Investors are starting their trading day with positive news as the Dow rallied for the fourth day in a row, closing up 176.59 points. The S&P 500 and Nasdaq Composite also rose for the third consecutive day, with traders anticipating an earlier rate cut by the Federal Reserve. Stocks received a boost after Hamas accepted a cease-fire proposal, although Israel continued strikes in the border city of Rafah. Ongoing negotiations are planned to reach a deal. Disney’s fiscal second-quarter earnings exceeded analyst estimates, with its streaming services Disney+ and Hulu turning a profit for the first time. However, traditional TV revenue and box office sales struggled, causing Disney shares to fall about 4% in premarket trading.
Social Security’s trust funds are now expected to run out in 2035 instead of 2034, as reported by the annual trustees’ report. Thanks to a strong economy, low unemployment, and higher job and wage growth, projections show that 83% of benefits will be payable when the funds are depleted. Despite this extension, experts urge Congress to take action now to prevent a future shortfall. Dozens of employees at bowling chain Bowlero plan to sue the company after the Equal Employment Opportunity Commission dropped its case against them. The claimants allege they were fired based on age or retaliation. While the EEOC’s closing of the case does not absolve the company, it does allow individual claimants to sue. Bowlero, a successful company from the SPAC boom, denies the allegations.
Renters are feeling increasingly pessimistic about owning a home, according to a New York Federal Reserve study. The share of renters who believe they will ever buy a home dropped to a record low of 13.4% in February 2024, down from 15% in 2023 and significantly lower than the high of 20.8% in 2014. With high mortgage rates and little improvement in housing affordability, respondents also predict a 9.7% increase in rental costs over the next year. These challenges highlight the growing concern among renters about their future prospects for homeownership.
