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Levi's (LEVI) and BlackRock (BLK) weave together a durable financial fabric for workers.
Levi's teamed up with the BlackRock Emergency Savings Initiative to help its workforce build emergency savings safety nets. Here’s why other companies may follow suit.
US stocks were mixed Wednesday after the Federal Reserve confirmed a pause in interest rates, but left the door open to future increases.
• In his speech following the Fed’s interest rate decision, Chairman Jerome Powell emphasized that nearly all committee members supported additional hikes later this year. He went on to say that the current pause is simply a break to assess the long and variable lags of rate increases already implemented.
• The average interest rate for 30-year fixed-rate mortgages decreased slightly to 6.77% from 6.81% the week prior. Applications to refinance a home loan rose 6% for the week but were still 41% lower year-over-year, while mortgage applications increased 8% but were 27% lower over the same period. While rates have pulled back, they remain more than a full percentage point higher than they were a year ago.
• Shell (SHEL) announced it will increase shareholder distributions to 30% to 40% of cash flow from operations, up from 20% to 30% previously. This includes raising the dividend per share by 15% and executing at least $5 billion of share buybacks in the second half of the year. The company will maintain oil production at current levels through the end of the decade to generate more cash from its oil division, while simultaneously reiterating its commitment to climate targets.
What to be on the lookout for today
• It will be the busiest day of the week, as investors digest the Fed’s interest rate decision and a new round of economic reports. These include retail sales, import prices, export prices, industrial production, and business inventories.
• Kroger (KR) will report on its sales from the past quarter. Investors will be eager to hear the latest on its merger with Safeway-owner Albertsons (ACI), which is being held up by regulators. If the merger is successful, it will create a grocery store conglomerate with 5,000 stores in 48 states.
Paper checks may not be as safe as you think: know the risks.
Unbanked households tend to rely upon check cashing services to liquidate their paper checks.
The latest data from the Federal Deposit Insurance Corporation (FDIC) show 5.4% of US households manage their money without a bank account. That represents more than 7 million households that may receive paper checks even as mobile banking services continue to rise.
Receiving a paper check at work can invite several risks, including the possibility of losing your paycheck or slowing your ability to make quick bill payments. Workers who lose their paycheck may have to wait several days to receive a replacement check in the mail. Employers may ultimately encourage their workers to sign up for direct deposit, which requires a checking or savings account.
Most unbanked households use fee-based services to cash checks, pay bills, or send money orders. A mobile banking app, meanwhile, may eliminate the need to use fee-based check cashing services and can help your money grow. Members who set up direct deposit with SoFi can earn up to 4.30% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts.
Today’s top stories
NYC just multiplied the minimum wage for delivery drivers — but it still might not be enough. The city raised the minimum wage from a little over $7 per hour to nearly $18. But neither drivers nor delivery companies are happy with the new wage. Read more >> The Fed hit pause on a rate hike for now. But the latent effects of this long cycle have yet to emerge. Looking at historical data, it’s possible a recession is still in the cards. Read more >> When it comes to home-renovation expenses, not every room is created equal. Rooms with cabinets and appliances tend to be the priciest and are often where a home remodel budget can go awry. We’ll break down typical renovation costs by room. Read more >>Not-so-breaking news
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UPS (UPS) trucks could soon get air conditioning for the first time. This tentative agreement follows weeks of negotiations between the logistics company and the UPS Teamsters.
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AMD (AMD) announced a new AI computer chip called the MI300X. The new chip will challenge NVIDIA (NVDA), which currently dominates the AI chip market with 80% market share.
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Amazon Web Services (AMZN) experienced a brief power outage Tuesday afternoon. Several major websites like the Boston Globe and New York City’s Metropolitan Transit Authority were impacted by the outage.
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EU officials are calling for Google’s (GOOGL) ad business to be broken up. The regulators claim the search giant controls too much for the advertising supply chain, which stifles competition.
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Instant Brands, owner of Instant Pot and Pyrex, filed for bankruptcy. The home appliance company cited a tighter credit environment and higher interest rates.
Financial planner tip of the day
"Pre-qualification can be a great way to dip your toe into the home-buying waters without getting bogged down with paperwork and process. It is relatively simple and can quickly give you an idea of what you might be able to afford."
Brian Walsh, CFP® at SoFi