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 higher Friday after another round of earnings and key inflation data
• Core PCE, the Fed’s favored index, showed month-over-month inflation increased 0.2%, in line with estimates and lower than the previous month’s 0.3% rise. As for year-over-year levels, PCE inflation rose by 4.1%, the lowest level since September 2021. Overall, the latest numbers could provide the Federal Reserve more breathing room in its efforts to moderate prices. Still, core inflation remains notably above the Fed's 2% target.
• Procter & Gamble (PG) beat analyst expectations on revenue and earnings thanks to price hikes for products like Crest toothpaste and Pampers diapers. However, the company released a muted outlook for its fiscal 2024 sales. For the fifth consecutive quarter, P&G's volume fell, with the largest drop reported in the healthcare segment at 3%.
• Intel (INTC) reported second-quarter earnings, showing a return to profitability after two straight quarters of losses. However, revenue fell 15% to $12.9 billion from $15.3 billion a year ago, marking the sixth consecutive quarter of declining sales. Intel CEO Pat Gelsinger said the company still sees persistent weakness in all segments of its business through year-end, and predicted server chip sales won’t recover until the fourth quarter.
What to be on the lookout for today
• The JOLTS job openings report will be released for‌ June. The number of job vacancies fell by 496,000 to 9.8 million in May, slightly below expectations. Additionally, investors will receive the June manufacturing PMI, a signal of business owners’ confidence. In May, this reading pointed to a faster rate of contraction in the manufacturing sector.
• The major commercial real estate owner Cushman and Wakefield (CWK) will kick off the earnings week. Investors will be eager to hear about the state of the CRE market, which has been struggling thanks to the rise of remote work.
THIS WEEK: Don’t miss Ro$$ Mac on the SoFi Daily Podcast.
Ro$$ Mac, former Wall Street professional and creator of “Maconomics” is taking over the mic as guest host of the SoFi Daily Podcast Monday-Friday this week.
It’s a special week-long takeover you won’t want to miss. Stay up to date on the latest business news and stock market happenings — and how they affect your financial life.
New to the SoFi Daily Pod? Get the updates you need to help inform your next money move. Tune in and subscribe wherever you listen to podcasts and make it a part of your daily routine.
Today’s top stories
Fast-food chain Chick-fil-A is shaking things up in its kitchen with a new experimental approach to drive-thru dining. As always, the fast-food chain’s response when catering to customers is, “My pleasure.” But if its experimental new design concepts pay off and set a new precedent, it could be our pleasure, too. Read more >> Will Amazon (AMZN) write a happy ending for its “Tale of Two Narratives”? Amazon’s Prime Day smashed records — but controversy surrounding a leaked return-to-work mandate lingers. Which will set the tone for the company’s earnings report Thursday? Read more >> Happy National Mutt Day! If you want to bring your dog on your next vacay, this guide shares the how-to’s plus great destination ideas. Traveling with your dog can be a fun bonding experience for both of you. Read more >>Not-so-breaking news
-
Elon Musk’s SpaceX almost broke a 56-year-old record. The space company attempted to launch two rockets within 45 minutes, which hasn’t been done since the Gemini 11 mission in 1966.
-
Threads (META) is exploring ways to make its app more “sticky” for users. The text-based app has already lost nearly half of its 100 million signups, which CEO Mark Zuckeberg considers “normal.”
-
Biogen (BIIB) announced a $6.5 billion acquisition of Reata Pharmaceuticals (RETA). The purchase will help the bio technology company boost its portfolio of rare disease treatments.
-
Adidas (ADDYY) plans to release another batch of Yeezy sneakers. As with the first batch, a portion of the proceeds will be donated to organizations such as the Anti-Defamation League.
-
T-Mobile (TMUS) added 1.6 million net new customers during the second quarter of 2023. The mobile provider is on track to reach 300 million customers by the end of 2023.
Financial planner tip of the day
"Roth IRA contributions are made with after-tax money, which means you won’t receive an income tax deduction for contributions. But your balance will grow tax-free and you’ll be able to withdraw the money tax-free in retirement."
Brian Walsh, CFP® at SoFi