Tuesday,
June 13, 2023
Market recap
Dow Jones
34,066.33
+189.55 +0.56%)
S&P 500
4,338.93
+40.07 (+0.93%)
Nasdaq
13,461.92
+202.78 (+1.53%)
Top Story
Are coworking spaces worth the free coffee?
The number of coworking spaces from companies like WeWork (WE) skyrocketed to 19,400 last year, up from 160 in 2008. But is the remote work trend worth the cost?
US stocks finished higher Monday ahead of today’s key inflation numbers.
• One-year consumer inflation expectations for the month of May fell to 4.1%, the lowest level since March 2021. However, three- and five-year expectations increased 0.1% to 3% and 2.7%, respectively.
• UBS (UBS) completed its takeover of Credit Suisse. This marks the end of Credit Suisse's 167-year history and creates a Swiss bank with a balance sheet of $5 trillion in assets. The merger makes UBS the world's largest wealth manager, with the two banks jointly employing 120,000 people worldwide. However, UBS announced plans to cut jobs to take advantage of synergies and reduce costs.
• The Federal Trade Commission is planning to file an injunction to block Microsoft's (MSFT) acquisition of Activision Blizzard (ATVI) before the deal’s July 18 deadline. The FTC previously sued to block the acquisition and the case is set to go before an administrative law judge in August. Microsoft said it would welcome the injunction as it would bring the case before a federal judge faster.
What to be on the lookout for today
• Investors will receive the monthly inflation update for May. As of April, the core inflation rate sat at 5.5%, a 0.1% decrease from the month before.
• Look for an earnings update from the infrastructure management company Iteris (ITI). Investors will tune in to see how the changing transportation landscape has impacted the California-based company, which uses information technology and digital image processing to enhance driver safety. Last quarter, Iteris posted revenue of $40.7 million, up 27% year-over-year.
Home improvement: keep up with curb appeal.
Getting your home’s exterior in tip-top shape can be especially important if you plan to sell your property. You want to make a great first impression, after all!
• Consider a new front door. You might even paint it a bright color (red or yellow) to make a statement. A new front door has been found to return more than 100% on the amount paid.
• Mow the lawn, plant some color-coordinated flowers, and consider some shrubs. Landscaping can add value and eye appeal — here’s how much you can expect these projects to cost.
• If your home has eyesores that mean new siding or energy-efficient windows are needed, consider a home improvement loan to help your place shine.
Today’s top stories
New Yorkers lose nearly 5 days of their lives each year just sitting in traffic. There’s a new plan in place to address this issue and rebuild New York’s public transportation system in one fell swoop. We’ll look at some of the pros and cons. Read more >> During the pandemic, there was “hard DIY.” Now, DIY is showing its softer side. Home Depot (HD) and Lowe's (LOW) are riding both waves: first, a spike in renovations; now, a surge in what some are calling “soft DIY.” Here’s how it’s redefining home improvement stores. Read more >> It’s a simple four-letter word, yet debt is often not as straightforward as it may appear. We’ll break down the different types of debt — good and bad — and how they can affect your overall financial situation. Read more >>Not-so-breaking news
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New York City increased the minimum wage for food delivery drivers. Drivers for companies like Uber Eats (UBER) and DoorDash (DASH) are set to earn $17.96 per hour beginning July 12, an increase of more than $10 from the previous rate.
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Novartis (NVS) is buying Chinook Therapeutics (KDNY) for $3.5 billion in an effort to treat a rare kidney disease. The deal is expected to close in the second half of 2023.
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Users are protesting Reddit’s decision to start charging third-party apps to access the platform. The protest includes at least two dozen subreddits and 10 million members.
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Nasdaq (NDAQ) is buying software firm Adenza for $10.5 billion. This acquisition is part of Nasdaq’s effort to diversify from operating stock exchanges.
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Walgreens (WBA) agreed to pay $500 million for its alleged role in the opioid epidemic. The pharmacy operator was sued by New Mexico for dispensing millions of potentially harmful opioids in communities across the state.
Financial planner tip of the day
“If you truly want to get better at spending and saving, then you may want to track both your daily spending habits and your long-term progress on your savings goals. This may feel difficult at first, but as with most things, it becomes easier with practice and as you hone the methods that work for you.”
Brian Walsh, CFP® at SoFi