Friday,
May 26, 2023
Market recap
Dow Jones
32,764.65
-35.27 (-0.11%)
S&P 500
4,151.28
+36.04 (+0.88%)
Nasdaq
12,698.09
+213.93 (+1.71%)
Top Story
It’s surprisingly expensive to sit in the audience and sip free champagne these days.
From flights to hotels, weddings are not a cheap day to celebrate for anyone involved. Here are a few tips on how to watch your friends say “I Do” without going into debt.
US stocks were mixed Thursday as investors weighed the ongoing debt ceiling discussions with NVIDIA’s impressive earnings results
• NVIDIA (NVDA) is on track to become the first trillion-dollar chip company after riding the artificial intelligence boom. The chipmaker saw its shares jump almost 30% after reporting a sizable beat on top-and-bottom lines and guidance about 50% higher than initial estimates. NVIDIA’s advanced GPUs have made it a major benefactor of the growing demand for AI, evidenced by its 14% increase in data center sales. Its valuation makes the chip company nearly double the size of its second-largest competitor, Taiwan Semiconductor (TSM).
• Best Buy (BBY) reported better-than-expected earnings of $1.15 per share, but fell slightly short on revenue at $9.47 billion. The retailer also reiterated its expectation for weaker spending on consumer electronics this year, projecting comparable sales to decline between 3% and 6%.
• The number of Americans filing for first-time unemployment benefits rose to 229,000 in the week ended May 20th. The figure was up slightly from the multi-month low of 225,000 the week before, but still came in well below expectations of 245,000, highlighting a relatively resilient labor market.
What to be on the lookout for today
• A flurry of reports will be released, including personal income, personal spending, and durable goods orders. On top of that, investors will get an update on the current trade deficit, which sat at 84.6 billion in March.
Haven't booked your summer vacay? Do it now!
So you put off booking a summer vacation for very good reasons. Maybe you were waiting on your boss to approve your PTO. Or you were coordinating with friends and family, who couldn’t come to a consensus about…anything. Well, here comes Memorial Day Weekend. The time to book summer travel is right now. (While you’re at it, might as well book fall travel too.)
This summer is forecast to be an especially busy travel season. That means less availability and higher prices for popular destinations. If you’re still not 100% sure of your schedule, consider booking your flights, hotels, and rental cars anyway using placeholder dates. Many airlines still offer free changes. And hotels and rental cars usually allow you to cancel and rebook if plans change or you find a better deal.
Make the booking process easier on yourself by using SoFi Travel, a new service offered exclusively to SoFi members. Find the lowest rates on flights, hotel rooms, car rentals, and more — all in one place. And when you redeem your SoFi rewards for travel, you get a 25% bonus: $100 of rewards are worth $125.
Today’s top stories
When planning family vacations, parents are trading loungers for yoga mats. With an upsurge in wellness travel among parents, family vacations are taking on a whole new meaning. Discover how this is changing the travel industry and what it means for your next trip. Read more >> Would you feed your newborn Cheetos (PEP) dust? This startup is betting on it — if it’s packed with all the nutrients of breast milk, that is. Y Combinator startup BBy just raised $3 million to perfect powdered breast milk. Read on to learn the benefits of this new science. Read more >> The US has reached the end of COVID-19 public health emergency, and with it, the end of many federal programs put in place to help people weather the pandemic. Here’s which economic relief programs are phasing out. Read more >>Not-so-breaking news
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Virgin Galactic (SPCE) will conduct one final test before flying commercial passengers. The latest mission, called Unity 25, will be the company’s fifth spaceflight to date.
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This year, investments in clean energy will outpace oil for the first time ever. For every $1 invested in oil, $1.7 is invested in clear energy, according to the International Energy Agency.
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Ralph Lauren (RL) surprised investors with a rise in revenue and better-than-expected profits. The retailer noted consistent US sales for its fashion staples, even as other luxury goods companies like LVMH (LVMUY) and Kering (PPRUY) have seen diminished demand stateside.
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Peloton (PTON) launched three new membership tiers for its app in an effort to diversify away from stationary bikes. The fitness company is also rolling out Peloton Gym to all five of its exercise tiers.
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BMW’s (BMWYY) new 5-series sedan will feature a guided-driving Highway Assistant. The new tech will reportedly allow drivers to go long periods on the highway without touching the wheel or pedals and change lanes just by looking to the side.
Financial planner tip of the day
“Working to improve a credit score before applying for a home loan could save a borrower a lot of money in interest over time. Lower rates will keep monthly payments lower or even provide the ability to pay back the loan faster.”
Brian Walsh, CFP® at SoFi