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Millennial math: living together, paying separately
Millennial couples are embracing cohabitation like never before — but almost one-third feel their share of expenses isn’t equal. Here’s one trick to make sure the math adds up.
US stocks finished lower again on Wednesday following the latest Fed meeting minutes
• The FOMC minutes showed officials are concerned about the pace of inflation. Many felt more rate hikes could be needed in the future unless conditions change. Officials also stressed future decisions will be based on incoming data.
• Target (TGT) missed quarterly sales expectations and cut its full-year sales and profit forecast. As the major retailer struggles to convince shoppers to buy more than just necessities, it forecast comparable sales to decline by mid single-digits for the full fiscal year.
• US mortgage rates rose to a 22-year high as they rose for the third consecutive week. The average 30-year fixed-rate mortgage increased to 7.16% from 7.09%. Mortgage demand from homebuyers was 26% lower year-over-year, and applications to refinance a home loan were 35% lower than the year prior. However, applications for a mortgage to purchase a newly built home are rising, up 35.5% year-over-year in July.
What to be on the lookout for today
• Weekly jobless claims will give investors insight into the state of the job market. Claims for unemployment benefits were a key data point during much of the pandemic but have normalized and returned to pre-pandemic levels. For the week that ended July 29, the number of Americans filing for unemployment benefits hit 227,000, up from 221,000 the previous week.
• Walmart (WMT), Ross (ROST), and Tapestry (TPR) will offer an update on their businesses. Tapestry, the owner of Coach and Kate Spade, will surely discuss the company’s recent $8.5 billion acquisition of Jimmy Choo and Michael Kors parent company Capri Holdings (CPRI).
Liz Looks at: Sector Stories
Earnings season is nearly over and it’s time to take stock: Margins are contracting and sector returns have been choppy. While company earnings still matter, investors have to dig into the details to get a complete picture.
SoFi’s Head of Investment Strategy Liz Young explains why sector idiosyncrasies and valuations are just as important.
Today’s top stories
“Lazy-girl jobs” have sparked a broader discussion about privilege and equality in the workforce. These high-paying, low-effort remote jobs are the latest trend. But not everyone is in a position to take advantage of this opportunity. Read more >> WeWork (WE) might be facing a fall. But for the coworking industry, the only way is up. WeWork recently rattled investors with a dire warning. But its competitors don’t seem to be having the same issues. Read more >> Time for self-care: Here's how to treat yourself on a budget. Check out these 16 ways to treat yourself without breaking the bank. Read more >>Not-so-breaking news
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Intel (INTC) canceled its acquisition of the Israeli chip company Tower Semiconductor (TSEM). This news comes after the legacy technology company failed to secure regulatory approval.
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General Motors (GM) invested $60 million in EV startup Mitra Chem. Mitra Chem is developing low-cost lithium iron phosphate batteries with the potential to hold more power and eliminate the need for expensive minerals like cobalt and nickel.
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Mediterranean fast casual restaurant Cava (CAVA) reported a second quarter net income of $6.5 million. The company, which went public in June, also saw net sales soar 62% to $172.9 million.
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Lego announced a new insect playset complete with a 3-hour ASMR playlist of bug noises recreated with Lego bricks. The new set is designed to help buyers relax while they build.
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Vietnamese electric car maker VinFast (VFS) enjoyed a hot debut on Tuesday after merging with the SPAC Black Spade Acquisition Co. The EV company is now worth more than Ford (F).
Financial planner tip of the day
"What’s one easy way to make saving money a regular habit? By paying yourself first. Within a few days of that paycheck hitting an account, a saver could transfer a percentage of that money directly into their savings."
Brian Walsh, CFP® at SoFi