Friday,
August 11, 2023
Market recap
Dow Jones
35,176.15
+52.79 (+0.15%)
S&P 500
4,468.83
+1.12 (+0.03%)
Nasdaq
13,737.98
+15.97 (+0.12%)
Top Story
Three pop culture icons have boosted the âShe-conomyâ â and sheâs thriving.
The Barbie movie and the tours of Taylor Swift and Beyoncé have Americans spending big, stimulating the economy.
US stocks finished higher Thursday following the highly-anticipated CPI inflation numbers.
• The consumer price index rose 3.2% year-over-year in July, slightly below the 3.3% forecast. The report showed that core CPI, which excludes volatile food and energy prices, increased 0.2% for the month, equating to a 12-month rate of 4.7%.
• Chinese ecommerce giant Alibaba (BABA) reported solid earnings for the quarter that ended June 30, with revenue growing by 14% year-over-year. This is the biggest annual increase in sales since September 2021. The company's push into overseas markets was successful, with revenue from international commerce retail surging by 60% year-over-year.
• Disney (DIS) is raising prices on some of its streaming offerings to accelerate profitability. The price of commercial-free Disney+ will increase 27% to $13.99 per month, while the price of Hulu without ads will increase 20% to $17.99 per month. Disney is also launching a new âpremium duoâ product for $19.99 per month â a bundle of Disney+ and Hulu without commercials.
What to be on the lookout for today
• Producer price inflation, a key inflation metric, will be released. In June, core producer prices nudged up just 0.1% on a monthly basis.
• Spectrum Brands (SPB) and Nauticus Robotics (KITT) will round out the earnings week. Management for the autonomous robotics company will likely speak on the companyâs new fleet of all-electric surface and subsea robots.
Want to hang in a fancy airport lounge? Hereâs how.
More than half of frequent travelers use airport lounges, but for many âjust once or twice a yearâ fliers, those posh, private airport lounges are off-limitsâŠor are they? If youâd like to spend some time in one of these spaces to work, relax, snack, or even shower, read on:
• Opening a premium travel rewards credit card often grants you access to airport lounges as one of their benefits.
• Flying business class or international first class can gain you access. Itâs not the cheapest solution, but if you are flying in style, you likely qualify for lounge access as well.
• If youâre traveling with a friend or relative who is part of an airport lounge network, you could potentially be their âplus one.â
• Itâs possible to pay for one-time entry. Your airline may offer you this perk, or you could check apps (like Lounge Buddy) where passes may be available for sale.
Hungry for more smart travel tips? Visit SoFi Travel for news, strategies, destination advice, and deals.
Todayâs top stories
Something smells off about the US economy. When it comes to measuring consumer sentiment, this fragrant product could be a good gauge. Read more >> This startup offers a trip to the school counselor from the comfort of your phone. With 1 million student users and a fresh $13 million in funding, Daybreak Health plans to make free teletherapy a reality for schools across the country. Read more >> Access to technology is crucial for work, studying and connecting with loved ones, but buying the newest tech can easily break the bank. Here are 12 smart ways to save on buying electronics. Read more >>Not-so-breaking news
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Tapestry (TPR), the owner of Coach and Kate Spade, is acquiring Capri Holdings (CPRI), owner of Jimmy Choo and Michael Kors, for $8.5 billion. The new entity will encompass six major fashion brands.
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President Biden signed an executive order to limit some new investments in Chinese technologies. This ban primarily involves computer chips.
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Under their new labor contract, UPS (UPS) drivers can earn up to $170,000 in pay at the end of a five-year contract. The deal also includes benefits like healthcare and pensions.
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The Culinary Workers Union, representing roughly 60,000 Las Vegas food workers, organized a massive rally on the Vegas strip. The union is demanding higher pay and better benefits.
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Amazon (AMZN) is tracking employees to monitor who adheres to its new hybrid work policy. Workers at the ecommerce giant have received disciplinary emails for missing in-office days.
Financial planner tip of the day
"If you have savings that is not currently earmarked for a specific financial goal, take some time to think about what goal youâd like to apply it to. A great first saving goal is to have three to six months of living expenses in an emergency fund. After that, it might be good to turn your attention toward retirement savings and investing."
Brian Walsh, CFPÂź at SoFi