US financial news live updates: June Social Security checks, housing market, Dow Jones
US Finance news, Tuesday, June 6, 2023
Headlines | Tuesday, 6 June 2023
- US bank shares fall after Treasury debt issuance
- Consumer Price Index to be released on 13 June
- US drivers may see higher gas prices as Saudi slashes oil supply
- 250,000 Medicaid members have lost coverage in Florida, reports the Kaiser Family Foundation
- May jobs report soars past expectation again with 339,000 new payrolls
- US regulators to tighten rules for large banks after failures this year
- Investors betting that Fed will 'skip' rate hike in June
- Housing prices continue to increase in April as interest rates remain at the highest level in decades.
- How to get student loan debt canceled after ten years
- Debt ceiling deal: The new SNAP work requirements
- 10 Jobs that could be at risk in the future due to AI
Saving for a deposit can be a challenge when buying a home. However, your 401(k) can be a potential source of funds to help you reach your goal. Depending on your retirement plan’s provisions, you may consider either taking a 401(k) loan or withdrawing funds directly from your account. Each method comes with its own set of advantages and considerations. Let’s explore the options.
/cloudfront-eu-central-1.images.arcpublishing.com/diarioas/KBFYIESRXJOPRAXEPRD3UPUFHM.jpg)
While millions of taxpayers wait to receive their 2022 refund, there are still a large number of people who have not even claimed their refund for tax year 2019; so the IRS calls them before it’s too late and the money is lost forever.
According to the tax collection agency, about 1.5 million Americans have not claimed their 2019 refund, for a total of $1.5 billion unclaimed.
After an awful 2020 and a difficult 2022, companies have begun making seriously large revenues again. Especially profitable in the last year has been oil, sending energy comapny profits hurtling upwards as the cost of oil and gas was hugely impacted by the war in Ukraine.
The list of the companies with the highest revenue is collated by Fortune, which publishes the information each year; 2023 is the 69th year it has done so. Our list will only feature the top ten with these ten posting $3.7 trillion in revenue.
Can the day you fill up your car affect the cost?
While the price of gasoline rises and falls generally with the price of crude, you can find big differences between gas stations on any given day. Shopping around to find the best price can save you $100 per year, perhaps as much as $300 according to Patrick De Haan, lead petroleum analyst at GasBuddy.
But going out on the right day to fill up is another strategy to find cheaper gas as prices fluctuate throughout the week. If you fill up your car strategically you could save yourself another pretty penny, between $50 and $100 per year according to GasBuddy estimates.
The conservative backlash and boycott to Bud Light partnering with Dylan Mulvaney, a transgender TikTok influencer, sent sales of the brand nosediving.
Likewise, the stock price of parent company Anheuser-Busch InBev has plummeted as the controversy has dragged on since it began 1 April.
However, while Bud Light may permanently lose some of its customer base, the decreased sales of the brand only represent a tiny fraction of Anheuser-Busch InBev global sales.
This has some thinking now might be a good time to buy.
Will US gas prices increase following Saudi Arabia's oil supply cut? Maybe, maybe not
When Saudi Arabia announced that it would be cutting production of crude oil in July by 1 million barrels per day over the weekend there were concerns that the price of oil could rise and along with it, gasoline. However, worries about sluggish global economic growth may keep the increase, if any, limited.
Additionally, the strong US dollar will weaken demand in countries that are purchasing crude in other currencies due to the increased cost for them.
The US dollar has been enjoying a longer than expected period of strength despite predictions that it would be in decline. The Greenback is currently around 15% above its post-pandemic low buoyed by the Fed’s ratcheting up of interest rates and month-after-month of strong economic data in spite of the increased cost of borrowing.
However, those investors that are bearish believe that the US central bank will end its policy of jacking up interest rates while other policymakers continue to do so. As well, that the long-predicted slowdown in the US economy will thus change the winds to the disadvantage of the US dollar.
But what exactly does a strong dollar mean for the US Economy?
Supplemental Security Income amounts will increase for some recipients in June. Here’s who will get an extra boost to their monthly payments.
Social Security payments, some worth $1,800 monthly for millions of beneficiaries, will continue in June. Here are the dates they will be sent this month.
The Supplemental Nutrition Assistance Program (SNAP) is a crucial federal assistance programme in the United States that aims to provide food support to individuals and families with limited financial resources. Formerly known as the Food Stamp Program, SNAP plays a significant role in combating hunger and improving nutrition for vulnerable populations.
Eligibility for SNAP benefits is primarily based on income and household size.
Two major insurance companies, Allstate and State Farm, have announced that they will stop selling property and casualty coverage to new customers in California. They cite the growing risks from natural disasters and costs of paying out claims.
In light of inflation from the previous year and a budget surplus, several states are continuing to distribute stimulus checks and tax refunds for relief. Here’s a breakdown of the states sending out payments in June, as well as information on how to request them and the respective amounts.
/cloudfront-eu-central-1.images.arcpublishing.com/diarioas/YPR7NKNNXZOMPFBPWLHSLJAJ7A.jpg)
President Joe Biden and House Speaker Kevin McCarthy's compromise on the debt ceiling averted a potential economic crisis that would be brought about by a default.
One of the most salient points of the agreement was the change in work requirements for some recipients of the Supplemental Nutrition Assistance Program. The deal includes changes to work requirements for recipients of food assistance.
What are these changes that affect SNAP beneficiaries?
Florida Governor Ron DeSantis reverts the state’s Medicaid system to pre-pandemic structure, leaving thousands without health insurance.
One of the actions taken by Congress during the pandemic was for many of those impacted to enroll in Medicaid. Typically the process of enrolling in Medicaid requires a strict verification process, but the CARES Act provided additional funds to states that removed these requirements. Now that the public health emergency has officially ended, those additional funds will end, and some states, like Florida, have decided that they will allow thousands to lose their insurance.
Facebook must pay compensation of $725 million to its users.
In December last year, Meta, the parent company of Facebook, agreed to settle the class action lawsuit filed in the wake of the 2018 Cambridge Analytica scandal.
Last month, a federal judge in California gave preliminary approval to a $725 million settlement. The money is earmarked for users who claim the social media platform allowed third parties access to their data without their consent.
Although the final approval of the agreement will not occur for several months, users can already begin claiming money they feel they are owed. Here’s how to find out if you’re eligible for a payment and how to claim it.
The US faced some food shortages last year, and the same thing can happen again this year. According to a report by Go Banking Rates, in the coming months, the country could face scarcity in some commodities.
Here are six foods that could be in short supply in 2023.
Bank shares fall after Treasury debt issuance
Shares of banks fell with some investors pointing to worries that a flood of Treasury bill issuance following the raising of the US debt ceiling would drain liquidity from lenders.
The government is expected to issue $1 trillion or more of short-term debt to replenish its Treasury General Account or cash reserves that were depleted during the political haggling over the debt ceiling.
Some analysts have warned that this flood of new bills could drain bank reserves at a time when liquidity is needed to bolster their balance sheet given the recent shocks to the financial system from the regional banking crisis.
How to check where your tax refund is
If you still haven't received your federal tax refund, you can head over to the IRS webpage, where you can check the payment status.
Go to https://www.irs.gov/refund and check out their "Where's my Refund?" tool.
Over the next ten years, the Bureau of Labor Statistics estimates that around 2.1 million jobs will be lost, with one of the main drivers being the growth of automation and artificial intelligence. However alarming that statistic may be, the BLS also projects the economy to add 10.4 million jobs by 2031. Together this means that the US economy will see around eight million jobs created over the next decade.
When trying to identify the ten jobs more threatened by AI, we must consider if we are talking about the total number of jobs lost or the percent of jobs lost for a certain profession.
Read our full coverage for a description of how AI will impact ten common occupations in the United States.
SEC lawsuit against Binance injects fresh uncertainty into crypto sector
The Securities and Exchange Commission’s lawsuit against crypto exchange Binance and its head Changpeng Zhao injects fresh uncertainty into a sector that’s struggling to maintain mainstream relevance, according to Bloomberg.
The SEC accused Binance and Zhao of mishandling customer funds, misleading investors and regulators, and breaking securities rules. The lawsuit is another strike for crypto after a rout in 2022 that contributed to rival FTX’s downfall amid a flurry of fraud allegations.
As the saying goes “A lie can travel halfway around the world before the truth can get its boots on.” This is true for inventions about Social Security Numbers and the numbers on the back of Social Security cards. Despite the best of efforts to inform the public of the benign and humdrum nature of both, rumors and myths continue to circulate about what they are really for.
/cloudfront-eu-central-1.images.arcpublishing.com/diarioas/3DWWX4X4W5DKBBD54D6WCD4M7A.jpg)
How to get good money for a simple quarter? That's possible if you have one of these rare specimens that can be worth more than $3,000.
Fans of coin collecting are willing to pay thousands of dollars for particular quarters due to certain characteristics that make them truly special.
Keep your eyes peeled when paying with these small coins, as you could add some extra money to your wallet if you come across some of the these rarities.
Mortgage rates continued to rise in May. How will these increases impact the housing market? Will the Federal Reserve continue to push up rates?
Apple to sell Vision Pro AR headset for triple Meta's top-line price
Apple unveiled a costly augmented-reality headset called the Vision Pro in its riskiest bet since the introduction of the iPhone more than a decade ago, barging into a market dominated by Meta.
The Vision Pro will start at $3,499, more than three times the cost of the priciest headset in Meta's line of mixed and virtual reality devices.
The headset will test a market crowded with devices that have yet to gain traction with consumers and put it in direct competition with Facebook-owner Meta after years of clashes between the companies over issues like user privacy and control of developer platforms.
Each year, the HSF awards scholarships for Hispanic students in the United States.
What you need to know: amounts, requirements and application deadlines.
Understanding what the middle class is is crucial before it can be pinned down exactly what people have to earn to be included in it. Many Americans believe themselves to be part of a middle class as the mask of consumption prevents them from realizing they are actually workers.
US drivers may see higher gas prices as Saudi slashes oil supply
Saudi Arabia will reduce how much oil it exports to the world in a bid to prop up the sagging price of crude, after two previous cuts by major producing countries in the OPEC+ alliance failed to push oil higher.
The Saudi cut of 1 million barrels per day, to start in July, comes as the other OPEC+ producers agreed in a meeting to extend earlier production cuts through next year.
Saudi Energy Minister Abdulaziz bin Salman said that the cut could be extended and that the group “will do whatever is necessary to bring stability to this market.”
The new cut would likely push up oil prices in the short term, but the impact after that would depend on whether Saudi Arabia decides to extend it.
The slump in oil prices has helped drivers in the US fill tanks more cheaply and gave consumers worldwide some relief from inflation.
Airlines double their profit projection for 2023
It looks like post-pandemic revenge travel is going strong.
Global airlines more than doubled their forecast for the industry's 2023 profit but warned delays in getting planes to cope with rising demand could dampen their post-pandemic recovery.
"The pandemic years are behind us and borders are open as normal," according to Willie Walsh, head of the International Air Transport Association.
IATA boosted its industry profit forecast to $9.8 billion from $4.7 billion buoyed by strong travel demand and an easing in oil prices.
Markets are coming out of their bear conditions. After a difficult 2022, there have been big rebounds in stocks, with the S&P 500 increasing in value by nearly 20% sinceOctober 2022. The Nasdaq Composite index, which is tech company focused, has risen by 26% since January.
The Standard and Poor’s 500 Index one of the most important stock market indexes in the United States. It measures the performance of 500 of the largest companies listed on major US stock exchanges. These companies span various sectors of the economy and are selected based on their market capitalisation, liquidity, and other factors.
Finance and economic news: Welcome!
While it was just a formality, the final step to ensure that the United States can continue to pay its bills was taken on Saturday when President Biden signed the bipartisan debt ceiling bill into law. With that, the nation avoided a historic and potentially catastrophic debt default. The legislation also takes the issue off the table until after the 2024 presidential election.
Wall Street ended slightly lower on Monday after last week's gains that were spurred by a May jobs report that blew past expectations yet again. Despite the robust hirings data, investors are betting that the Fed will hold off hiking interest rates when they meet on 13-14 June, so that policymakers can analyze economic data thoroughly.