Happy Wednesday everyone! It is June 10th and we have lots to read about today. Stock futures rise ahead of the Federal Reserve update and the Nasdaq hits 10,00 for the first time ever. We also see that U.S. consumer prices have fallen for the third straight month while mortgage demand from homebuyers is up 13% annually despite rising rates. In addition, we are reading that most millennials don’t plan to rely on Social Security, five lessons entrepreneurs can apply to their businesses post-PPP and Starbucks says it lost $3 billion in revenue in the latest quarter due to the pandemic.
U.S. stock futures rose marginally Wednesday as investors awaited an update from the Federal Reserve on the state of the economy and status of any further stimulus from the central bank.
The Nasdaq composite index briefly traded above 10,000 for the first time ever Tuesday before slightly paring some gains as tech stocks continue to rally as investors bet on their strength amid the economic reopening.
U.S. consumer prices fell for a third straight month in May as demand remained subdued amid a recession caused by the Covid-19 pandemic.
Rising interest rates did nothing to deter an onslaught of mortgage demand from homebuyers. Applications for loans to purchase a home rose 5% last week from the previous week and were 13% higher than a year ago, according to the Mortgage Bankers Association’s seasonally adjusted index.
It’s good most millennials don’t plan to rely on Social Security—the pandemic could drain the trust 4 years faster
You’ve probably heard that Social Security could run out of money in the next few decades. The program’s projected funding shortfall has been a political talking point for years. Many younger Americans aren’t even counting on full Social Security benefits when they retire. Only 13% of millennials (defined here as those born between 1981 and 1997) expect to rely on Social Security as their primary source of income during retirement.
The Paycheck Protection Program may have been an exercise in frustration for small-business owners, but here’s the silver lining: They might be better equipped to weather the next crisis.
Starbucks expects to swing to a loss in its fiscal third quarter as the company predicts it lost as much as $3.2 billion in revenue due to the coronavirus pandemic. But its forecast for same-store sales growth is more grim.