Wednesday,
June 21, 2023
Market recap
Dow Jones
34,053.87
-245.25 (-0.72%)
S&P 500
4,388.71
-20.88 (-0.47%)
Nasdaq
13,667.29
-22.28 (-0.16%)
Top Story
10% of remote employees admitted to taking a “hush trip” in the past year.
A “hush trip” is when remote workers choose not to take PTO or inform their bosses when they embark on a trip to a new destination. But there are a few pros and cons to be aware of before taking one…
US stocks finished lower Tuesday as markets pulled back from the year-to-date highs of last Friday
• Stocks headed lower after hawkish remarks from Federal Reserve officials and a smaller-than-expected rate cut in China. Fed Governor Christopher Waller and Richmond Fed President Thomas Barkin both made comments suggesting that the central bank may continue to raise interest rates.
• Building permits in the US increased 5.2% to 1.49 million in May, surpassing market expectations of 1.42 million. This comes after two-consecutive months of declines, marking the highest level of permits since October 2022. However, the figure was still 12.7% below the level recorded in May 2022.
What to be on the lookout for today
• Two Fed President speeches will offer further insight into the central bank’s decision to place a pause on rate hikes for June. Chicago’s Austan Goolsbee and Cleveland’s Loretta Mester are scheduled to speak on the FOMC’s recent announcement. There will also be an update to the 30-year fixed-rate mortgage, which currently sits at 6.77%.
• Winnebago Industries (WGO) will provide its quarterly report. The legacy RV manufacturer may speak on its recent acquisition of the lithium-ion battery maker, Lithionics Battery. Intended to advance the company’s “overall electrical ecosystem,” the acquisition could foreshadow a similar pivot to VW’s (VWAPY) recently announced EV reboot of its iconic Minibus.
Direct deposit: What are you waiting for?
Nobody likes to admit to FOMO, but honestly, you might feel at least a twinge when you learn just how much you could be missing out on money moves.
One survey put the percentage of Americans who have direct deposit of their paycheck at 93%!
What’s more significant, a growing number are opting for direct deposit in banks where they can get their paycheck up to two days early.
Members who set up direct deposit with SoFi are leading this charge. Don’t miss out – make your paycheck work for you with direct deposit.
Today’s top stories
Why has homeowners insurance become so much harder to get? The mounting impact of climate change and reconstruction costs has led to more expensive and less readily available homeowners insurance in these high-risk areas. Read more >> What’s cheaper than a new outfit from Temu (PDD) or SHEIN? How about a free fit secondhand? “Clothing swaps” are popping in popularity and bringing the secondhand clothing market with them — it’s growing 9 times faster than the retail sector. Here’s how to ride the wave. Read more >> The deadline for FAFSA is on June 30th. Have you done all the necessary 12 steps? If you plan on going to school for the 2023-24 school year, here’s what you’ll need to do. Read more >>Not-so-breaking news
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Eli Lilly (LLY) is acquiring Dice Therapeutics (DICE) for $2.4 billion — around a 40% premium when the deal was announced. Dice’s technology platform is focused on developing new oral therapeutic drugs for autoimmune diseases.
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Alibaba (BABA) named a new chairman and CEO following the company’s reshuffling into six different divisions. Former ecommerce chair Eddie Wu will replace Daniel Zhang as CEO.
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Rivian (RIVN) will start using Tesla’s (TSLA) charging network as early as spring 2024, in addition to adopting Tesla’s charging port standard on Rivian vehicles starting in 2025. The news follows similar deals with Tesla by General Motors (GM) and Ford (F).
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Domino’s (DPZ) is launching “Pinpoint Delivery” to allow delivery to more than just physical addresses. By sharing a GPS pin, customers will be able to order pizza to parks, beaches, and beyond.
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Google (GOOGL) has begun the process of moving production of its Pixel smartphone to India. The decision comes as the search giant eyes India as its next major manufacturing hub, following a similar pivot from Apple (AAPL).
Financial planner tip of the day
"Deciding how to invest money in your 20s can seem overwhelming at first; there are a lot of people with differing opinions and it’s hard to know where to start. But remember that you don’t need to be bringing in the big bucks to be a savvy investor."
Brian Walsh, CFP® at SoFi