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Itâs inflation and Fed week!
Thereâs a lot on the economic docket with a key inflation report and the Federal Reserveâs latest interest rate decision (plus economic projections) all coming out on the same day. Buckle up for whatâs ahead on Wall Street.
US stocks wobbled Friday after the jobs report beat expectations
• The economy added 272,000 jobs in May, far more than expected, weighing on hopes the Federal Reserve would cut interest rates soon to boost the economy, and sending the 10-year Treasury yield higher. The unemployment rate ticked up to 4%.
• GameStop shares tumbled 39.4%, their biggest daily drop in more than three years, after reporting a steeper decline in sales than expected and announcing plans to sell an additional 75 million shares.
What to be on the lookout for today
• There are no major economic or earnings reports scheduled but it will be a busy week of high profile releases.
Planning for summer camp without breaking the bank
School is out, and you might be nervous about the summer. Why? Because summer can be expensive. Camp, for example, doesnât come cheap.
Summertime often means creating a new budget that includes the costs of camps, vacations, additional child care, and other summer activities â be it for the kids or yourself. Saving for summer throughout the year can help keep your budget intact, but you still may need to cut back your spending in other areas.
Also remember that some camp programs may qualify as an expense toward the Child and Dependent Care Credit .
Saving camp budgeting
Determine what you can afford. Calculate what you can realistically afford to spend this summer on camp. Knowing this number will help you narrow down your search. Keep in mind that there can be additional costs beyond tuition, like overnight trips and camp supplies and attire.
Seek out discounts. Some camps will offer early bird rates or discounts if more than one family member attends. You can also ask if thereâs a tuition assistance program.
Look for alternatives. Some local attractions like museums or libraries may offer free or cheaper programs over the summer. Many community colleges, city rec centers and faith-based institutions also offer summer camps that can be a more affordable option.
Todayâs top stories
More than half of America lives close to an EV charger nowCharging infrastructure has hit a new milestone, and it makes it cheaper and easier for consumers to buy electric vehicles.
Read more >> Boomers have a lot of wealth, they just donât like to spend itUnlike previous older generations, boomers are saving even in retirement. But this has ramifications.
Read more >> Have you heard of the âmotherhood penaltyâ?Having a family can deeply affect womenâs earnings potential though loss of pay or opportunities in their careers.
Read more >>Other news that caught our eye
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United Airlines is personalizing ads for its U.S. passengers with its newly launched Kinective Media, which gathers travelersâ personal information across dozens of brands to create targeted in-flight ads.
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The U.S. minted 600,000 new millionaires in 2023, far more than any other country, as the AI hype drove the stock market higher.
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On that note, Treasury Secretary Janet Yellen warned that AI poses âsignificant risksâ to the financial system and will launch a formal public request for information about AI in the sector.
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The average price of 2024 NBA Finals tickets is nearly $1,500 on resale site Vivid Seats, 33% more expensive than last year.
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Apple is rolling out a new app called Passwords to compete with third-party password managers like 1Password and Bitwarden, per a Bloomberg report.
Financial planner tip of the day
"Understanding exactly how much youâre spending helps you appreciate how much youâre able to save. Your savings rate is the most important component for determining your ability to accomplish financial goals like homeownership, starting your own business, or being able to retire."
Brian Walsh, CFPÂŽ at SoFi