🕺 No rate hikes

and Coca Cola, Pfizer, Carvana announce earnings

Good morning investors! US markets closed mixed on Wednesday on a volatile day of trading.

Today we cover:

  • Payrolls increased more than expected

  • NO rate hike.

  • More earnings.

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📊 Economy and News 

Private payrolls increased by 192,000 in April, more than expected

Private employers added 192,000 workers in April, better than the Dow Jones consensus outlook for 183,000 though a slight step down from the upwardly revised 208,000 in March.

The firm’s wage measure showed annual pay gains up 5% from a year ago, the smallest gain since August 2021.

Global hits:

No rate hike

Federal Chair Jerome Powell ruled out the possibility that the next policy move at its June meeting will be an interest rate hike.

“I think it’s unlikely that the next policy rate move will be a hike. I’d say it’s unlikely,” Powell said.

Asked about what it would take to have a rate increase, Powell said, “I think we’d need to see persuasive evidence that our policy stance is not sufficiently restrictive to bring inflation sustainably down to 2% over time. That’s not what we think we’re seeing.”

The comment sent stocks higher.

📈 Stocks

S&P 500 5,018.39 (-0.34%)
DJIA 37,903.29 (+0.23%)
NASDAQ 17,318.55 (-0.70%)
BRENT CRUDE 83.44 (-3.35%)
* Prices as of May 2nd, 12:20 AM UTC

Earnings are here

Here are more earning reports:

  • Yum Brands fell short of Wall Street's estimates for quarterly earnings and revenue. Both KFC and Pizza Hut experienced declines in same-store sales, while Taco Bell's same-store sales only increased by 1%. Yum noted that over 50% of its sales were from digital channels for the first time.

  • Coca-Cola, another one of our top stock picks for 2024, exceeded Wall Street's expectations for quarterly earnings and revenue. The beverage company also raised its full-year organic revenue outlook. Coca-Cola reported a 1% increase in global unit case volume.

  • CVS Health reported first-quarter revenue and adjusted earnings below expectations, along with a lowered full-year profit outlook. The company cited higher medical costs affecting the broader U.S. insurance industry. This rise in costs is due to more Medicare Advantage patients returning to hospitals for procedures they postponed during the pandemic.

  • Pfizer exceeded first-quarter revenue expectations and raised its full-year profit outlook. This was driven by its cost-cutting measures and strong sales of non-Covid products. The pharmaceutical giant also saw a smaller-than-expected decline in sales for its Covid antiviral pill Paxlovid.

  • Carvana announced record first-quarter sales that surpassed Wall Street's expectations. The company highlighted first-quarter records in net income, total gross profit per unit, adjusted earnings, and profit margin. These results follow a significant restructuring by Carvana in the past two years, shifting focus from growth to profitability after facing bankruptcy concerns in 2022.

IPO: Viking started trading on the New York Stock Exchange on Wednesday at $26.15 under the ticker “VIK.” The company’s IPO coincides with a strong rebound in cruise bookings.

The end: Johnson & Johnson to pay $6.5 billion to resolve nearly all talc ovarian cancer lawsuits in U.S..

Interesting: Amazon-backed Anthropic launches iPhone app and business tier to compete with OpenAI’s ChatGPT.

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💵 Personal Finance

Do this to get out of credit card debt

About 183 million Americans have credit cards and it's not a good thing. Americans lean heavily on credit to make ends meet, which pushes them into debt.

With increasing inflation, consumers are forced to consider options such as credit cards, hence it doesn’t come as a surprise that the average consumer credit card balance has risen to $7,951, the highest in 10 years.

If you have a credit card and you find it harder to control spending or get rid of debt, then check these tips below:

  • Create a debt payment strategy that works for you. Some popular options include the snowball method and the debt avalanche method.

  • Consider paying more than the minimum and, if possible, automate the process. This will not only help you avoid late fees but also allow you to get rid of debt quickly.

  • Consider debt consolidation, i.e.: consolidating your payments into a single account so it's easier to manage. However, be careful and try to benefit from affordable personal loans and 0% balance transfer credit cards.

  • Get in touch with your creditors and work out a plan that works for you. Some creditors have hardship programs that offer relief in circumstances such as illness and unemployment.

  • Look at available debt relief plans such as bankruptcy, debt settlement, and debt management. Though not always effective, some of these options may give you a new lease of life.

In addition, it might be a good idea to change your lifestyle and follow these tips:

  • Get rid of credit cards, instead consider debit cards. Some come with exciting features, including the ability to earn money on your deposits.

  • Set a budget and stick to it. You might have some difficulty in the beginning but you’ll eventually get used to it.

  • Create an emergency fund and turn to it only when you need it.

We understand it can be hard to live without a credit card. If you’re struggling then check this video for some motivation:

💰 Be a Better Investor

“Even the intelligent investor is going to need considerable willpower to keep from following the crowd.”

Ben Graham

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