2020. Additionally, investors will find out if hourly earnings for US workers increased or decreased this month. In March, payrolls increased by 4.2% on a yearly basis.
• Marcus & Millichap (MMI) and AMC (AMC) will round out the earnings. The two will offer insight into the commercial real estate and entertainment industries, respectively.
Here are 4 reasons why you should check your credit score.
Monitoring your credit score is important, and to do it for free is that much better. Here are some of the most important reasons to review your number:
• You can spot discrepancies or potential fraud. Unordinary activities will reveal themselves when you keep tabs on your credit score. You can immediately spot red flags when something seems unusual (say, your score drops 40 points for seemingly no reason). You can act right away, work toward getting your score back on track, or file a dispute if you detect fraud.
• You can gain insight into your financial situation. Understanding your credit score can help you determine when it’s a good time to purchase a home or refinance your mortgage. For example, if your score is less than ideal, you may want to hold off on making big moves until you boost your score. The delay may help you qualify for more favorable terms and interest rates.
• You can better compare financial products. Lenders have different criteria and credit score requirements to qualify for specific products. So, knowing your credit score can help you determine if applying for a particular product is worth it or if you should explore other options.
• You can pinpoint ways to improve your score. Having a handle on your credit score and the factors used to calculate it can help you optimize it. Some resources and websites may offer simulations so you can see how changing certain factors will alter your credit score.
Track your credit score for free in the SoFi app, where the factors affecting your score are broken out to make them easier to understand.Recommended reading: How to Read and Understand Your Credit Report
Today’s top stories
Columbia University created a standardized index to measure the effectiveness of mental health resources in the workplace. Here’s why Ivy’s solution for improving mental health at work couldn’t come at a better time — for employers and employees alike. Read more >> Hey herbivores! Steak is back on the menu. Chunk Foods just raised $15 million to take Beyond Meat (BYND) and Impossible Burgers a step further with a plant-based alternative mimicking the texture, taste, and color of steak. Read more >> Feeling bogged down in credit card debt? These 7 strategies could help you pay down your balances and regain control. Read more >>Not-so-breaking news
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The National Samsung Electronics Union is threatening its first ever strike. The labor union claims it has been cut out of wage negotiations by Samsung (SSNLF) management.
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Shopify (SHOP) plans to lay off 2,000 workers, or approximately 20% of its workforce. The ecommerce software company is also selling its logistics business to supply chain management firm Flexport for 13% equity.
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In the midst of anchor store closures, Macy’s (M) plans to open more off-mall stores, branded Market by Macy’s and Bloomies. So far, the retail giant’s 10 new spinoff stores have outperformed in sales.
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Waymo (GOOGL) will double its driverless taxi service in Phoenix. The Google-owned company plans to expand its San Francisco business and begin operations in Los Angeles.
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Michelle Obama is launching PLEZi Nutrition, a healthy food and beverage company for kids. The company’s first product is a fruit juice with 75% less sugar than leading brands.
Financial planner tip of the day
“Investing isn’t just for the wealthy; it’s for anyone who wants to achieve financial goals. There are low-cost, simple, and effective investing options that are accessible to investors of all sizes.”
Brian Walsh, CFP® at SoFi