Top Story
The Southeast is experiencing an unprecedented surge in population growth and economic prosperity, welcoming 2.2 million people and $100 billion in new income in the past two years.
The Sun Belt’s renaissance is in large part a byproduct of remote work, which has unshackled workers from major cities. But there are three main reasons why people are flocking southeast…
US stocks finished higher in Monday’s shortened trading session to start the new quarter
• For the first half of the year, all the major indices posted positive numbers. The Nasdaq led the charge with its best first half since 1983 at 31.7%.
• Tesla (TSLA) reported 466,140 deliveries and 479,700 vehicle production for the second quarter of 2023. This beat analyst expectations and indicated an 83% year-over-year increase in deliveries. Tesla doesn't break down deliveries by model or region, but about 96% of the second-quarter deliveries were reportedly of the Model Y crossover and Model 3 sedan.
• Saudi Arabia announced it will extend its voluntary oil output cut of one million barrels per day for another month to include August. Meanwhile, Russia announced similar plans to restrict oil supplies to global markets, cutting its exports by 500,000 barrels a day in August. Between the two nations, the cuts could amount to 1.5% of global supplies.
• The ISM manufacturing PMI, an index for measuring the health of the manufacturing economy across the US, fell to 46 in June. This was the lowest level since May 2020 and below expectations of 47. It also marked the eight-consecutive month of contraction in overall manufacturing. According to the ISM Chair, demand remains weak and production is slowing due to a lack of work.
What to be on the lookout for today
• The minutes from the Federal Open Market Committee will be released. These will give investors more insight into the central bank committee’s stance on rate hikes moving forward. Most policymakers still expect at least two more rate hikes through the end of the year, despite the pause in June.
Play to your strengths: Earn money in unconventional ways by utilizing your talents.
If that sounds good to you, consider these ideas:
• Sell your plasma. If you have healthy habits, you can turn that into cash. Depending on where you live, you could make $500+ your first month as a new donor at a CSL Plasma center.
• Unleash your inner fashionista. An eye for style can be handy. Start flipping clothes and accessories on an online marketplace like Poshmark. Look for low-cost, high-quality items at thrift stores or even in the back of your closet.
• Write on! If you have a knack for putting pen to paper, try blogging. You can start your own or join a site like Medium. Producing high-quality content regularly could be profitable in the long run. Tip: It helps to have expertise in a popular niche topic.
Keep track of that extra cash you could be earning on the SoFi Insights app, an easy way to record your income and expenses.
Today’s top stories
Government agencies project a hot summer — and warn two-thirds of the US might face power outages because of it. But there are two solutions an increasing number of Americans are turning to in order to keep the lights on. Read more >> The next big real estate boom? Coworking spaces. Remote work is on the rise, but more than 3 in 4 remote workers don’t want to work fully remote. As a result, coworking locations are getting more popular — and quirkier — with each passing day. Read more >> What happened in June? For one thing, stock indices reached their highest levels in over a year. SoFi’s Head of Investment Strategy walks us through what else moved the markets in June. Read more >>Not-So-Breaking News
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United Airlines (UA) will cut flights at Newark Airport due to gridlock. The announcement comes after inclement weather forced mass delays at the airport over the holiday weekend.
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Jack in the Box (JACK) opened “Dogg in tha Boxx” a pop-up, Snoop Dogg-themed restaurant. The Inglewood, California-based eatery was only open for the July Fourth weekend.
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Apple (AAPL) is slowing production of its Vision Pro headset. The tech giant originally intended to produce 1 million units in 2024, but is now estimating only 400,000.
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Workers across more than 60 hotels in Southern California organized the biggest strike in the industry’s history. The strike includes at least 15,000 cooks, room attendants, bellhops, and more.
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Twitter instituted a limit on the number of tweets you can read per day. This move was taken in an attempt to cut down on companies using Twitter data to train AI algorithms.
Financial planner tip of the day
"Opening an account with a high annual percentage yield (APY) is like planting a seed in fertile soil. It allows your money to grow and multiply over time, maximizing the potential returns on your hard-earned savings."
-Brian Walsh, CFP® at SoFi