Thursday,
June 22, 2023
Market recap
Dow Jones
33,951.52
-102.35 (-0.30%)
S&P 500
4,365.69
-23.02 (-0.52%)
Nasdaq
13,502.20
-165.10 (-1.21%)
Top Story
AI is making its way into the kitchen.
From drive-thrus to back-of-house operations, AI is cooking up new solutions across the fast food sector. See what household names have already adopted this cutting-edge technology.
US stocks finished lower Wednesday after Federal Reserve Chairman Jerome Powell reiterated he expects more interest rate increases later this year.
• Chairman Powell testified before the House Financial Services Committee. He affirmed more interest rate increases are likely ahead as inflation is “well above” where it should be. Still, Powell emphasized rate decisions will be made based on incoming data and on a meeting-by-meeting basis, rather than on a preset course.
• FedEx (FDX) reported its third-straight quarterly revenue drop due to weakened demand. The company is looking to cut costs by roughly $4 billion over the next two years by reducing flights and grounding more aircraft, and by combining its Express and Ground delivery networks into one business. For the quarter, FedEx reported a profit of $1.54 billion, or $4.94 per share.
• The average rate for 30-year fixed-rate mortgages decreased for the third consecutive week to 6.73%. However, mortgage demand remained flat. Applications to refinance fell 2% for the week and were 40% lower than a year ago, while mortgage applications to purchase a home increased 2% for the week but were 32% lower year-over-year. Low levels of affordable inventory continue to constrain activity.
What to be on the lookout for today
• Jerome Powell will testify before the Senate Banking Committee. He will continue to expound on why the Fed decided not to raise rates in June.
• Olive Garden-owner Darden Restaurants (DRI) will discuss its recently-completed acquisition of Ruth’s Chris Steak House owner, Ruth’s Hospitality Group. Additionally, consulting firm Accenture (ACN) will update investors on its plans to invest $3 billion into AI over the next three years.
Get paid sooner rather than later.
Whether you get paid weekly, biweekly, or monthly, each payday is critical for the average employee.
Most Americans need their regular paycheck to make ends meet. A recent survey finds some 60% of US adults live paycheck to paycheck.
One paycheck can make the difference on whether you pay your bills on time or have the funds to put food on the table.
Getting your paycheck as soon as possible is clearly important. Members who set up direct deposit with SoFi can receive their paycheck up to two days early every time. Get your paycheck ASAP with direct deposit.
Today’s top stories
Have you noticed Mercedes parked outside your local dollar store? Even America’s wealthiest families are increasingly shopping at discount stores like Grocery Outlet (GO), Aldi, and Dollar General (DG). Is it worth giving these inexpensive chains another look? Read more >> We are now approaching the midpoint of the year, after a strong rally in parts of the market. SoFi’s Head of Investment Strategy looks at where things currently sit and why market extremes can be deceiving. Read more >> Purchasing your first home is an exciting moment, but the homebuying process can be intimidating. Here are six common first-time homebuyer mistakes you’ll want to avoid. Read more >>Not-so-breaking news
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Target (TGT) wants to bring one-day delivery to customers living far from city centers. The retailer opened an “extension facility” near Atlanta to expedite shipping processes outside the city. If it proves successful, Target may bring similar hubs to other US metros.
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A Senate committee will probe Amazon (AMZN) over potentially dangerous working conditions. The committee accused the ecommerce giant of putting profits above worker safety.
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Novo Nordisk (NVO) is suing clinics for selling unauthorized versions of its weight-loss drug. These pharmacies are allegedly selling drugs containing the patented ingredient semaglutide.
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Connecticut is investigating Hyundai (HYMTF) and Kia (KIMTF) over widespread theft of their vehicles. Attorney General William Tong says the automakers ignored calls to install necessary anti-theft hardware in their vehicles.
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In a major win for Tesla (TSLA), Texas announced all new state-backed EV charging stations must include a Tesla charger. This decision could pressure other states to follow suit.
Financial planner tip of the day
“Building a diverse stock portfolio can be achieved in a variety ways, whether an investor lets their passions for an industry or certain companies guide them, or they are attracted to the ease and low barrier to entry of an ETF.”
Brian Walsh, CFP® at SoFi