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Are the days of birthday freebies over?
Many companies are revisiting their customer rewards programs, changing how you can earn and spend your loyalty points.
US stocks finished lower Friday after the latest employment numbers showed signs of slowing job growth
• Nonfarm payrolls increased by 209,000 in June, which was less than the expected growth of 240,000. Overall, âjob growth in June was slower than May's downwardly revised 306,000 and the slowest month for job creation since December 2020.
• US Treasury Secretary Janet Yellen met with Chinese Premier Li Qiang in Beijing to discuss the US-China economic and financial relationship. Yellen defended American actions to protect its national security and emphasized the importance of not allowing disagreements to worsen their bilateral relationship.
• Legacy automakers have been promising to increase production and sales of electric vehicles. Tesla (TSLA) remains the top EV seller in the US, with a lead of roughly 300,000 all-electric vehicles over its closest competitors, Hyundai Motor (HYMTF) and General Motors (GM). However, as more competitors enter the field, Tesla's market share of US EV sales dropped nearly 10% from a year ago to 60% of electric vehicles sold domestically.
What to be on the lookout for today
• The week will kick off with speeches from several Fed Presidents: Mary Daly of San Francisco, Loretta Mester of Cleveland, and Raphael Bostic of Atlanta. These speeches could provide clarity on if the Federal Reserve will continue to raise interest rates for the remainder of the year.
• WD-40 (WDFC), the chemical company named after its signature product, will release earnings. The owner of Spot Shot and Carpet Fresh will look to improve after last quarter, when it reported a 15.3% year-over-year drop in net income.
Traveling abroad? Try these smart foreign-currency tips.
A whopping 85% of Americans plan to travel this summer (the FOMO is real!), and a record number of flights bound for Europe are currently scheduled.
If youâre heading abroad, follow this money-wise advice to manage foreign currency:
• The right card can simplify your travel overseas: You can swipe or tap as needed while dodging those pricey foreign transaction fees. (Plus, no worries about exchanging currencies or losing cash.)
• What if you do need cash while traveling overseas? At the ATM, use a debit card that doesnât add out-of-network fees. Avoid pricey cash advances on your credit card.
• Have leftover foreign currency as your trip winds down? Try to spend it and avoid the hassle of converting it when home. See if your lodging will accept it as partial payment or else treat yourself (yay!) at the duty-free shops. Hereâs some more ideas!
Need more travel hacks and perks? Check out what SoFi Travel offers.
Todayâs top stories
The Great Resignation may have tendered its resignation. 500,000 fewer Americans are leaving their jobs now than at the height of the Big Quit in late 2021. What does this mean for the complex equation of economic recovery? Read more >> It's been a bumpy start to the busiest travel season in recent memory, due to severe weather and staffing shortfalls. Despite the turbulence, Delta and its competitors have echoed widespread projections of robust summer demand. Plans to put free wifi on its planes may help. Read more >> How your spouse uses a credit card may impact your own credit. While spouses have separate credit scores, adding one partner to a credit card could have an impact on both parties. Learn more here. Read more >>Not-so-breaking news
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The Biden administrationâs ongoing junk fee crackdown will target surprise medical bills. One proposed measure would close a loophole allowing companies to offer misleading short-term insurance products.
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Following the launch of Metaâs (META) text-based social media app Threads, Twitter is threatening legal action against the alleged âcopycatâ app. Meta maintains âno one on the Threads engineering team is a former Twitter employee.â
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Uber (UBER), DoorDash (DASH), and Grubhub (GRUB) sued the city of New York over its new minimum wage. The new baseline pay rate of $17.96 per hour, which could almost triple average earnings for food delivery workers, is set to take effect this week.
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Tesla (TSLA) will offer around $500 in incentives to Tesla drivers who refer new customers. The sales-boosting strategy also includes three free months of the Full Self-Driving feature.
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The federal government approved construction of the largest offshore wind farm in the US. Located off the New Jersey coast, the project could create 3,000 jobs and power up to 500,000 homes.
Financial planner tip of the day
"Exchange-traded funds (ETFs) are like a well-curated gallery of investments, offering you the opportunity to diversify your portfolio and tap into the potential of multiple companies, sectors, or even entire markets in a single trade."
Brian Walsh, CFPÂŽ at SoFi