Thursday,
June 6, 2024
Market recap
Dow Jones
38,807.33
+96.04 (+0.25%)
S&P 500
5,354.03
+62.69 (+1.18%)
Nasdaq
17,187.90
+330.86 (+1.96%)
Top Story
Higher interest rates seem to boost this part of the economy
Higher interest rates are a hurdle for borrowers, but it’s a different story for investors. Here’s another look at the two-speed U.S. economy, and what you need to know about it.
The S&P 500 and Nasdaq Composite closed at record highs Wednesday
• The tech-heavy Nasdaq was boosted by a rebound in chipmakers including NVIDIA, which rose 5.2% to another all-time high.
• America’s private sector added 152,000 jobs in May, fewer than expected, spurring hopes that the Federal Reserve could soon get ready to cut interest rates to boost the economy.
• The 30-year mortgage rate increased slightly to 7.07% last week, while mortgage demand fell for the second week in a row.
What to be on the lookout for today
• More labor market data on the docket with May’s Challenger job cuts and the weekly update to unemployment claims.
• In earnings, Big Lots, DocuSign, NIO, Restoration Hardware, The Smucker Company, Victoria’s Secret, and Zumiez will report.
Making financial freedom a reality
Do you ever daydream about what it would be like to retire early? To become financially independent? For many, that may seem like a lofty goal. But is it really that far from reach?
On the latest episode of The Important Part podcast, Making Financial Freedom Attainable, SoFi’s Head of Investment Strategy Liz Young sat down with Jeremy Schneider, self-made millionaire, investor, and founder of Personal Finance Club.
Following the sale of a company he founded, Jeremy retired at age 36. He grew his net worth by investing in the stock market, and he saw continued success by following a simple philosophy. According to Jeremy, accumulating wealth is more straightforward than you may think. In this episode, he shares insights from his own journey, including:
• what it takes to build a successful business
• two key principles to building wealth
• practical steps anyone can take to help accelerate their journey towards financial freedom.
Listen and subscribe to The Important Part podcast on Apple, Spotify, or wherever you get your podcasts.
Today’s top stories
Even high-earning households are on the hunt for bargainsMore than two-thirds of Americans plan to do more shopping at discount retailers this year as they hunt for cheaper prices. Here’s where to look.
Read more >> Finding success but staying true to yourselfWhat does success mean to you? It’s a very individual question. For star NBA journalist Shams Charania, it’s all about work, but not at all about the lifestyle creep that some successful individuals can experience. This is what he told SoFi in our Richer Live$ YouTube series.
Read more >> America’s jobs market is strong. Or is it?The strong U.S. jobs market has kept us going. But a closer look suggests we might have to brace for some potentially massive data revisions. SoFi’s investment strategy team takes you through the details.
Read more >>Other news that caught our eye
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After years of delays, Boeing’s Starliner spacecraft launched its first test flight carrying astronauts.
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Texas might be getting its own stock exchange: The Texas Stock Exchange could launch Dallas later this year, pending SEC approval, in response to frustrations over increasing costs and compliance requirements at other major U.S. exchanges.
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AT&T experienced its second prolonged outage this year, disrupting some customers’ service for hours.
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Current and former employees at OpenAI and Google DeepMind wrote an open letter warning that the financial motives of AI companies impede proper oversight.
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Discount retailer Dollar Tree is considering selling Family Dollar, or spinning off the struggling brand, which it acquired in 2015.
Financial planner tip of the day
“Lenders want to see accounts maintained in good standing for a long time. When debt accounts are closed, though, that history ends, and eventually closed accounts drop off the credit report entirely. A credit history looks better when it has a solid number of accounts in good standing that have been open for a long time.”
Brian Walsh, CFP® at SoFi