Top Story
There’s a new trend among employers in response to the tumultuous labor market: workforce stockpiling
Rather than cutting costs through layoffs, some employers have opted to invest in employees instead, in order to keep them from actively seeking different opportunities. This type of business in particular is hoping stockpiling talent will offset labor shortages.
US stocks finished higher Friday after the debt ceiling bill was passed by the Senate
• Lululemon (LULU) beat both top- and bottom-line estimates with earnings per share of $2.28 and a 24% increase in revenue at $2 billion. The retailer’s year-over-year sales in China alone grew by 79%. The athleticwear company also raised its full-year guidance to $9.44 to $9.51 billion and expects its full-year profit to range between $11.74 and $11.94 per share, about $0.25 higher than previous expectations.
• The unemployment rate in the US increased from 3.4% to 3.7%, the highest level since October 2022 and above market expectations of 3.5%. Despite the sizable move higher, the unemployment rate remains historically low. However, the latest figure suggests signs of softening in the face of the Federal Reserve’s efforts to quell inflation.
• Meta Platforms (META) announced it will block news on Facebook and Instagram in California if the California Journalism Preservation Act becomes law. The law has already made it through the State Assembly, but still needs to be approved by the State Senate. If passed, the legislation would require large social media and technology platforms to pay publishers for news they host.
What to be on the lookout for today
• Watch for the release of the ISM services PMI for the month of May. In April, this metric increased to 51.9, which was just above expectations and marked a fourth consecutive month of growth in the services ring sector. Additionally, investors will get an update on the number of new orders for manufactured goods in May. In April, these increased 0.9%.
• Two major software companies will offer an update on their respective businesses: GitLab (GTLB) and Sprinklr (CXM). Investors will look for more good news from GitLab. The open-core company reported revenue of $123 million last quarter, locking in five straight quarters of revenue growth.
Breaking barriers: unveiling the financial challenges faced by the LGBTQIA+ community.
Being a member of the LGTBQIA+ community comes with its own unique challenges — including when it comes to getting your money right.
Among other things, you may incur higher healthcare costs and deal with adoption and fertility expenses. Additionally, elder care and retirement planning can present challenges.
Seeking guidance from financial professionals who understand the unique needs of LGBTQIA+ individuals can be beneficial in overcoming these financial hurdles and achieving long-term financial wellness.
Come hear Gabe Dunn, influencer and host of the podcast Bad with Money, chat alongside Kendall Meade, Certified Financial Therapist-ITM (CFT-I™) certificant, about tips for your personal finances with budget planning for all people under the rainbow.
Come join us this Wednesday!
Today’s top stories
GameStop (GME) reports earnings on Wednesday, where investors will be eager to learn more about its latest blockchain project. The once and future king of so-called “meme stocks” is embracing its newfound fanbase among the online retail investor community by prioritizing crypto, blockchain, and the space known as “web3.” Read more >> The White House just proposed some major changes to the home appraisal process. President Biden’s plan aims to make wealth building through homeownership more equitable and accessible to marginalized communities, starting with these two steps. Read more >> Everyone feels emotions about money. Is your relationship with it healthy or unhealthy? Your biases and beliefs about money influence your financial decisions. Understanding this dynamic can help you better manage your money and build wealth. Read more >>Not-so-breaking news
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Volkswagen (VWAGY) just unveiled its electric van ID. Buzz, styled after its iconic Microbus. The van will have a top speed of 90 mph and should be available in the US by late 2024.
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Ella Irwin, Twitter’s trust and safety chief, just resigned from the company. She did so after CEO Elon Musk overruled a content moderation decision.
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Amazon (AMZN) wants to start offering low-cost wireless service to Prime members for as little as $10/month. The ecommerce giant is in talks with major wireless providers in an attempt to do so.
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Boeing (BA) delayed the launch of its Starliner astronaut mission indefinitely after discovering issues with the capsule. The mission to carry a pair of NASA astronauts to the ISS was slated for July 21.
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Netflix (NFLX) shareholders voted to withhold support for the streamer’s executive pay package. This comes as the Writer’s Guild of America pushes for higher pay for writers.
Financial planner tip of the day
“Stock market investing can be more appropriate for big goals in the distant future, such as saving for a child’s education or your own retirement, which could be 20 or 30 years down the line. This relatively long time horizon not only gives your investments a chance to grow, but it means that you also have the time to ride out market downturns that may occur along the way.”
Brian Walsh, CFP® at SoFi