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It will cost an average of $326 per night to book an Airbnb (ABNB) this summer.
Going into a scorching hot summer of travel, shareholders and travelers alike will want to take a look at these three takeaways from a recent report on the state of short-term vacation rentals.
US stocks finished higher Friday as the S&P 500 and Nasdaq continued their push to highs not seen since April 2022
• The Michigan consumer sentiment index increased to 63.9 in June, the highest level in four months and above forecasts of 60. The latest figure reflects greater optimism following easing inflation and the debt ceiling resolution. Consumer sentiment is now 28% above its historic low one year ago.
• Microsoft's (MSFT) stock hit a record high after executives predicted $10 billion in annual revenue from artificial intelligence. Microsoft has invested heavily in OpenAI, incorporating its tools into its Bing search engine and Windows operating system. The company also has an exclusive license on OpenAI's models, including the GPT-4 large language model. Partly through this partnership, Microsoft expects year-over-year growth for Azure cloud of 26% to 27%, with 1% of that growth coming from AI services. So far this year, Microsoft's stock has risen 46%, recouping all its losses from 2022.
• DraftKings (DKNG) has made a $195 million offer to acquire PointsBet (PBTHF), a sports betting company, in an effort to boost its presence in the sports betting industry. The CEO of Fanatics, one of DraftKings’ major competitors, expressed skepticism of the deal, viewing it as an attempt to slow down Fanatics' entry into the market by outbidding its $150 million offer a month prior.
What to be on the lookout for today
• Multiple housing reports will be released, including housing starts and building permits. Housing starts posted a surprise 2.2% increase month-over-month in May, but building permits showed a second-straight month of decline, speaking to still-subdued housing demand.
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Today’s top stories
The FedEx (FDX) pilot union is close to closing a deal that includes a 30% pay bump. But will dishing out millions more to employees lead to higher shipping volume? Investors will want to tune into FedEx’s earnings call today to get a clearer picture, as well as these key reports. Read more >> Zillow’s (Z) latest real estate report shows a record low for-sale listings last month. Also, home values are expected to see a 5% increase, despite a drop in sales. But there’s at least one silver lining… Read more >> There are pros and cons to buying a starter home. Is it the right type of investment for you? Buying a starter home can be a good way to get your foot in the door of homeownership, but it’s important to consider your financial situation and your plans for the next two to five years or more before buying a starter house. Read more >>Not-so-breaking news
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The White House just announced $930 million in grants to help bring internet access to every home in the US. This money will mainly be used to shore up connections in remote parts of Alaska, Texas, and other rural areas.
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Intel (INTC) is investing $4.6 billion in a new semiconductor assembly plant in Poland. The factory will employ 2,000 workers and bring thousands of jobs to the area.
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Virgin Galactic (SPCE) is launching its first commercial space ride in late June. The space tourism company intends to launch its second flight in early August, followed by monthly launches after that.
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Microsoft (MSFT) is teaming up with Mercedes Benz (MBGYY) to bring ChatGPT to the luxury car line. The generative AI chatbot would make the car’s existing voice assistant more fluid and natural.
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Amazon (AMZN) opened its second headquarters HQ2 in Arlington, Virginia. The new office building will house 8,000 workers and is powered by 100% renewable energy.
Financial planner tip of the day
“The further away a person is from hitting their credit limit, the healthier their credit score will be, in most circumstances. A borrower’s debt-to-credit ratio, also known as the credit utilization rate, should ideally be no more than 30%. Higher utilization rates can negatively affect a person’s credit score. Paying revolving credit lines in full each month can have a positive impact on a person’s credit score because doing so essentially lowers the credit utilization rate.”
Brian Walsh, CFP® at SoFi