Top Story
Will AI change the meaning of work?
Research suggests Americans care more about how interesting their jobs are than how much they pay. AI and automation could make this more complicated.
US stocks finished sharply lower on Thursday as recession worries resurfaced
• Several economic reports were worse than expected, including first-time unemployment claims, which rose much more than expected to the highest level in nearly a year.
• The Dow Jones Industrial Average was weighed down by Boeing, while chipmakers continued their volatile week, registering steep declines across the board and weighing on the S&P 500 and Nasdaq Composite.
What to be on the lookout for today
• The July jobs report.
• In earnings, AMC, Chevron, ExxonMobil, and Squarespace will report.
What’s a good credit score?
You already know that your credit score is important. It determines your creditworthiness and can affect everything from loan terms to lease approvals.
Your credit score can range between 300 and 850, and a score of 800 or above is considered “excellent,” per credit reporting agency Equifax. A score of 740-799 is dubbed “very good,” and 670-739 is a “good” credit score.
Don’t mix up your credit report with your credit score. Your credit report includes the history of all your credit accounts and activity and payment history. Your credit report is used to determine your credit score.
Behind the scenes of your score
How it’s generated. Your credit score is made up of several factors, including your payment history, how much of your available credit you use, credit history and your credit mix.
What can make it drop? Late and missed payments can hurt your credit score because payment history is a factor in determining your score. A high credit utilization rate (usually above 30%) can also take a toll as well applying for new credit.
Today’s top stories
Why not take the train?Train travel is growing in popularity in the U.S., and bad traffic might be to blame.
Read more >> America’s methane emissions are much higher than previously thoughtEmissions of the greenhouse gas are more than four times higher than prior estimates, according to a new study. Here’s what that means.
Read more >> What happened in the markets in July?Even though stocks advanced in July, small caps outperformed, and market watchers paid close attention to a seemingly changing labor market.
Read more >>Other news that caught our eye
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The Biden administration wants to ban airlines charging parents extra to sit with their children, which would require carriers to seat children 13 or younger next to their parents for free.
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Spirit Airlines is introducing premium seating options this month, including extra-wide seats in the front of the cabin with snacks, drinks, bags, and streaming included.
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CrowdStrike is facing a lawsuit from its shareholders alleging it misled investors with false assurances about its technology ahead of last month’s mass outage.
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The Bank of England cut interest rates for the first time in four years, lowering its benchmark rate by 25 basis points to 5%, but warned future cuts may not be imminent.
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Hollywood video game voice actors and motion capture workers went on strike to protest the industry’s lack of AI regulation.
Financial planner tip of the day
“If your income is not keeping you from qualifying for a loan, but you lack a credit history, a guarantor added to the loan agreement might be an option. A guarantor is legally responsible for the repayment of the loan if the borrower defaults, but has no legal claim to any property the funds were used to purchase.”
Brian Walsh, CFP® at SoFi