Top Story
Renting has become a necessity for many. But the new trend of BFR across the market is making renting even more attractive.
Built-for-rent housing is reshaping the rental market by closing the gap between the luxury of neighborhoods and the affordability of rental living.
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US stocks finished lower Tuesday as debt ceiling negotiations continued in Washington
• AutoZone (AZO) beat profit expectations with earnings per share of $31.50. However, it fell short on sales at $4.12 billion, largely driven by a weak March. Same-store sales rose 1.9% while inventory rose 7.4% year-over-year due to inflation and growth initiatives. The company also opened 22 new stores in the US during the quarter — six in Mexico and two in Brazil.
• The S&P Global (SPGI) Services and Manufacturing PMIs were released. The former increased to 55.1, well above market expectations of 52.6, while the latter declined to 48.5 — well below market expectations of 50. Overall, the broader service sector extended its expansion to four consecutive months, while manufacturing saw its biggest contraction in three months.
• Apple (AAPL) announced a multibillion-dollar deal with semiconductor manufacturer Broadcom to develop 5G components for its products in the US. Apple said the deal is part of its 2021 commitment to invest $430 billion into the US economy, and will also help to improve the company’s critical automation projects and upskilling capabilities.
What to be on the lookout for today
• The minutes from the FOMC’s meeting will be released, giving investors greater insight as to the Fed’s thinking regarding future rate hikes. The 30-year fixed mortgage rate will also be updated. It currently sits at 6.57%.
• NVIDIA (NVDA) will report earnings from the previous quarter. As one of the largest producers of GPU chips, investors will be eager to get better insight into the company’s performance over the past few months. These chips are integral to many AI tools, and rising demand for that emerging technology has already helped NVIDIA’s stock to double this year.
Buying a home: how to search smarter
Are you ready to start your hunt, whether for a cute Colonial or a sleek Mid-century Modern? Here’s how to get going:
• Roll up your sleeves and research. Compare housing options and values online. Get a feel for prices and property taxes, which are an important part of the home affordability equation.
• Consider working with a real-estate agent to guide you through the process and share insights about market conditions.
• Don’t forget: Make sure you have funds available for a down payment once you have an accepted offer.
Use our home affordability tool to estimate what price range of house you can shop for to cover closing costs, mortgage, and additional fees and taxes.
Today's top stories
There’s a surprisingly simple solution for America’s remote-work-fueled loneliness epidemic. 61% of Americans reported feeling lonely, even before working from home became the norm. Here’s a simple solution remote workers are using to boost joy and productivity at the same time. Read more >> Surgeon General’s Warning: We don't know if social media is safe for kids yet, but there are 3 ways to make scrolling safer. Dr. Murthy is urging policymakers to put up safety rails and regulations for social media, like there are for car seats, baby formula, and other products children use. Read more >> Ready to make an offer on a house? Here are 10 tips for writing a real estate offer letter. Boost your chances that the seller will choose you by learning to write a successful real estate offer letter. Read more >>Not-So-Breaking News
- Kraft Heinz (KHC) Singles are getting their first makeover in 5 years. The new packaging design for the individually-wrapped cheeses will be easier to open and feature a new logo.
- United Airlines (UAL) is adding 35 new flights to Denver. With these additions, the airline will have 450 daily departures from the Colorado airport, one of the fastest-growing hubs in the US.
- Lowe’s (LOW) beat analyst expectations for first quarter revenue and profit but lowered its full-year guidance. The home improvement retailer blamed falling lumber prices, low seasonal demand, and smaller order sizes from DIY customers.
- Paramount (PARA) is set to officially merge Paramount+ with SHOWTIME on June 27th. A premium Paramount+ with SHOWTIME® plan will now cost $11.99 per month, while a regular plan will cost $5.99.
- WhatsApp (META) will allow users a 15 minute period to edit sent messages. Once a message has been edited, the recipient will be able to see the message was edited, but not what the original version said.
Financial planner tip of the day
“One survey found that Americans underestimate their spending on subscription services by a whopping 84%. Putting all your monthly subscriptions on one card can simplify the way you keep track of your spending.”
Brian Walsh, CFP® at SoFi