Friday,
September 1, 2023
Market recap
Dow Jones
34,721.91
-168.33 (-0.48%)
S&P 500
4,507.66
-7.21 (-0.16%)
Nasdaq
14,034.97
+15.66 (+0.11%)
Top Story
Land a job in these industries and you might get help with your student loans
To attract these younger workers, companies are starting to offer help with student loans as a perk to employees.
US stocks were mixed on Thursday to close out a losing month for all three major indices, as well as the worst month of the year for the Nasdaq Composite.
• Salesforce’s (CRM) quarterly results and guidance on Thursday surpassed Wall Street's expectations. The software company’s revenue increased 11% year-over-year in the past quarter, and net income rose to $1.27 billion. Salesforce lifted its full-year forecast, now expecting $8 in adjusted earnings per share.
• The Fed’s favored inflation measure, core PCE, rose 0.2% month-over-month in July, meeting market expectations and maintaining the pace set in June. The annual rate of price increases rose slightly to 4.2%. Including food and energy, the price index also increased by 0.2% from the previous month and 3.3% year-over-year, more than in June.
• Shopify (SHOP) reached a deal with Amazon (AMZN) to integrate Amazon's Buy With Prime service into Shopify's app ecosystem. The service will allow Shopify merchants to offer Amazon's quick-turnaround delivery options and add the Prime logo to their storefronts.
• Semiconductor company Qualcomm (QCOM) is looking to increase its share of the automotive chip market by demonstrating how its chips can be used to power smart assistants within cars. Automotive currently makes up only about 3% of Qualcomm's revenue, but the company is hoping to capitalize on the hype around generative AI to convince automakers to buy more of its chips.
What to be on the lookout for today
• The jobs report, with nonfarm payrolls and an update to the unemployment rate, is due, as well as a look at the state of the manufacturing industry.
Corporate Natalie thinks you should start a side hustle (like yesterday)
Side hustles have become popular in recent years, perhaps spurred by the rise of the Gig Economy, with many people doing freelance “gig” jobs.
Maybe you do some pet-sitting when people in your town go on vacation. Or‌ you have a Sunday gig as a barista. Or maybe you hunt for treasures at local yard sales and resell them on eBay or Etsy. These are just a few examples of side hustles, which will vary based on a person’s skills and interests. The biggest benefit of a side hustle is bound to be the extra cash it brings, but here are 11 other benefits of having a side hustle.
Richer Lives is the show that’s all about helping you live your best life. In this episode, Corporate Natalie gives you insight on how to make unconventional moves in your own career. Check it out!
Today’s top stories
EV factories are recharging dozens of small Southern towns US automakers have invested billions in EVs and a lot of it is headed south. Here’s what the incoming surge means for small Southern towns. Read more >> Pets are multiplying like bunnies — but vets are becoming an endangered species Otto, formerly TeleVet, raised $43 million to solve this imbalance and make the complexities of veterinary clinics as easy as raising sea monkeys. Here’s how. Read more >> What you need to know about the minimum wage discussion The federal minimum wage has been stuck at the same level since 2009. There are pros and cons to raising it – here’s all you need to know Read more >>Not-so-breaking news
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American Airlines (AAL) flight attendants voted to authorize a strike. The 26,000-person union is following in the footsteps of the airline’s pilots, who successfully ratified a new contract after authorizing a strike.
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Elon Musk announced that X, formerly known as Twitter, will be releasing a voice and video call feature.
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Gas prices are rising ahead of the roadtrip-heavy Labor Day weekend, with the national average for a gallon of gas currently at $3.83, just one cent shy of the record high for this time of the year.
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Apple (AAPL) is exploring 3D printing to help build its new Apple Watch. If successful, this could reduce the time and material needed to make the devices.
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Trader Joe’s recalled its Texas Tamale Company Gourmet Black Bean Tamales. This marks the grocery store’s sixth recall in two months, following its multigrain crackers, almond windmill cookies, dark chocolate chunk and almond cookies, broccoli cheddar soup, and falafel.
Financial planner tip of the day
“The home office tax deduction is available to self-employed people — independent contractors, sole proprietors, members of a business partnership, freelancers, and gig workers who require an office — who use part of their home, owned or rented, as a place of work regularly and exclusively.”
Brian Walsh, CFP® at SoFi