Wednesday,
June 7, 2023
Market recap
Dow Jones
33,573.28
+10.42 (+0.03%)
S&P 500
4,283.85
+10.06 (+0.24%)
Nasdaq
13,276.42
+46.99 (+0.36%)
Top Story
85 million Americans now embrace boating as a hobby.
It’s one pandemic-era hobby with staying power. And it’s easier to ride the wave than you’d think. Check out how to get your feet wet without buying a boat.
US stocks finished higher Tuesday as the S&P 500 and Nasdaq hovered near 9-month and 12-month highs
• GitLab (GTLB) saw its shares rally more than 20% after reporting a smaller-than-expected loss of $0.06 per share and a 45% year-over-year increase in revenue at $126.9 million. Executives also talked up the company’s role in providing AI-powered development, security, and operations to businesses looking to drive efficiencies and increase productivity.
• The Logistics Managers Survey, which reveals the status of supply chain activity across the US, hit a record low for the third straight month at 47.3. The reading also pointed to the first contraction in the logistic sector in nearly seven years, largely driven by a continued softening of the freight market.
• The PGA Tour and Saudi-backed rival LIV Golf have agreed to merge, ending all pending litigation. The deal would combine the PGA Tour and LIV Golf's commercial businesses and rights into a new, yet-to-be-named for-profit company.
What to be on the lookout for today
• The US trade gap will be updated for the month of April. In March, the US balance of trade hit a four-month low of $64.2 billion as exports increased 2.1%. This increase was prompted by sales of crude oil, fuel oil, natural gas, passenger cars, and travel. The 30-year fixed-rate mortgage, which currently sits at 6.91%, will also be adjusted next week.
• GameStop (GME) will fill investors in on its new blockchain project. Meanwhile, Campbell Soup Company (CPB) will potentially discuss the new look of its iconic cans and its $50 million investment into its Camden HQ. There will also be a report today from Rent the Runway (RENT), which has struggled to grow since going public in late 2021.
Simple tricks for getting the best travel deals
No doubt vacations are big-ticket items. Even a modest weekend getaway can cost a couple grand. But the fact is that a few simple moves can shave quite a bit off your travel costs:
• Travel during “shoulder season”: that is, the weeks just before or after peak season for your destination. Think Mexico in November or late April, when demand is low.
• Be flexible with dates and airports. You can pay 1/3 less by flying into the 2nd most convenient airport to your destination, or departing on a Tuesday instead of a Friday.
• Choose your destination strategically. Traveling internationally? Some countries specialize in affordable luxury vacations for Americans. You’ll get a better ROI in Portugal, Croatia, Costa Rica, and Morocco.
Find the lowest rates on flights, hotel rooms, car rentals, and more with SoFi Travel, a new service offered exclusively to SoFi members. SoFi Travel lets you budget, plan, and book your next trip in a convenient one-stop shop.
Today’s top stories
Tech professionals are finding new horizons beyond Silicon Valley. Once the promised land for tech workers, knowledge workers are leaving Silicon Valley behind for Main Street. Here’s why. Read more >> In the wake of a wave of beauty product theft, one Walgreens just got a makeover. Some suspect the redesigned Chicago location is intended to curb shoplifting — and if it works, other stores could follow suit. But customers are divided on the change. Where do you land? Read more >> How to complete your home bathroom remodel in 10 easy steps. Taking on a summer remodeling project can seem daunting, but with a bit of thought and careful planning, you can be on the road to having your dream bathroom in no time. Read more >>Not-so-breaking news
-
Merck (MRK) is suing the US government in hopes of halting the Medicare drug price negotiation in the Inflation Reduction Act. The drug provider claims that this program violates the First and Fifth Amendments.
-
The SEC is suing Coinbase (COIN), claiming the crypto company operated as an unregistered securities brokerage. The US regulator has opened a similar suit against Binance.
-
General Motors (GM) is investing $1 billion to continue producing its heavy duty trucks, the Chevrolet Silverado and GMC Sierra. Sales of these profitable vehicles are needed to fund the automaker’s expansion into EVs.
-
Microsoft (MSFT) agreed to pay $20M to settle claims it illegally collected data through Xbox Live. Government regulators alleged Microsoft failed to properly disclose to parents the data it was collecting from child gamers.
-
Swimply, a home pool rental company, has added pickleball courts to its listing. The company’s CEO said he expects revenue from pickleball courts to surpass pools in just two years.
Financial planner tip of the day
“When budgeting for a remodel, it can be helpful to have a dedicated fund for renovation expenses. This can help you streamline your savings approach and portion of the appropriate amount of money so you’re prepared.”
Brian Walsh, CFP® at SoFi