Top Story
Air travel demand has finally exceeded pre-pandemic levels.
Heading into Memorial Day weekend, demand for flights is up 5.4% from 2019. Here’s how to prepare for this historically busy holiday travel — including one clever way to avoid delayed flights.
US stocks finished lower Wednesday, as debt ceiling negotiations inched closer to the June 1 deadline without a deal.
• Abercrombie & Fitch (ANF) beat Wall Street's estimates on both revenue and earnings per share with $836 million and $0.39, respectively. In addition to its surprise profit, the company raised its guidance and now expects net sales to grow between 2% to 4%, compared to a previous range of 1% to 3%.
• Kohl’s (KSS) announced a surprise profit of $0.13 per share compared to the $0.42 loss predicted. Its revenue reached $3.36 billion. However, comparable sales declined 4.3% in the quarter and the retailer reiterated its full-year outlook, projecting a 2% to 4% decline in sales, as shoppers buy fewer discretionary items.
• Mortgage demand dropped 4.6% in the week that ended May 19, following a 5.7% drop the previous week. Applications to refinance also fell 5.4% as the average 30-year fixed-rate mortgage reached 6.69%, the highest level seen since early March.
What to be on the lookout for today
• Several reports are expected to be released including jobless claims, pending home sales, and the US GDP growth rate. Boston Fed President Susan Collins is also expected to speak.
• Costco (COST), Workday (WDAY), and Best Buy (BBY) will release earnings reports. Best Buy will face investor scrutiny after announcing a round of layoffs.
Buying a home? Here are tips for making a solid offer.
Have you found a property that’s “The One”? Follow these steps to make it yours:
• If you’re a first-time homebuyer, understand the current market and how much above or below the asking price homes are typically going for.
• Acquaint yourself with ways to sweeten your offer. Would you be willing to rent back to the current homeowner while they hunt for a new home, for instance?
• Be wary of certain steps in the negotiation process in a hot housing market, such as waiving the inspection. You might wind up with a house that needs major work.
• Consider writing a real-estate offer letter to the owners.
Today’s top stories
Even high-income earners are feeling the economic crunch. No one is immune to economic downturns. Here’s how top earners are adapting to paycheck-to-paycheck life. Read more >> Rally, really? Why investors should take a deeper look at the market’s upward trend. Stocks continue to perform — but the bigger question to ask is which stocks, and why. Read more >> Automating your finances can be a great way to make bill paying and saving more convenient — you can set it and forget it. If you’re not already taking advantage of the benefits, these tips can help you get started. Read more >>Not-so-breaking news
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Netflix (NFLX) officially started cracking down on password sharing in the United States. Its new policy limits users to a single account per physical household.
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Lawmakers are pressuring carmakers to keep AM radio in electric vehicles, even though EV engines can interfere with the sound. Lawmakers claim the radio is used to transmit crucial information during emergencies.
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Amazon (AMZN) workers are planning a walkout to protest the company’s work-in-office requirements. In addition to work flexibility, employees are advocating for the ecommerce giant to be more environmentally conscious in its decision-making.
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Adobe (ADBE) will incorporate an AI-powered image generator into Photoshop. The tool, called Firefly, will allow users to make edits to photos by writing a prompt.
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Uber (UBER) is deploying self-driving cars. The ride-share giant’s partnership with Waymo (GOOGL) will begin in a 180-square-mile area around Phoenix, Arizona.
Financial planner tip of the day
“Undertaking home improvements can be exciting for homeowners. But before you embark on a project, know whether you’re looking at a renovation or a remodel, how much inconvenience you’re willing to put up with, and what you are willing to pay.”
Brian Walsh, CFP® at SoFi