Top Story
EVs strike down on used car lots.
In the second quarter, secondhand sales of EVs are up 77% from 2021. There are at least two benefits to buying EVs used. But, for prospective buyers, will lightning strike twice?
US stocks finished higher Monday ahead of another big week of corporate earnings and the Federal Reserve’s interest rate decision.
• Domino's Pizza (DPZ) beat Wall Street profit estimates for the second quarter. The beat was primarily driven by lower food costs and easing supply chain pressures, including a nearly 6% drop in supply chain costs. Despite this, the company's revenue of $1.02 billion missed analyst estimates of $1.07 billion, and same-store sales in the US rose 0.1%, missing estimates of a 0.2% increase.
• The S&P Global US Manufacturing PMI increased to 49 in July from a six-month low of 46.3 in June. Although the figure beat forecasts of 46.2, it signaled a third-straight month of contraction in manufacturing activity.
• The S&P Global US Services PMI in the US decreased to 52.4 in July from 54.4 in June. The latest reading pointed to the weakest pace of expansion in the sector since February, but recorded the fastest rise in business from abroad.
What to be on the lookout for today
• The home price index for May will be released. In April, this measure of home prices across 20 cities dropped 1.6% on an annual basis, marking the biggest decline since April 2012.
• Microsoft (MSFT) and Alphabet (GOOGL) will both report earnings. The dueling tech giants are expected to discuss their respective plans for generative AI. Notably, Microsoft just announced a $30 subscription for a premium AI-powered version of its business suite. 3M (MMM) and Raytheon (RTX) will also report.
Saving for the holidays: Audit your utilities usage.
Colder weather can lead to expensive heating bills. And holiday lights can cause electricity usage to skyrocket. Here’s how to prep your home now.
1. Upgrade your string lights. LED holiday lights last longer and are cheaper than traditional holiday lights. To avoid the cost of new lights, keep an eye out for LED sets on local buy / sell / trade groups.
2. Adjust your thermostat. Small changes can add up to big savings on utility bills. One tweak you can establish in warmer months: For every ten degrees you dial down your hot water thermostat, you can save 3% to 5% on energy bills.
3. Consider a professional energy audit. Pro energy audits identify leaks and safety concerns with electrical systems, wiring, and ventilation. While audits cost $415 on average, many homeowners save money over the long term.
A SoFi Checking and Savings account can help you save for the holidays. You’ll earn a super competitive APY and pay no account fees, which can help your money grow faster.
Today’s top stories
Getting ready for back-to-school shopping? 1 in 3 US states have declared tax-free weekends. We’ve put together a list of when, where, and how you can use these exemptions to make the most of your purchasing power. Read more >> The movie theater industry has shown reel resilience in recent years. Roughly 2,000 screens shut down from 2019 to 2022. But theaters that survived have been putting on an Oscar-worthy comeback by revisiting an old Hollywood trick. Read more >> Whether you’re updating a room or moving into a brand new space, furniture shopping can be an expensive endeavor. Here are 25 ideas for creating a great space without spending a lot. Read more >>Not-so-breaking news
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Elon Musk is rebranding Twitter to X. Analysts suggest this could be a Hail Mary for the social media company, which is reportedly on the edge of bankruptcy.
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The “Barbenheimer” dual opening topped $235 million. Barbie brought in roughly $155 million, while Oppenheimer generated $80.5 million.
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Tesla (TSLA) is exploring production of a new $24,000 car. Executives will meet with India’s commerce minister this month to discuss building a factory to produce low-cost EVs in the country.
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Stellantis (STLA) and Samsung (SSNLF) will join forces to build a second EV battery factory in the US. The factory should be ready by 2027, but the location has not yet been disclosed.
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Spotify (SPOT) released its decision to raise the prices of its Premium subscription offerings by up to $2, resulting in a 20% increase for certain plans.
Financial planner tip of the day
"What you choose to invest in, and how much, is known as your asset allocation. It should be determined by your goals, time horizon, and comfort with risk."
Brian Walsh, CFP® at SoFi