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The popularity of electric vehicles could change the century-old design of an infrastructural staple.
Gas stations have been a necessary amenity to help travelers get from one destination to the next. But it might not be long before charging stations are a destination in and of themselves.
US stocks finished lower Thursday as Treasury yields soared to a 9-month high
• Qualcomm's (QCOM) shares fell double digits after the company reported weaker-than-expected quarterly revenue and guidance. Because its chips show up in so many Android phones, the chipmaker is exposed to both low- and high-end phone sales.
• Warner Bros Discovery (WBD) reported a second-quarter miss on the top- and bottom-lines. The company's new streaming service Max saw a decrease of nearly 2 million subscribers from the end of the first quarter to 95.8 million, below Wall Street expectations. However, the company also announced a tender offer aimed at paying down up to $2.7 billion in debt.
• The number of Americans filing for unemployment benefits edged higher by 6,000 to 227,000 on the week ended July 29. The figure was in line with market expectations and close to the five-month low from the previous period. Additionally, continuing claims rose by 21,000 to 1,700,000 in the earlier week, also in line with expectations and close to the six-month low from the middle of July.
What to be on the lookout for today
• The unemployment rate for July will be released. The rate hit 3.6% in June, signaling a still-tight labor market. As recessionary concerns abate, this may give the Federal Reserve confidence to continue increasing interest rates. Average hourly earnings will also be reported for July, with nonfarm payrolls increasing 4.4% in June.
• Dominion Energy (D) will round out the week. The energy giant will likely give investors more insight into its sale of a Maryland gas plant to Berkshire Hathaway (BRK.A) for $3.3 billion.
Use the 28/36 rule to figure out how much of a mortgage you can afford
The size of the mortgage you may be offered depends on your income, debts, credit history, assets, and down payment.
One standard, the 28/36 rule, says your mortgage payment shouldn’t be more than 28% of your monthly gross income and 36% of your total debt.
The 28/36 rule
The 28/36 rule combines two ratios that lenders use to determine home affordability based on income and debt. The first number sets 28% of your gross income as the maximum total mortgage payment, including principal, interest, taxes, and insurance. The second number sets the limit on your mortgage payment plus any other debts you owe at no more than 36% of your gross income.
Example of the 28/36 rule
If your gross income is $6,000 per month, you should aim for a monthly mortgage payment of $1,680 — as long as your total debt (credit cards, car payment, etc.) doesn’t exceed $2,160.
The 28/36 rule is just a benchmark, and everyone’s financial situation is unique. Using a home affordability calculator can help you refine your estimate of the price of the home you can afford.
And here is a deeper dive into how to get a mortgage in 2023.
Today’s top stories
What will bring Americans back to cities? It probably won’t be “work.” But could it be “play”? Read more >> Since NPCs have entered the real world, it’s time to bring a touch of reality to video games. In video games, non-player characters, or NPCs, are infamous for their robotic, inhuman behaviors. But this AI startup just scored a $500 million valuation for making NPCs a bit more realistic. Read more >> The cost of back to school supplies was estimated at $661 per school-aged child in 2022. It’s time for back-to-school shopping, and we have creative, clever ways to do so on a budget and save big on supplies. Read on for our A+ tips. Read more >>Not-so-breaking news
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Warner Bros Discovery (WBD) will add news and sports to its streaming service Max, though it gave no timetable for the change. The announcement follows the dissolution of its CNN+ service last year and similar moves from competitors Disney+ (DIS) and Prime Video (AMZN).
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Alibaba (BABA) will be open-sourcing its large language model Tongyi Qianwen. This move will challenge Meta Platforms’ (META) open source model Llama 2, as well as OpenAI’s ChatGPT.
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Nintendo Switch (NTDOF) sales are surging, buoyed by the success of Zelda: Tears of the Kingdom. The video game scored 96 out of 100 on Metacritic, signaling widespread acclaim.
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Adidas (ADDYY) raised its earnings outlook due to strong demand for its remaining Yeezy merch. The sale of the first batch of Yeezy gear brought in $437 million in the second quarter.
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Beyoncé is facing backlash by offering $157 “listening only” tickets for her Renaissance Tour. As the name implies, the tickets will have no view of the stage or performers.
Financial planner tip of the day
“Linking your bank accounts can be a great way to manage your finances without making a trip to the bank. Linking can help you optimize your finances by allowing you to use the accounts that offer the best interest rates or other perks while still being able to make transfers between them — even if they’re at different institutions.”
Brian Walsh, CFP® at SoFi