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The Money Section | Most major stock market indexes are at an all-time high

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Thu, Jun 20, 2024 09:07 PM

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Also, McDonald’s is ditching its AI drive-thrus. ͏ ‌    ͏ ‌

Also, McDonald’s is ditching its AI drive-thrus. ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     [Fort Worth Star-Telegram](~/AAQRxQA~/RgRoVx8fP0QeaHR0cHM6Ly93d3cuc3Rhci10ZWxlZ3JhbS5jb20vVwNzcGNCCmZuH5p0ZjU2SYhSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADTg~~) ͏ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ June 20, 2024 • Issue #90 [The Money Section] This week, we’re looking at stock markets soaring now that inflation has begun to subside, McDonald’s pausing its two-year AI drive-thru trial, Generation X’s retirement dilemma, and record-high home prices for May. Every stock market index is at or near an all-time high [Stock Market](~/AAQRxQA~/RgRoVx8fP0STaHR0cHM6Ly93d3cubWlhbWloZXJhbGQuY29tL21vbmV5L3N0b2NrLW1hcmtldC1pbmRleGVzLXJlY29yZC1oaWdocy8_eGlkPW1jY2xhdGNoeSZ1dG1fc291cmNlPW1jY2xhdGNoeSZ1dG1fbWVkaXVtPXJzc19zeW5kJnV0bV9jb250ZW50PXRtc19pc3N1ZTkwVwNzcGNCCmZuH5p0ZjU2SYhSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADTg~~) Money; Getty Images Stock markets have been on a tear recently, with most major indexes reaching or nearing all-time highs. This rally is fueled by lower-than-expected inflation data, raising hopes for a Federal Reserve interest rate cut. [Read more.](~/AAQRxQA~/RgRoVx8fP0STaHR0cHM6Ly93d3cubWlhbWloZXJhbGQuY29tL21vbmV5L3N0b2NrLW1hcmtldC1pbmRleGVzLXJlY29yZC1oaWdocy8_eGlkPW1jY2xhdGNoeSZ1dG1fc291cmNlPW1jY2xhdGNoeSZ1dG1fbWVkaXVtPXJzc19zeW5kJnV0bV9jb250ZW50PXRtc19pc3N1ZTkwVwNzcGNCCmZuH5p0ZjU2SYhSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADTg~~) 🤖 [AI enthusiasm prompts 3 Wall Street banks to raise stock market forecasts.](~/AAQRxQA~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~~) Wall Street is getting bullish on the stock market thanks to early signs of success with generative AI. Three major banks just raised their S&P 500 forecasts, with Evercore ISI’s Julian Emanuel predicting a jump to 6,000 by year-end. 🛍️ [May retail sales rise 0.1%, weaker than expected.](~/AAQRxQA~/RgRoVx8fP0RmaHR0cHM6Ly93d3cuY25iYy5jb20vMjAyNC8wNi8xOC9yZXRhaWwtc2FsZXMtcmVwb3J0LW1heS0yMDI0LW1heS1yZXRhaWwtc2FsZXMtcmlzZS0wcG9pbnQxcGVyY2VudC5odG1sVwNzcGNCCmZuH5p0ZjU2SYhSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADTg~~) Retail sales in May grew at a sluggish 0.1%, missing expectations. This is despite a slight improvement compared to April’s decline. Gas prices and lower spending at restaurants and furniture stores contributed to the slowdown. Why most people don’t trust their car insurance companies [Car Insurance](~/AAQRxQA~/RgRoVx8fP0R_aHR0cHM6Ly9tb25leS5jb20vY2FyLWluc3VyYW5jZS1jb21wYW5pZXMtdHJ1c3QvP3hpZD1tY2NsYXRjaHkmdXRtX3NvdXJjZT1tY2NsYXRjaHkmdXRtX21lZGl1bT1yc3Nfc3luZCZ1dG1fY29udGVudD10bXNfaXNzdWU5MFcDc3BjQgpmbh-adGY1NkmIUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAA04~) Money; Getty Images A recent study shows a dramatic drop in customer trust towards car insurance companies. Only 15% of those surveyed expressed high levels of trust, likely due to rising costs. J.D. Power’s data links these trust issues directly to unexplained price hikes. [Read more.](~/AAQRxQA~/RgRoVx8fP0R_aHR0cHM6Ly9tb25leS5jb20vY2FyLWluc3VyYW5jZS1jb21wYW5pZXMtdHJ1c3QvP3hpZD1tY2NsYXRjaHkmdXRtX3NvdXJjZT1tY2NsYXRjaHkmdXRtX21lZGl1bT1yc3Nfc3luZCZ1dG1fY29udGVudD10bXNfaXNzdWU5MFcDc3BjQgpmbh-adGY1NkmIUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAA04~) 🍟 [McDonald’s pauses AI ordering at drive-thrus.](~/AAQRxQA~/RgRoVx8fP0ROaHR0cHM6Ly90aGVoaWxsLmNvbS9idXNpbmVzcy80NzI2NjczLW1jZG9uYWxkcy1wYXVzZXMtYWktb3JkZXJpbmctZHJpdmUtdGhydXMvVwNzcGNCCmZuH5p0ZjU2SYhSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADTg~~) The burger chain is ending its two-year trial of AI drive-thru ordering partnership with IBM. This could be a temporary setback for the deployment of AI in everyday tasks. While the voice-powered system wasn’t perfect, McDonald’s remains interested in future AI solutions. ✈️ [Boeing whistleblower steps forward ahead of CEO’s testimony in Washington.](~/AAQRxQA~/RgRoVx8fP0RvaHR0cHM6Ly9hYmNuZXdzLmdvLmNvbS9VUy9ib2Vpbmctd2hpc3RsZWJsb3dlci1zdGVwcy1mb3J3YXJkLWFoZWFkLWNlb3MtdGVzdGltb255LXdhc2hpbmd0b24vc3Rvcnk_aWQ9MTExMjA2MTk3VwNzcGNCCmZuH5p0ZjU2SYhSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADTg~~) A Boeing quality inspector named Sam Mohawk has come forward as a whistleblower, accusing the company of using potentially faulty parts in airplanes and retaliating against him for raising concerns. Home prices just reached a record high [Home Prices](~/AAQRxQA~/RgRoVx8fP0SJaHR0cHM6Ly93d3cubWlhbWloZXJhbGQuY29tL21vbmV5L2hvbWUtcHJpY2VzLXJlY29yZC1oaWdoLz94aWQ9bWNjbGF0Y2h5JnV0bV9zb3VyY2U9bWNjbGF0Y2h5JnV0bV9tZWRpdW09cnNzX3N5bmQmdXRtX2NvbnRlbnQ9dG1zX2lzc3VlOTBXA3NwY0IKZm4fmnRmNTZJiFIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAANO) Money; Getty Images The housing market is in a strange place. Home prices hit a record high in May, but sales are near a 10-year low. Sellers are stuck with low mortgage rates from years ago and hesitant to buy a new home with much higher rates. Buyers find the market overpriced due to high rates and are holding back. [Read more.](~/AAQRxQA~/RgRoVx8fP0SJaHR0cHM6Ly93d3cubWlhbWloZXJhbGQuY29tL21vbmV5L2hvbWUtcHJpY2VzLXJlY29yZC1oaWdoLz94aWQ9bWNjbGF0Y2h5JnV0bV9zb3VyY2U9bWNjbGF0Y2h5JnV0bV9tZWRpdW09cnNzX3N5bmQmdXRtX2NvbnRlbnQ9dG1zX2lzc3VlOTBXA3NwY0IKZm4fmnRmNTZJiFIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAANO) 💲 [Almost half of Gen Xers say they’ll need a miracle to retire.](~/AAQRxQA~/RgRoVx8fP0RdaHR0cHM6Ly93d3cuY2JzbmV3cy5jb20vbmV3cy9yZXRpcmVtZW50LWdlbi14LWhhbGYtbmVlZC1hLW1pcmFjbGUtdG8tcmV0aXJlLTE1MDAwMC1pbi1hc3NldHMvVwNzcGNCCmZuH5p0ZjU2SYhSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADTg~~)Many Gen Xers fear they won’t be able to retire comfortably. Burdened with the responsibility of managing their own retirement savings through 401(k) plans, they often lack the knowledge and resources to accumulate enough savings. 🍎 [Apple Pay Later is dead, long live Affirm loans.](~/AAQRxQA~/RgRoVx8fP0RWaHR0cHM6Ly93d3cuZW5nYWRnZXQuY29tL2FwcGxlLXBheS1sYXRlci1pcy1kZWFkLWxvbmctbGl2ZS1hZmZpcm0tbG9hbnMtMjAyNTI0OTg5Lmh0bWxXA3NwY0IKZm4fmnRmNTZJiFIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAANO) Apple Pay Later, a short-term loan service offered directly by Apple, is being discontinued. This comes just months after its launch and ahead of the integration of Affirm loans within Apple Pay. Affirm is a third-party installment loan service. Smart Money Move Fall semester is coming fast — explore private student loan options [Student Loans] [Student Loans](~/AAQRxQA~/RgRoVx8fP0R3aHR0cHM6Ly9zZWN1cmUubW9uZXkuY29tL3ByL2Q4Yjg4YjdmODc1NT94aWQ9bWNjbGF0Y2h5JnV0bV9zb3VyY2U9bWNjbGF0Y2h5JnV0bV9tZWRpdW09cnNzX3N5bmQmdXRtX2NvbnRlbnQ9dG1zX2lzc3VlOTBXA3NwY0IKZm4fmnRmNTZJiFIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAANO) The cost of college can add up quickly with tuition, books, housing, and food. Federal financial aid may not cover everything. That’s where private student loans come in. If you have good credit, you may even qualify for interest rates that are similar to or lower than federal loans. Additionally, some private lenders offer loans with no origination fees or prepayment penalties, saving you money in the long run. [Check out Money’s list of the Best Student Loans and shop around.](~/AAQRxQA~/RgRoVx8fP0R3aHR0cHM6Ly9zZWN1cmUubW9uZXkuY29tL3ByL2Q4Yjg4YjdmODc1NT94aWQ9bWNjbGF0Y2h5JnV0bV9zb3VyY2U9bWNjbGF0Y2h5JnV0bV9tZWRpdW09cnNzX3N5bmQmdXRtX2NvbnRlbnQ9dG1zX2lzc3VlOTBXA3NwY0IKZm4fmnRmNTZJiFIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAANO) ADVERTISEMENT Stories we’re reading this week - [Nvidia Is Shaking up This Big Tech ETF](~/AAQRxQA~/RgRoVx8fP0RqaHR0cHM6Ly93d3cuY25iYy5jb20vMjAyNC8wNi8xOC9udmlkaWEtaXMtc2hha2luZy11cC1hLWJpZy10ZWNoLWV0Zi1oZXJlcy13aGF0LWl0LW1lYW5zLWZvci1pbnZlc3RvcnMuaHRtbFcDc3BjQgpmbh-adGY1NkmIUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAA04~) - [Will the FAFSA Be Delayed Again? 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