Friday,
July 7, 2023
Market recap
Dow Jones
33,922.26
-366.38 (-1.07%)
S&P 500
4,411.59
-35.23 (-0.79%)
Nasdaq
13,679.04
-112.61 (-0.82%)
Top Story
Skyâs the limit⌠or is it? Joby Aviation's electric flying taxis edge closer to takeoff.
Joby Aviation's flying taxi prototype has received FAA approval for flight testing, steering us closer to a Jetsons-like reality.
US stocks drop on strong jobs data.
• According to data from ADP, private sector jobs increased by 497,000 in June. This was the biggest monthly gain since July 2022 and more than double the consensus estimate of 220,000. US stocks fell as a result, as many on Wall Street believe a strong labor market means the Fed will be more hawkish with its rate hike policy.
• A few of the stocks making the biggest moves on Thursday were Affirm and Keurig Dr Pepper. Shares of the former fell after Piper Sandler downgraded the point-of-sale lender, in response to concerns that the resumption of student loan payments could weigh on its stock. Meanwhile, the latter got an upgrade from Morgan Stanley, who thinks the beverage giant's valuation is too low despite its collection of highly visible drinks.
What to be on the lookout for today
• The unemployment rate for June will be released. In May, unemployment ticked up to 3.7%, the highest reading since October 2022. Despite hitting a recent high, unemployment still sits near historic lows. It may need to show a more significant rise for the Fed to pivot to more dovish policy decisions.
• On the earnings front, Urban One (UONE), a Maryland-based media conglomerate, will report. The largest Black-owned broadcasting company will likely discuss its recent acquisition of several Houston-based radio stations.
Itâs not just about the money. Here are a few other surprising benefits of having a side gig.
If you ever considered starting a side hustle, you might wonder if all that extra work is worth it. But don't forget about the fringe benefits that keep side hustlers going. Here are just a few.
1. Better time management. Taking on more gigs means successful hard workers learn how to multitask.
2. Transferable skills. Say youâre working as a barista on the weekends. Yes, you will earn extra cash, but youâll also gain vital customer service skills.
3. A larger network. Youâll likely meet new people, which could lead to new friendships, a new career, or more work through word of mouth.
With extra income comes extra responsibility. Make it easier to manage your finances with the SoFi Insights app.
Todayâs top stories
This summer has seen 80% more worker walkouts than last â and companies are more cautious than ever in how they respond. As employee strikes become increasingly common, public relations teams are starting to take a seat at the negotiating table. Read more >> Move over NFTs, metaverse, and meme stocks. Meet the latest investment craze. Billions are being invested in AI startups. But is AI truly the future? Read more >> How do you balance the urge to travel with the need to save? If you can travel without dipping into your savings, then you can feel good about taking that vacation. Here are a few tricks for lowering travel costs. Read more >>Not-so-breaking news
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Volkswagen (VWAGY) is planning to start testing self-driving electric vehicles later this month. The company chose Austin, Texas as its initial launch site and hopes to have 10 of its ID Buzz electric vans on the road by yearâs end.
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Per a judgeâs order, JetBlue (JBLU) will end its alliance with American Airlines (AAL) in an effort to protect its $3.8 billion purchase of Spirit Airlines (SAVE). JetBlue and American partnered roughly three years ago to coordinate flights and pool revenue.
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Alef Aeronautics, an aviation startup, received approval from the Federal Aviation Administration to test its flying car. Alef says it's received hundreds of preorders for its Model A, priced at $300,000 per vehicle.
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The Biden administration challenged a court ruling limiting the government from talking to social media companies about content moderation. An ongoing lawsuit alleges the administration violated the First Amendment by asking platforms to crack down on COVID disinformation.
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Subway unveiled new Deli Hero sandwiches made with freshly sliced meat. Subway invested more than $80 million in order to stock US franchisees with meat slicers.
Financial planner tip of the day
âIRAs, or individual retirement accounts, offer individuals an opportunity to save money for retirement in a tax-advantaged plan, outside of an employer-sponsored plan like a 401(k). With a few different types of IRAs to choose from, itâs likely that many people will find an account that fits with their needs and goals.â
Brian Walsh, CFPÂŽ at SoFi