Friday,
July 28, 2023
Market recap
Dow Jones
35,282.72
-237.40 (-0.67%)
S&P 500
4,537.41
-29.34 (-0.64%)
Nasdaq
14,050.11
-77.17 (-0.55%)
Top Story
Is seller financing a viable alternative to more traditional options?
With mortgage rates on the rise, private financing is becoming more prevalent, but it doesn’t come without risks. We’ll take a look at the pros and cons.
US stocks finished lower Thursday as Wall Street digested the Fed’s latest interest rate decision.
• Meta Platforms (META) reported better-than-expected earnings and revenue, with double-digit revenue growth for the first time since 2021. The company also reported growth in daily and monthly active users, as well as average revenue per user. CEO Mark Zuckerberg said Meta continues to see strong engagement across its apps and has an exciting roadmap ahead.
• The US economy grew at an annualized rate of 2.4% in the second quarter. This figure beat the previous quarter’s 2% and came in well above estimates of 1.8%. The increase was largely driven by a rise in consumer spending, nonresidential fixed investment, and government spending.
What to be on the lookout for today
• The consumer metrics for personal spending and income in June will be released. In May, these metrics rose 0.1% and 0.4%, respectively.
• Oil goliaths Chevron (CVX) and Exxon Mobil (XOM) both report earnings. The latter is likely to discuss its recent $4.9 billion acquisition of the carbon storage company Denbury.
Don't Miss Ro$$ Mac on the SoFi Daily Podcast next week: July 31-August 4
Are you interested in learning more about finance and keeping up with the market?
All next week, Ro$$ Mac, former Wall Street professional and creator of “Maconomics,” is taking over the SoFi Daily Podcast (available on Apple Podcasts, Google Cast, Spotify, or wherever you listen to podcasts).
Tune in and hear our special guest host break down the business news and stock market happenings you need to know to help inform your next money move.
New to the SoFi Daily Pod? There’s never been a better time to subscribe. Tune in and make it part of your morning routine.
Today’s top stories
Has “tattourism” made a permanent mark on the travel industry? Thousands of so-called “tattourists” embark on pilgrimages each year in search of specific tattoo styles or artists. It’s popular among younger generations — but it has affected the entire industry. Read more >> A new app could revolutionize caregiving for 53 million Americans. An emerging app, called Helpful, has a unique strategy to ease the $600 billion burden of administrative caregiving tasks. Read more >> When used responsibly, credit cards can be a helpful tool for a wide range of things, from making online purchases to building your credit. The key to those benefits is knowing how to use credit wisely. Here are 10 tips to consider. Read more >>Not-so-breaking news
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McDonald’s (MCD) teased a new restaurant called CosMc’s which will begin testing in 2024. The spinoff chain will feature smaller-form restaurants with the “same DNA” as McDonald’s.
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The EU is investigating Microsoft (MSFT) over potential antitrust concerns. The regulator feels bundling Teams and Office productivity tools gives the tech giant an unfair advantage.
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Certain Western automakers are cutting prices to help fend off Chinese EV competition. In some cases, Chinese automakers showed 25% better cost competitiveness than their rivals.
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Anheuser-Busch (BUD) announced it will lay off 350 workers. The news comes as the once-bestselling brewer struggles to win back boycotting customers.
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Mattel (MAT) aims to capitalize on the success of its blockbuster Barbie movie with 165 brand partnerships planned through the holiday season. The film recorded the largest box office of the year so far, with $337 million globally.
Financial planner tip of the day
"One thing to know about investing is that consistency can pay off in the long run. Even if you’re only able to invest a little money at a time through 401(k) contributions or by purchasing partial or fractional shares of stock, those amounts can add up as the years and decades pass."
Brian Walsh, CFP® at SoFi