Top Story
America’s cheapest new car is on the way to the junkyard.
The Mitsubishi Mirage — the last holdout from a bygone era of affordable new rides — will reportedly be discontinued in 2025.
US stocks were mixed Monday as Wall Street prepares for the annual Jackson Hole Symposium later this week
• All eyes are on the central bank symposium in Jackson Hole, Wyoming, this week. Last year, Fed Chairman Jerome Powell committed to higher interest rates to get inflation under control, which spooked the market. Leading into this year’s symposium, the 10-year Treasury yield surged to the highest level since 2007.
• The "reservation wage," or the average salary required for an individual to accept a job offer, rose to a record $78,645 during the second quarter of 2023. Employers trying to keep pace with the wage demands have pushed the average full-time offer up to $69,475, a 14% increase in the past year. While there is still a gap between the wage workers want and what is offered, satisfaction with compensation and upward mobility increased across the board.
• On Capitol Hill, lawmakers are advocating for a higher IRS reporting threshold for transactions. It previously stood at 200 transactions totaling over $20,000, but was lowered to $600 for even a single transaction in 2023. Personal transfers via platforms like Venmo and PayPal (PYPL) are exempt from this, but the lowered threshold has caused concern among online sellers and gig workers. Now lawmakers want to increase the threshold.
What to be on the lookout for today
• Investors can expect a report on the number of existing US homes sold in July. In June, existing home sales fell to the lowest level in five months – 4.2 million on a seasonally adjusted annualized basis.
• Lowe’s (LOW) will look to improve on Home Depot’s (HD) earnings, which reported a slide in sales. Dick’s Sporting Goods (DKS) will also keep the retail earnings coming.
Student loan payments are back. Here are all the dates you need to know.
After more than three years, federal student loan payments are restarting. A lot of new changes have been enacted, such as changes to income-driven repayment (IDR) and loan forgiveness, and some actions are still in the pipeline.
With the end of the federal loan interest and payment forbearance right around the corner, here are the important dates that borrowers may need to know.
Today’s top stories
The American mall is back in vogue. The masses are back to shutting it down at the mall — and, no, we don’t just mean store closures. Malls are seeing a resurgence, largely thanks to this one group… Read more >> The high cost of rent has reached America’s college towns… …and housing unaffordability is becoming a limiting factor for prospective students. Read more >> College costs can be stressful. Break up the payments with a monthly tuition plan. If college costs are top of mind for you and your family, a payment plan over a longer time period may be right for you. Read more >>Not-so-breaking news
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Elon Musk has publicly admitted X “may fail.” The entrepreneur’s efforts to turn the social media app into a “super-app” have so far underperformed expectations.
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Sunday, August 27 is National Cinema Day. To celebrate, thousands of cinemas across the country are offering movie tickets for $4 or less.
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Kellogg’s (K) Eggo released the boozy Brunch in a Jar Sippin’ Cream. This rich and creamy liqueur tastes like waffles, butter, maple syrup, and bacon.
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Tesla (TSLA) began notifying employees involved in a data breach that affected more than 75,000 workers. Two former employees reportedly shared confidential information with German newspaper Handelsblatt, which agreed not to post it.
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Many FedEx (FDX) pilots expressed concern about their future with the company. This stems from a sharp drop in package volume and a move to combine FedEx’s Express and Ground delivery units.
Financial planner tip of the day
"While refinancing federal student loans is a complex decision right now, it might be helpful to explore if there are ways to pay down your private loans more efficiently."
Brian Walsh, CFP® at SoFi