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Till debt do we part? Weddings today cost $1,000 more on average than last year.
These increasing costs are due to inflation, pent-up demand, and something known as “scale skew.” Read on to learn how to live debt-free ever after.
US stocks finished lower Tuesday as lawmakers reached a tentative deal to raise the debt ceiling but face growing opposition in the House
• The average price of single-family homes with mortgages guaranteed by Fannie Mae and Freddie Mac rose by 3.6% year-over-year — the weakest pace since July 2012. Meanwhile, the Case-Shiller home price index, a composite of 20 major metropolitan regions across the US, fell 1.1% year-over-year in the first decline since May 2012. Overall, both indexes highlight the challenges posed by current mortgage rates and increasing economic weakness in the wake of the Fed’s interest rate campaign.
• Tesla (TSLA) CEO Elon Musk met with China’s Foreign Minister to discuss Tesla's expansion in China. The Asian nation constitutes the EV company’s second-largest market. In a statement, the Chinese foreign ministry suggested Tesla opposes a “decoupling” from the US, as tensions persist between the two nations regarding technology. The ministry went on to state China will continue to open up and create a better business environment for foreign firms like Tesla.
• NVIDIA (NVDA) hit a $1 trillion market cap at the start of trading Tuesday. After its blockbuster earnings and continued rally, the chipmaker became the first in its industry to reach the milestone and one of only five other companies currently worth $1 trillion or more.
What to be on the lookout for today
• Investors will get updates on the number of mortgage applications during the previous week. During the week ended May 19th, mortgage applications declined 4.6%. There will also be an update on the average mortgage rate, which currently sits at 6.69%.
• The JOLTS job openings report will be released. In March, the number of open job opportunities dropped to 9.6 million, the lowest since April 2021.
• Salesforce (CRM) and C3.ai (AI) will report earnings results. Last week, NVIDIA’s (NVDA) CEO stated there has been a “fundamental shift” toward accelerated computing. With this in mind, investors will have high expectations from the AI-centric C3.ai.
What if-proof your summer: Thwart scammers
Don’t let common summer bummers interrupt your sacred downtime. That means guarding against popular scams.
1. Check your credit card statements regularly. Using your cards in tourist destinations can lead to your data being compromised. Check statements regularly and flag any unauthorized charges. And when traveling, stick with credit cards with fraud protection, so you know your money is safe.
2. Confirm your reservations are real. Whether you’re renting a house or booking an activity, make sure the reservation is legit. One scam involves asking for payment on another platform. Also, consider paying the bill with credit cards only (as opposed to wiring or transferring money) on the original website.
3. Watch out for roving handymen. As the weather gets warmer, home improvement scams heat up. What typically occurs is a contractor says they’re doing work in your neighborhood and noticed something wrong with your house. They can fix it, if you hand over cash now. Never say yes on the spot. Instead, get their information and ask for a contract.
Today’s top stories
Almost half of all Americans earning at least $100,000 are living paycheck-to-paycheck. Since high earners tend to be high spenders, they get hit particularly hard by inflation. But the tactics for escaping the paycheck-to-paycheck cycle remain the same. Do you know what they are? Read more >> Restaurants expect summer sales — but consumers expect summer discounts. Restaurants are gearing up for a busy summer, but cautious consumers still need some convincing. Here’s how your favorite eatery might court your business this summer season. Read more >> While some costs are unavoidable, there are ways to save money at Disney World. A Disney World vacation is notoriously expensive. Check out our tips on cutting the cost of food, hotel, souvenirs – even a trick for saving on park tickets. Read more >>Not-so-breaking news
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The TSA screened almost 10 million passengers over the holiday weekend. The number topped pre-pandemic levels by around 300,000, adding further fuel to the air travel industry’s expectations of a busy summer driven by pent-up demand.
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NVIDIA (NVDA) plans to build Israel’s most powerful supercomputer as demand for AI grows. The chipmaker aims to have the cloud-based system partly operational by the end of 2023.
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State Farm will no longer issue new home insurance policies in California, citing construction costs and wildfire risk. Existing customers won’t be affected by the announcement.
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Subsidiaries of Daimler Truck (DTRUY) and Toyota (TM) are combining forces to build a new truck business in Japan. The new holding company will trade on the Tokyo Stock Exchange.
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Disney’s (DIS) live-action remake of The Little Mermaid brought in $117 million. The film now claims the fifth-best Memorial Day Weekend opening of all time.
Financial planner tip of the day
“Mutual funds combine a variety of different assets. Buying into a mutual fund means purchasing a small share of the combination. It can be a very economic way to invest, because it pulls a bunch of people together to buy a large collection of investments. Most mutual funds are actively managed by a professional, who decides when to buy, sell, and hold the portfolio of assets. However, they can be passively managed as well.”
Brian Walsh, CFP® at SoFi