Tuesday,
May 30, 2023
Market recap
Dow Jones
33,093.34
+328.69 (+1.00%)
S&P 500
4,205.45
+54.17 (+1.30%)
Nasdaq
12,975.69
+277.59 (+2.19%)
Top Story
The pillars of professional etiquette: sharp suit, strong handshake, Zoom (ZM) background.
A new study shows video conference backgrounds may be more important to your career than you’d think. Check out which ones tend to make the best impression — it might surprise you.
US stocks finished higher Friday amid growing optimism regarding a debt ceiling resolution.
• President Joe Biden and House Speaker Kevin McCarthy announced a debt ceiling deal Sunday night after weeks of negotiation.The tentative agreement is anticipated to increase the country's borrowing power in return for implementing spending cuts.
• Big Lots (BIG) reported a far larger-than-expected loss of $206.1 million. This translates to a loss of $3.40 per share, compared to the estimated $1.95 loss. The company's revenue of $1.12 billion also fell short of the Street’s forecasts. The discount retailer is forecasting sales to drop again in the subsequent quarter.
• Core PCE rose 0.4% month-over-month, compared to the 0.3% estimate. On an annualized basis, the Fed’s favored inflation metric accelerated to 4.7%, still well above the 2% target rate and slightly above expectations of 4.6%.
• JPMorgan Chase (JPM) is developing an AI program called IndexGPT that uses cloud computing software to analyze and select securities tailored to customer needs. The program is based on the same generative training models as OpenAI's ChatGPT technology, but will be repurposed to offer investment advice.
What to be on the lookout for today
• The March home price index will be released. In February, this reading rose only 0.4%, the smallest increase in more than a decade.
• Hewlett Packard (HPE) and U-Haul (UHAL) will welcome investors back from the long weekend with an update from their respective businesses. Investors may look to HP to address criticism of its HP+ subscription service. A trade association alleges HP+ printers prevent the use of third-party ink, in violation of EPEAT criteria.
Offer accepted? Here’s how to prepare for closing (and the keys)!
Once you have an accepted offer (Yay!), it’s time to move through some important next steps:
• You’ll likely need to get a home inspection and negotiate any issues that are found with the property.
• It’s time to prepare to pay the closing costs, which can be a considerable amount, often 3% to 6% of the loan amount.
• You’ll move through the process of getting your mortgage loan and satisfying any conditions. Soon enough, the keys should be yours. Congrats!
Recommended reading: Steps in the Homebuying Process
Today’s top stories
Dollar store debate: is the discount industry still in growth mode? New dollar stores are opening at an unparalleled rate, but Dollar Tree (DLTR) just missed earnings expectations and slashed its profit outlook. Will Dollar General (DG) follow suit? Read more >> Sky-high prices propel flyers toward risky 'skiplagging' practice to save money. As airfares reach new heights, more travelers are jumping on this trend to cut costs. But airlines aren’t going down without a fight. Here's what to know before you book. Read more >> How to stay motivated in a season of debt management. Cleaning up your finances is the first step toward financial freedom, but having large amounts of credit card and student loan debt can feel daunting. Here are some tips for staying the course. Read more >>Not-so-breaking news
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Owners of Ford (F) EVs will soon be able to charge their vehicles using Tesla’s (TSLA) 12,000 Superchargers, in a rare collaboration between two EV leaders. Beginning in 2025, Ford EVs will be fully compatible with Tesla chargers, and the company will sell adapters in the meantime.
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Under a new deal, DirecTV will continue to provide the NFL’s Sunday Ticket package to commercial establishments. However, YouTube TV (GOOGL) now owns the residential rights to broadcast NFL games.
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Elon Musk’s Neuralink received FDA approval to begin in-human clinical studies. The study involves planting a chip in a paralyzed person’s brain to help them communicate via external technology.
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Microsoft joins the ranks of companies calling for regulation over AI. In particular, the software giant called for the formation of a new agency to oversee the technology.
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Hyundai (HYMTF) and LG Energy Solutions are teaming up to build a $4.3 billion dollar EV battery plant in the US. The Georgia plant aims to be operational by the end of 2025 at the earliest.
Financial planner tip of the day
“If you’re looking to pay off your debt faster, it’s a good idea to take a look at your spending and income, find some ways to reduce your non essential spending, and then funnel any money you free up towards your debt repayment plan.”
Brian Walsh, CFP® at SoFi