📲 Apple goes AI

Good morning investors! The stock market impressed yesterday hitting new highs.

Today we cover:

• Learn to make money online – join our free webinar on Thursday, June 13, 2024, at 8:00 PM.

• Consumers are happy.

• Apple makes new announcements.

📊 Economy and News 

Americans are satisfied

US consumers are more optimistic about their current and future financial situation, the stock market and slowing inflation.

The New York Fed’s May Survey of Consumer Expectations showed improvement of people’s perceptions of their current financial situation as well as their outlook for a year from now.

The proportion of respondents who reported an improvement in their financial situation since May 2023 has reached its second-highest level in over two years. Additionally, the share of individuals with a positive outlook for the coming year has hit its highest point in nearly three years.

Monday’s survey also revealed increased optimism beyond personal finances. Notably, consumers have a more positive outlook on the markets, with households' expectations for peak US stock prices reaching a three-year high.

This week, the US will receive a crucial update on inflation with the release of the May Consumer Price Index on Wednesday morning.

Global hits:

• Saudi oil giant Aramco’s shares rise after stock sale set to raise $11.2 billion.

• Europe Markets: European stocks close lower after Macron calls snap election; French CAC 40 down 1.4%.

• Gold is getting harder to find as miners struggle to excavate more, World Gold Council says.

Also check: Family offices are planning big investments in private companies.

📈 Stocks

S&P 500 5,360.79 (+0.26%)
DJIA 38,868.04 (+0.18%)
NASDAQ 17,192.53 (+0.35%)
BRENT CRUDE 81.94 (+0.38%)
* Prices as of Jun 11th, 12:20 AM UTC

Apple makes some announcements

Apple made some major announcements at its annual Worldwide Developers Conference keynote yesterday, most notably a new Apple Intelligence AI platform for iPhone, Mac.

Software updates: Apple announced iOS 18 with lots of personalization features, in addition to the next iteration of Apple’s OS for its Vision Pro, VisionOS 2.

The company will release developer versions of its software beginning Monday before it is available in a public preview next month. Final versions of the software will launch for everyone once fully finished in the fall.

Partnering with ChatGPT: The company said it wanted users to be able to tap into external models. This change will start with Siri being able to tap into OpenAI’s ChatGPT when needed.

Siri will ask if you want to share your question with ChatGPT and then will return suggestions from the OpenAI chatbot. ChatGPT is also built into systemwide writing tools. So, for example, Apple said you can create a bedtime story for a child and add images created by ChatGPT. It will be free, without creating an account, and your request and information won’t be logged.

The integration will come into iOS 18, iPadOS 18 and macOS Sequoia later this year. It said it will also add other third-party artificial intelligence models.

New Emojis: Continuing changes, the company introduced a new form of custom emojis called Genmoji. Users can create their own emojis using Apple’s artificial intelligence for when they can’t find quite the right emoji to express what they’re trying to say. Users will also be able to create Genmojis that look just like their friends.

Password App: Apple announced a Passwords app for iPhone, iPad, Vision Pro, Mac and Windows. It helps you store all of your passwords, sort of like Keychain did, but includes verification codes, app passwords, Wi-Fi passwords, shares passwords, Passkeys and more.

The stock closed in red but the S&P 500 and Nasdaq Composite closed at fresh records as investors looked ahead to the Federal Reserve’s interest rate decision.

Surprising: Elliott Investment Management announced Monday it has taken a $1.9 billion stake in Southwest Airlines and said there needs to be new leadership at the Dallas-based carrier..

💵 Personal Finance

Why private student loans may not be suitable for you

Consider private loans only if you have already maxed out your federal aid. Most students can borrow up to $12,5000 in an academic year, which may not be enough to fund their education.

Federal student loans are not only affordable but offer other benefits as well, including attractive forgiveness programs and the ability to pause interest. Sadly, private loans do not come with these features.

Failing to pay a private loan can be risky as it gives lenders the right to sue for recovery through wage garnishment and asset seizure. Also, it’s not only for the borrower but also for the cosigner, making private loans very risky.

Furthermore, you need to look at the interest rate. Consider going for a loan that comes with a fixed rate even if the variable rate looks more attractive as we are in a rising-rate environment and the rate may end up going higher than you expect. Most private lenders offer a rate between 4% and 15%, usually higher than the 5.5% charged by federal agencies.

Consider watching this video to know more about how student loans can impact lives:

How much to borrow?

This question can be hard to answer; however, most experts believe that you should not borrow more than your expected starting income after school.

💰 Be a Better Investor

👩🏽‍⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.

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