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Can you guess which state might get universal basic income next year?
An initiative on the ballot in Oregon in November could supply state residents with a set dollar amount to help meet basic needs.
US stocks finished mostly higher on Wednesday and Amazon hit a record high
• Tech stocks rallied, with shares of Amazon, Apple, and Tesla climbing higher. Amazon surpassed $2 trillion in market value for the first time ever.
• The 30-year mortgage rate also inched down to 6.93%, its lowest level in more than three months.
What to be on the lookout for today
• Durable goods orders for May and the final estimate for first-quarter GDP. We’ll also get May pending home sales and the weekly update to unemployment claims.
• In earnings, Nike and Walgreens will report.
Keeping your emotions in check when you’re investing
Investing can be emotional, and many feel overwhelmed by the idea of keeping up with the markets. Not to mention, what if things go south?
While U.S. stocks are sitting near record highs, selloffs happen regularly and that can be stressful. So how do you avoid selling at the low and buying at the top? It’s a question of managing emotions, at least in part.
This week, SoFi’s investment strategy team is diving into the world of behavioral analysis.
“We're not robots. We're not homo economicus, aka the rational economic man. We feel. We react,” writes SoFi senior analyst Mario Ismailanji.
Here’s what you need to keep in mind about your own investor bias.
Today’s top stories
Student loan trend watch: hurdles for Biden’s relief programsTwo courts challenged the Biden administration’s programs to deliver federal student loan payment reductions for over 8 million borrowers. Here are the latest developments in the world of student debt.
Read more >> Learning lessons from tragedyFitness instructor and TV personality Amanda Kloots talked about the tragic loss of her late husband on SoFi’s YouTube series Richer Live$.
Read more >> Should your child get an allowance?And if so, how much? It’s a tricky question, but it can help your child build financial literacy that can be useful in later years.
Read more >>Other news that caught our eye
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New single-family home sales dropped 11.3% in May, the sharpest monthly decline since September 2022.
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The Biden administration plans to impose inflation penalties on 64 prescription drugs that could lower the costs for certain Americans enrolled in Medicare.available to certain Medicare Part B recipients per the Inflation Reduction Act.
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16 recipients of the Nobel prize in economics wrote a letter warning that inflation could get worse under the economic agenda of former President Donald Trump.
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A company liquifying carbon dioxide to use it in ethanol production logged a win in Iowa, where regulators approved a 2,500-mile carbon dioxide pipeline over 50 ethanol plants across the Midwest to underground storage in North Dakota.
Financial planner tip of the day
“Depending on the type of loan you have, if you make a down payment that’s less than 20%, your lender probably will require that you purchase private mortgage insurance. PMI could add about 0.3% to 1.5% to the cost of your mortgage. And you’ll likely have to pay it every year until your equity in the home reaches 20%.”
Brian Walsh, CFP® at SoFi