🤖New rules for AI-powered hiring

Thursday,
July 6, 2023

Market recap

Dow Jones

34,288.64

-129.83 (-0.38%)

S&P 500

4,446.82

-8.77 (-0.20%)

Nasdaq

13,791.65

-25.12 (-0.18%)

NYC lawmakers have hired a new boss for AI hiring bots.

The Big Apple's new law aims to regulate AI-powered hiring practices and other states may soon follow suit. Here’s how the change could impact your next job application.

US stocks finished lower Wednesday following the release of the FOMC Minutes.

• According to the latest Fed Minutes report, there was disagreement among members, with some arguing rates should go higher as inflation remains elevated. Nearly all Fed members indicated additional increases were necessary, but the FOMC decided against a rate rise at the June meeting amid concerns over economic growth. Nevertheless, most members believe more tightening is likely later this year, albeit at a slower pace.

• General Motors (GM) reported an 18.8% increase in US vehicle sales in the second quarter. The company sold 691,978 new vehicles from April through June, including 15,652 electric vehicles for a total of 36,300 in 2023. GM is now officially the country’s largest automaker through the first six months of the year with nearly 1.3 million vehicles.

What to be on the lookout for today

• There will be a flurry of economic reports released today. These include ISM services PMI, JOLTS job openings, and the current trade balance. Notably, in April, the US trade deficit widened to a six-month high of $74.6 billion. Investors will also get an update to the 30-year fixed-rate mortgage, which currently sits at 6.75%.

• Levi Strauss & Co (LEVI), the manufacturer of Levi’s jeans, will offer investors an update on its business. During the call, the legacy clothing maker will likely discuss its sustainability efforts and recent initiative to develop more easily-recyclable jeans.

Want to have fun and earn money without selling anything?

There are many ways to make extra income online without having to sell a product. It comes down to creativity, expertise, and experimentation. And you can do it all from your couch.

Launching your own YouTube channel could be lucrative if you reach 1,000 subscribers. At that point, you can start accepting ads. Pro tip: Choose a quirky topic you’re knowledgeable about.

You’ve likely heard of Twitch, the streaming platform known for gaming. For those who gain a big following on Twitch, earnings can be in the thousands per month. An oversized personality and frequent interaction with your audience can go a long way.

As you explore ways to make extra cash, having a money tracker like SoFi Insights can help you manage your financial goals.

Today’s top stories

What’s the deal with Illinois’ EV-lutionary new law?
The Governor of Illinois just signed a new “right-to-charge” law for EV owners. Here’s how it could help to accelerate the rate of EV adoption across borders.
Read more >>

Plant-based foods are thriving — as long as companies refer to them as “plant-based.”
There’s one word companies are avoiding when it comes to marketing their meat substitutes.
Read more >>

Figuring out how to reduce or eliminate credit card debt can be a daunting task.
Consider these potential strategies that could help you consolidate credit card debt without hurting your credit score.
Read more >>

Not-so-breaking news

Meta Platforms (META) released a text-based conversation app called “Threads” for Instagram. The new app aims to be a direct competitor to Twitter.
Moderna (MRNA) struck a deal to research, develop, and manufacture its signature mRNA vaccines in China. This announcement comes amid rising tensions between the US and China.
Health and wellness company Welfull acquired the rights to Jenny Craig. Welfull will reportedly revive and repurpose the iconic weight loss brand for ecommerce and digital outlets.
Major League Pickleball announced a new CEO and COO. The new executives will work to establish sponsorships, merchandising, and a media rights business for the emerging league.
The UPS (UPS) Teamsters Union could strike following faltering contract negotiations. A strike by the logistics company’s 340,000 workers could have a major impact on the US supply chain.

Financial planner tip of the day

“One way to calculate your discretionary income is to calculate your take-home pay each month and subtract your ‘fixed’ or ‘necessary expenses’ from that. The money you have left over is your discretionary income which can be used for things like entertainment, vacations, luxury items, savings, investments, or charitable contributions.”

Brian Walsh, CFP® at SoFi

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

Diversification is not a guarantee of protection from loss. SoFi can’t guarantee future financial performance.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
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Important: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile and involve a high degree of risk.

Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

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