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A storm is brewing for your grocery bill.
The weather event known as El Niño is forecast to begin in the next few months, which lines up poorly with a drought in the Central US. Here’s how it could impact food production — and prices.
US stocks finished lower Tuesday as upcoming inflation data and debt ceiling discussions remained top of mind
• Fisker (FSR) reported a wider first-quarter loss than anticipated. The EV startup lost $121.6 million, or $0.38 per share, which it attributes to higher research and development expenses it does not expect to recur. The company has $625.5 million in cash remaining. It plans to build 1,400 to 1,700 vehicles in the second quarter and increase production to about 6,000 vehicles per month by the third quarter.
• The NFIB Small Business Optimism Index fell from 90.1 to 89 in April, its lowest level since January 2013. Labor quality was the top-cited problem for businesses, as owners struggled to find qualified workers. The second most common pain point was inflation.
• Novavax (NVAX) announced a net loss of $294 million or $3.41 per share, slightly above expectations. However, sales for the first quarter were just $81 million, down from $704 million a year ago. The company also unveiled new phase two COVID vaccine data, as well as a cost-cutting plan, which includes laying off 25% of its workforce.
What to be on the lookout for today
• The closely-watched inflation rate will be released for the month of April. In March, inflation slowed for the ninth consecutive month to 5%. Inflation has steadily declined in recent months, but remains more than twice the Fed’s 2% target rate. Additionally, investors will get an update on the 30-year mortgage rate, which currently sits at 6.5%.
• The Street will get earnings reports from Beyond Meat. Investors will be looking for clues as to the state of the plant-based meat industry, which has been stagnant since 2020. Also reporting: a little local publication called the New York Times (NYT) and an entertainment company you may have heard of named Walt Disney (DIS).
Sweep away your debt: 3 ways to pay it off.
Like clutter in your house, carrying debt can stress you out and weigh you down. Here’s how to eliminate it and feel more financially free.
Consolidate credit card debt. Credit card debt can be especially costly because the interest on what you owe can be so high. One way to deal with it: Consolidate it by taking out a personal loan to pay off all your cards. Personal loans usually offer lower interest rates than credit cards. The less you pay in interest, the more money you can put toward reducing the debt.
Pay off student loans. Student loans can be a drag on your monthly budget. Paying them off can free up cash that will make it easier to save for the future. One strategy for doing that is refinancing into a new loan with a lower interest rate. However, keep in mind that refinancing federal student loans with a private lender could mean losing some of the benefits and programs associated with federal student loans.
Get a side hustle. Making some extra money, whether from tutoring in the evenings or dog walking on weekends, can help you earn some bonus cash that you can put directly to paying down your debt.
Paying down debt can be a long and grinding process. Need help staying motivated to whittle down your debt and take control? Try these 15 smart strategies.
Today’s top stories
The current writers strike is the first one since the rise of streaming. That makes all the difference in demands and negotiations. The entertainment industry's total earnings have gone up from $155 billion 10 years ago to more than $220 billion today, with most of the growth attributed to the popularity of streaming services. Read more >> Disney (DIS) fans rejoice: it’s about to be a whole new Disney World. Beginning next year, resort hotel guests can wave a big Mickey glove goodbye to park reservations. Here’s what other changes are coming. Read more >> If you want to spend less, save more, and lower your money stress, giving financial minimalism a try could help. Becoming a minimalist with money doesn’t mean you live a deprived lifestyle. Instead, you choose to include only those things in your life that are meaningful to you and align with your values and minimalist belief. Read more >>Not-so-breaking news
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Amazon (AMZN) is offering customers $10 to pick up purchases instead of having them shipped. This move comes as the ecommerce giant attempts to cut delivery costs.
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LinkedIn (MSFT) will cut over 700 jobs and shut down its China app due to “challenging” economic conditions. The Microsoft-owned social media platform is the latest tech company to announce layoffs. More than 160,000 roles in the sector have been removed in 2023 so far.
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IBM (IBM) announced WatsonX, a new take on its AI-powered Watson supercomputer. The new AI tool is aimed at helping companies train AI models and generate code using natural language.
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Burger King (QSR) is rolling out a new Spider-Man-themed Whopper to accompany the forthcoming release of Spider Man: Across the Spider-Verse. The new sandwich will feature a red bun topped with black sesame seeds, mimicking the superhero’s iconic costume.
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Tesla (TSLA) broke ground on a new lithium refinery in Corpus Christi, Texas. The EV leader plans to invest $375 million in securing a domestic source of lithium, a key ingredient in EV batteries.
Financial planner tip of the day
“When people don’t know how much they spend and when, it can be difficult to stick to a savings plan. If you don’t know how much money hits the bank account each month and how much you spend, how do you know what’s a realistic amount to save? Before creating savings strategies, many people find it helpful to track their spending and expenses, organized by week, month, or year.”
Brian Walsh, CFP® at SoFi