Top Story
The end of job perks: Don’t expect your new job to offer free kombucha, paid lunches, or in-office ping-pong.
In an effort to cut costs, companies are putting employee perks on pause. But they may be trading the large quantity of benefits for a high-quality one…
US stocks finished lower Wednesday leading into today’s key inflation data
• Mortgage rates with conforming loan balances increased to 7.09% from 6.93%. The rate on Federal Housing Administration loans hit 7.02%, the highest since 2002. As a result, applications for mortgages for new home purchases dropped 3% for the week and 27% year-over-year. Applications to refinance a home loan also fell 4% for the week, 37% lower year-over-year.
• Roblox (RBLX) reported second-quarter results below analyst expectations. The online gaming company announced a net loss of $282.8 million for the quarter compared to a net loss of $176.4 million for the same period in 2022. However, Roblox reported a 25% year-over-year increase in average daily active users to 65.5 million. Users also spent more than 14 billion hours engaged in Roblox, up 24% year-over-year.
What to be on the lookout for today
• A widely-watched inflation measure will come in for July. Last month, inflation slowed to just 3%, the lowest reading since March 2021. Core inflation — which excludes food and energy prices — will also be released. It clocked in at 4.8% in June.
• Krispy Kreme (DNUT) will report earnings before the open, as will the entertainment giant Six Flags (SIX). Both donut connoisseurs and shareholders will be curious to hear the details behind Krispy Kreme’s latest marketing strategy, in which it handed out free donuts to lottery losers.
Nothing lasts forever, and that includes the inverted Treasury yield curve
The Treasury yield curve tells us about the market’s expectations for the economy and interest rates. After months of flashing warning signs as the curve inverted, with long-term bond yields falling below short-term bond yields, it’s begun to point in the opposite direction.
SoFi’s Head of Investment Strategy Liz Young breaks down what is going on with the yield curve and what it could mean for investors.
Today’s top stories
EVs charge ahead… or do they? Early adopters embraced EVs, but mainstream consumers are pumping the brakes. Here’s why major players like Ford (F) and Toyota (TM) are taking a detour. Read more >> The electricity bill sticker shock might finally come to an end. Americans have grown accustomed to paying 25% more to power their homes. Fortunately, those days might finally be coming to an end… Read more >> Here are ​​17 ways to make financial freedom a reality. Just as it sounds, financial freedom is typically defined as having the resources to do exactly as you please. Read more >>Not-so-breaking news
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Target (TGT) is rolling out curbside pickup for Starbucks (SBUX) products at its stores. The big-box retailer hopes to provide a sales jolt amid a slump in discretionary spending.
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WeWork stated there is “substantial doubt” it can stay in business. If the coworking giant can’t improve its profitability over the next 12 months, it could face bankruptcy.
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Apple’s (AAPL) iOS 17 update will change the placement of “End Call” button on phone calls. Under the new software update, the button will be placed bottom right instead of bottom center.
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After selling Barstool Sports back to its founder, PENN Entertainment (PENN) is partnering with ESPN (DIS) to launch ESPN Bet. The new sports gambling deal is valued at $2 billion.
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US consumer credit card debt passed $1 trillion for the first time ever. This increase reflects rising consumer confidence and spending power amid cooling inflation.
Financial planner tip of the day
“If you’re trying to set a budget for your home addition, you can start by first obtaining bids from three professionals, then adding in 15-20% to the overall project price given by the contractor to cover unforeseen costs.”
Brian Walsh, CFP® at SoFi