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Hollywood writers are trading scripts for side hustles.
The Writers Guild of America has now been on strike for roughly six weeks. Without blockbusters to pay the bills, check out how screenwriters are making ends meet.
US stocks were mixed Wednesday as the S&P 500 continued to hover near its 9-month high.
• United Natural Foods (UNFI), a leading distributor of natural, organic, and specialty foods in North America, reported earnings below expectations at $33 million. Following the results, Chief Executive Sandy Douglas said the company is focused on immediate cost mitigation, with near-term enhancements projected to deliver $100 million in annualized benefits. However, the grocery wholesaler also slashed its full-year earnings outlook, citing substantial industry headwinds and a decline in gross margins.
• The US trade deficit widened to a six-month high of $74.6 billion in April. This was notably higher than the $60.6 billion in March, but short of expectations of $75.2 billion. Exports declined 3.6%, led by crude oil, and imports increased 1.5%, led by passenger cars.
• Taco Bell (YUM) is testing a vegan version of its Crunchwrap in three cities in the US. The Vegan Crunchwrap, made with plant-based beef and cheese alternatives, and will be available in Los Angeles, New York, and Orlando for a limited time. The chain has been a popular option for vegetarians and vegans due to its vegetarian substitutes. Nearly a quarter of the items Taco Bell sold last year were vegetarian.
What to be on the lookout for today
• Investors will get an update on the state of US unemployment with the numbers of new and ongoing jobless claims. For the week that ended May 27, the number of Americans filing unemployment rose to 232,000, down from March and April.
• DocuSign (DOCU) and Vail Resorts (MTN) will hand in their quarterly results. Like other tech companies, DocuSign has been on a mission to cut costs and streamline its business over the past few months. Investors will be eager to hear more specifics on how the digital document company plans to do that.
Want to get away? Here’s how to budget and save for your next vacation.
You love to travel, you need to travel. But you’re also saving up for a home, a wedding, or early retirement. How do you balance the urge to travel against competing financial priorities?
Brian Walsh, Senior Manager of Financial Planning at SoFi, says it’s not about giving up travel entirely: “The key is, how do you limit your spending?”
That means making a budget — setting that limit — and sticking to it. Project your costs for airfare, lodging, car rental, activities, and food. Don’t forget the extras: travel to and from the airport, souvenirs, tips, parking, etc. Then total it up.
Ideally, you’d save that amount in a travel fund in advance. Then when the post-vacation credit card bills arrive, you can pay them off all at once. This is how many families afford to travel, but the strategy works for couples and singles too.
When you want to get more for your travel dollar, SoFi can help. SoFi Travel is a new service exclusively for SoFi members that lets you budget, plan, and book your next trip in a convenient one-stop shop. SoFi takes the guessing game out of how much you can afford for that family vacation or quick getaway — and we help you save too.
Today’s top stories
“But wait! There’s more.” HSN is about to become HSN+. Home shopping conglomerate Qurate's CEO is planning to usher its classic channels QVC and HSN into the streaming era. Read more >> Despite a robust 2022, Energy has been dragging this year — perhaps a signal of a bigger slowdown? Consumers are liking lower energy costs, but energy stocks are struggling to find upside. Read more >> Making your new space feel like home can be daunting and expensive if you don’t have a plan in place. We’ll break down the cost to furnish a home, plus six interior decorating tips that can help you in the process. Read more >>Not-so-breaking news
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Google Cloud (GOOGL) is extending new generative AI tools to Mayo Clinic. Despite generative AI’s widespread use, it has been slow to expand in healthcare, where accuracy is crucial.
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New York City is suing Hyundai (HYMTF) and Kia (KIMTF) for negligence over recent vehicle thefts. The city claims the South Korean automakers created a public nuisance by manufacturing vehicles that are too easy to steal.
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Sales of used cars were down 11% year-over-year in May. This softening demand coupled with increased interest rates is causing prices of used cars to drop.
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Subway plans to open nearly 4,000 stores in China over the next 20 years. This marks the largest master franchise agreement in the sandwich shop’s history.
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CNN (WBD) has parted ways with CEO Chris Licht after 13 months at the company. The CEO made a series of controversial decisions and reportedly failed to drive meaningful growth.
Financial planner tip of the day
“Setting a financial goal is all about having your money serve you. When a budget is too harsh and punitive, you might wind up making impulse buys or otherwise overspending. If you know you have some cash stashed for mood-lifting purposes, you can stay on track.”
Brian Walsh, CFP® at SoFi