Top Story
Many startups are funding tools to make it easier for companies to connect with gig economy workers.
76 million Americans rely on hourly wages to make ends meet. These 3 emerging startups have raised tens of millions to get workers properly paid for their precious time.
US stocks finished lower Monday after the S&P 500 reached a 9-month high following the debt ceiling resolution
• Apple (AAPL) shares hit a record high leading up to its annual Worldwide Developers Conference. The tech titan unveiled a wide range of new products and features, including its widely-anticipated VR headset, Vision Pro.
• The ISM Services PMI decreased from 51.9 to 50.3 in May, well below expectations of an increase to 52.2. The latest figure pointed to the slowest expansion in the services sector in five months. The majority of executives surveyed indicated that business conditions were stable, but the survey committee noted persistent concerns around the slowing economy.
• Oil prices rose after Saudi Arabia, the world’s top exporter, announced additional voluntary output cuts starting in July. The kingdom will reduce its output by 1 million barrels per day. OPEC, however, made no changes to its planned oil production for the rest of the year.
What to be on the lookout for today
• Investors will be looking at the IBD/TIPP Economic Optimism Index, which surveys the overall outlook for the US economy. This index dropped 5.8 points to 41.6 in May, well below expectations. The metric has been pessimistic, or at a reading below 50, for the past 21 months.
• We’ll get earnings reports from Thor Industries (THO) and Dave & Busters (PLAY). Thor Industries will be in the hot seat as Q1 revenue dropped nearly 40% on a yearly basis. Keep an eye out for a report from Smuckers (SJM) as well.
What if-proof your summer: Make a splurge budget
Here’s a bright idea: a budget just for occasional indulgences. For spontaneous getaways, Beyoncé tickets, and optional shaved white truffle on your omelet. Finally, a financial goal with built-in motivation.
1. Set up a sinking fund. While an emergency fund covers life’s inevitable goat rodeos, a sinking fund is the opposite. It provides flexibility outside your daily budget for unexpected opportunities. (With a SoFi Bank account, you can create a Splurge Vault right from your mobile app.)
2. Forecast your expenses. Take a look at what you did last summer to get a rough estimate of how much you might need. You may not know when you’ll hit the beach or catch a concert, but if that’s what summer means to you, it’s likely going to happen this year, too.
3. Treat yourself. Memorable moments don’t need to break the bank. Setting up small rewards throughout summer can be a great way to maximize every single moment (without derailing your budget.)
Today’s top stories
Regulators advise consumers against treating payment apps like PayPal and Venmo as alternatives to banking. Convenience or security? CFPB underlines the differences between payment apps and banks. Read more >> No more “$Password123”? A coalition of big tech companies called the FIDO Alliance is positing “passkeys” as a replacement for passwords. Its new system could change internet security forever… with one major catch. Read more >> Want to be a more frugal traveler? To snag some bargains on your next trip, try these smart tactics. With a little research and knowledge of some insider tips and tricks, you can have a great experience on vacation and cut costs, too. Read more >>Not-so-breaking news
-
Global airlines expect to bring in $10 billion in net profit this year. The strong prediction is due to China’s reopening, lower jet fuel prices, and cargo revenues.
-
Spotify (SPOT) cut 200 employees, or roughly 2% of its workforce. The decision was the result of the streaming company pivoting its podcasting unit to better cater to creators.
-
The Biden Administration announced $570 million in grants to the railroad industry. The money will be dedicated to eliminating dangerous railroad crossings in 32 states.
-
Microsoft Outlook (MSFT) went down for two hours yesterday morning, locking around 15,000 users out of their emails. The outage comes as workplaces become increasingly reliant on virtual tools. Over one million companies use Microsoft Office worldwide.
-
The Director’s Guild of America reached a tentative deal for better wages, hours, and residuals. The deal also states generative AI cannot be used to replace the duties of directors.
Financial planner tip of the day
“Before you start shopping for a car loan, it's important to understand how you might look to a potential lender based on your credit history. Reviewing your credit reports and credit scores can provide you with some perspective on what kind of loan terms you're likely to qualify for.”
Brian Walsh, CFP® at SoFi