Tuesday,
May 7, 2024
Market recap
Dow Jones
38,852.27
+176.59 (+0.46%)
S&P 500
5,180.74
+52.95 (+1.03%)
Nasdaq
16,349.25
+192.92 (+1.19%)
Top Story
Why are working-age men leaving the workforce?
Since the 1950s, the share of working-age men with jobs has steadily declined, creating unfortunate economic and societal consequences.
US stocks finished higher on Monday as optimism grew that the Fedās first rate cut could come sooner than later
• After last weekās softer jobs report, markets are now pricing a roughly 65% chance of the first rate cut coming in September, according to CMEās FedWatch Tool.
• In a speech, Richmond Fed President Thomas Barkin said the central bank can afford to be patient in cutting rates, adding that the economy is moving toward a better balance, but it will take time to build confidence that inflation is sustainably headed to 2%.
What to be on the lookout for today
• The consumer credit change report for March and used car prices for April.
• In earnings, BP, Disney, Electronic Arts, Ferrari, and Reddit will report.
What is the motherhood penalty?
Becoming a parent is a truly life changing experience. But for many working women it also means big changes in their work life.
The motherhood penalty is a concept describing the losses women face when it comes to their pay and career growth after having children. Some research estimates mothers may lose as much as 5% of pay on average for every child they have.
Thatās how the motherhood penalty exacerbates pay inequality. But that diminished income growth also hurts womenās ability to save for retirement.
What can help?
Awareness of these dynamics can help women better navigate work after having children, including advocating for yourself and negotiating your salary.
Companies can help by offering paid parental leave and supporting new parents as they reintegrate into the workforce after having children. More companies are also beginning to offer child care benefits, finding that it has a positive return on investment.
Todayās top stories
Inside Bostonās office building conversion experimentThe city is offering a tax break of up to 75% to developers who turn vacant office buildings into affordable housing ā and itās not the only one.
Read more >> Is Chat GPT truly worth the investment?After attracting hype and huge investments, AI start-ups face pressure to bring in revenue.
Read more >> Show me the money: A look at average pay rates nationwideAnnual pay rates have changed significantly over the years. See how your stateās average earnings stack up to the rest of the nation.
Read more >>Other news that caught our eye
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The White House is planning to allocate $285 million in CHIPS Act funding to semiconductor manufacturing that uses digital twins, or virtual models of physical objects.
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Former Starbucks CEO Howard Schultz said the company needs to fix its stores and mobile app after weak earnings results.
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The Destiny Tech100 fund, which purports to offer investors exposure to private tech startups, is facing backlash for allegedly not legally owning shares of Stripe or SpaceX, two companies in its portfolio.
Financial planner tip of the day
"Automating finances can not only be a smart money move, it could also help alleviate some of the stress surrounding payment deadlines."
Brian Walsh, CFPĀ® at SoFi