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Half of young investors are turning to their retirement account as their primary emergency savings fund.
Discover how millennials and Gen Z are altering their investment strategies in response to economic changes and the potential financial implications.
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US stocks finished higher Thursday with continued optimism over a debt ceiling resolution.
• Walmart (WMT) handily beat analyst estimates with revenue of $152.30 billion and earnings per share of $1.47. The big box retailer saw sales rise nearly 8%, as its grocery business helped offset weaker demand for clothes, electronics, and other discretionary items. The company raised its full-year guidance, anticipating net sales to rise roughly 3.5% in the fiscal year.
• Initial Jobless Claims for the week that ended May 6 came in at 264,000, well above market forecasts of 245,000. The latest reading reflected the highest number of Americans filing for first-time unemployment since October 2021.
• Dallas Fed President Lorie Logan said she doesn’t believe the current data justifies skipping a rate hike in June. While new data over the coming weeks could change that, she believes the Fed still has work to do in achieving price stability. Lorie Logan is a voting member of the FOMC.
What to be on the lookout for today
• Deere & Company (DE) will round out the earnings week. The agricultural manufacturer, doing business as John Deere for nearly two centuries, may address a manufacturing defect that caused a number of tractors, owned by the New Jersey State Government, to catch fire in recent weeks.
Green energy investments can be a financially smart way to help the planet.
There was a time when investing in alternative energy had a primarily feel-good reputation. You might help the planet, but you wouldn’t make much money (or so people thought). That myth has faded in the face of data that shows just how profitable socially responsible investing (SRI) can be. In fact, investing in green energy sources — including wind, solar, electric vehicles (EVs), and more — delivers similar results to conventional energy investments.
Many firms are successfully developing alternative energies, technologies, and materials that you can invest in through green stocks, mutual funds, exchange-traded funds (ETFs), green bonds, and more.
Now, more than ever, it’s possible to invest in the change you want to see in the world.
Today’s top stories
The Supreme Court just made two rulings related to Section 230 that will help shape the future of the internet. We’ll break down the Supreme Court's actions and what the decision means for social media companies and users. Read more >> Nearly 20% of Americans find themselves as a caregiver to an aging parent. The pressure and stress is enough for many to leave the workforce entirely. But this startup just raised $25 million to change that. Read more >> Before hiring a contractor to renovate or remodel your home, it’s smart to do your due diligence. It’s always a good idea to check references, get bids, and identify red flags. Here are other tips that can help you in your search to find the right person for the job. Read more >>Not-so-breaking news
- Montana Gov. Greg Gianforte banned TikTok in the state. This ban is set to go into effect next January, but could be challenged by the video-sharing app as a violation of the First Amendment.
- Uber (UBER) released teen-specific accounts for riders ages 13 to 17. These accounts will only be accessible to highly-rated drivers and will allow parents to track kids’ rides and contact drivers if necessary.
- FedEx’s (FDX) pilots’ union voted overwhelmingly in favor of authorizing a strike if necessary. The aviators are taking advantage of unique economic conditions to negotiate higher wages.
- The iconic Oscar Mayer (KHC) Wienermobile has been rebranded as the Frankmobile. The new fleet will hit America’s streets this summer in honor of the company’s new 100% Beef Franks.
- Brain-computer interface company Paradromics just received a key FDA designation. The company will begin human trials in 2024 for an exploratory treatment for paralysis patients.
Financial planner tip of the day
“Reaching your savings goals might happen faster by setting up automatic transfers from checking account to savings account each time you’re paid. If your paycheck is direct-deposited, you may also be able to split the deposit into more than one account, on a percentage or dollar-amount basis.”
Brian Walsh, CFP® at SoFi