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Is your freelance gig starting to feel like a full-time job without the perks?
The distinction between freelancers and remote employees is increasingly blurring. Time to know your rights and how to navigate the changing landscape.
US stocks finished lower Friday after debt ceiling negotiations on Capitol Hill came to an abrupt halt
• Foot Locker (FL) saw its shares drop more than 25% after missing on both the top-and-bottom line estimates. Earnings per share were $0.70 and revenue was $1.93 billion, compared to the $0.81 and $1.99 billion predicted. Year-over-year sales also dropped 11.4%. The footwear company expects future sales to be down 6.5% to 8% as it proceeds with aggressive markdowns to offset the challenging macroeconomic backdrop.
• Deere & Company (DE) easily surpassed analyst estimates with per-share earnings of $9.65 and a 30% increase in revenue at $17.39 billion. Both numbers were well above the respective $8.58 and $14.89 expectations, largely driven by a 53% jump of sales in its Production & Precision Agriculture segment, as well as a 7% increase in operating margins
• In economic news, Fed Chairman Jerome Powell spoke at the Thomas Laubach Research Conference. Despite a number of Fed speakers offering hawkish remarks earlier in the week, Powell did not confirm or deny any future rate increases.
• Nike (NKE) could be fined over $530 million for misclassifying thousands of workers as independent contractors. Independent reports compiled for the company suggest Nike management’s handling of independent contractors has left it open to considerable fines from tax authorities and the possibility of class action lawsuits.
What to be on the lookout for today
• A number of speeches by members of the Federal Reserve, with the St. Louis Fed’s Jim Bullard kicking things off. Bullard will offer commentary on the Fed’s decision to raise the fed funds rate to 5% to 5.25% during its May meeting. This marked 10 straight months of rate increases and the highest level seen since 2007.
• Zoom (ZM) will deliver an earnings report most likely focused on – you guessed it – AI. Last March, Zoom announced a partnership with ChatGPT-owner OpenAI, following a trend across the tech sector. Recently, it also announced it’s teaming up with Anthropic, a startup in which Google (GOOGL) has invested. Zoom plans to integrate AI to improve its customer service functionality.
3 easy ways to bring green energy into your home (and we don’t mean light bulbs).
Going green at home is a great idea, for a few reasons. Green homes use less energy, fewer fossil fuels — and some upgrades can even generate energy. Also: these days there are real incentives for living sustainably.
1. Get (tax) credit: By making certain energy-efficient upgrades (e.g. replacing a heat pump or adding insulation) you may be able to claim a credit on your taxes for up to 30% of the expense.
2. Get smarter: Smart technology like programmable thermostats can lower your energy bills year-round.
3. Think big: If you’re ready to make a big change like replacing appliances or installing solar panels, SoFi can help with a personal loan, allowing you to move forward now so you can see savings sooner.
Today’s top stories
Tech sector layoffs tumble into adjacent industries as Best Buy (BBY) announces layoffs, citing a shift in shoppers’ habits. The electronics retailer will announce its earnings report and provide more details on Thursday. Plus, here’s everything else to watch for on Wall Street this week. Read more >> Too much conflict on commercial airlines? Your pooch can now fly private. America’s turbulent “pets on planes” debate is really starting to take off, but so are their flight options. Read more >> Is it more important to pay down debt than to save money? Paying down debt is a smart financial move, but so is increasing your emergency savings. Choosing which to tackle first really depends on your financial goals. Read more >>Not-so-breaking news
- Toyota (TM) is revamping the Tacoma to better compete in the truck market. New updates to Toyota’s best-selling truck include a hybrid version and an optional manual transmission.
- A group of TikTokers sued Montana Governor Greg Gianforte following his decision to ban the video-sharing app in the state. The complaint argues that TikTok is protected under the First Amendment.
- Starbucks (SBUX) plans to start using pellet ice cubes in its drinks. The coffee chain says the new ice machines use less water and won’t impact the flavor or texture of frozen drinks.
- Kia (KIMTF) and Hyundai (HYMTF) will pay $200 million over claims their cars are too easy to steal. The settlement will provide $145 million to 9 million drivers whose cars were stolen.
- Disney (DIS) is scrapping plans to build a $1 billion campus in Florida, which would have brought 2,000 jobs to the state. The entertainment giant cited “changing business conditions” for the decision, in a likely reference to its ongoing feud with Florida Governor Ron DeSantis.
Financial planner tip of the day
“Understanding exactly how much you’re spending helps you appreciate how much you’re able to save. Your savings rate is the most important component for determining your ability to accomplish financial goals like homeownership, starting your own business, or being able to retire.”
Brian Walsh, CFP® at SoFi