DAILY UPDATE: Inflation Down, Wage Garnishments Up but Stocks Finish Mixed

MEDICAL EXECUTIVE-POST TODAY’S NEWSLETTER BRIEFING

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Inflation fell by one tenth of a percentage point to 2.3% for the year ending in April, the Bureau of Labor Statistics reported Tuesday in an update to the consumer price index. Forecasters had expected inflation to hold at 2.4%. 

CITE: https://tinyurl.com/2h47urt5

What’s up

  • Coinbase exploded 23.97% on the news that the crypto trading platform will be added to the S&P 500 next week.
  • Nvidia climbed back into the elite $3 trillion market cap club today, rising 5.63% on the announcement that it will send 18,000 AI chips to Saudi Arabia.
  • Solar stocks soared after early drafts of a Republican tax and spending bill revealed renewable energy cuts weren’t as bad as feared. First Solar climbed 22.66%, while SunRun popped 8.58%.
  • Super Micro Computer climbed 16.02% thanks to Raymond James analysts initiating their coverage of the server maker with an “outperform” rating.
  • Boeing rose 2.46% now that the Chinese government has removed its ban on domestic airlines accepting orders from the plane manufacturer.
  • Rising sentiment powered popular momentum stocks higher today: Palantir rose 8.14%, AppLovin climbed 6.38%, Robinhood Markets jumped 8.95%, and Hims & Hers Health gained 15.92%.

What’s down

  • Honda Motor fell 4.20% after the company warned that tariffs will ding its bottom line and postponed its plans to build an EV plant in Canada.
  • Hertz Global plunged 16.93% after it missed analyst estimates across the board and announced it will offer fewer cars for rentals this year.
  • Enphase Energy lost 4.82% on a downgrade from Barclays analysts, who foresee slower demand for residential solar power products.
  • Rigetti Computing dropped 14.59% after the quantum computing company failed to live up to the high expectations that strong results from its competitors had given shareholders.

CITE: https://tinyurl.com/tj8smmes

Wage garnishment for defaulted student loans to begin this summer.

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STUDENTS: Student Loan Repayments Commencing?

By Staff Reporters

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Student loan payments could restart soon. Tucked into the debt ceiling deal agreed to by President Biden and House Speaker Kevin McCarthy is a measure that requires student loan borrowers to start paying their monthly bills again 60 days after June 30th.

A freeze on repayments has been in place since March 2020 due to COVID-19, and it’s been extended several times as the pandemic dragged on. This deadline for the resumption of payments is similar to the timeline previously laid out by President Joe Biden, but it prevents him from issuing another pause.

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STUDENT LOANS and State Taxes

By Staff Reporters

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If your student loans were forgiven, you may still owe state taxes

Though widespread federal student loan relief remains on hold, you may have received student loan forgiveness through the Public Service Loan Forgiveness program or another similar endeavor. if you had any balances forgiven in 2022, you won’t owe federal taxes on the canceled amount. That’s because of a provision tucked into the 2021 American Rescue Plan, preventing forgiven post-secondary education loans from federal taxation through 2025. 

However, there are a handful of states where forgiven loan balances may be taxed. IndianaMinnesotaMississippi and North Carolina have confirmed they will tax any student loan debt relief on your 2022 taxes. A few other states may as well, though the details are still being hammered out.

And, if you live in one of the states taxing forgiven student loans, you may be on the hook for county taxes on your debt relief, as well.

CITE: https://www.r2library.com/Resource/Title/082610254

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A New Plan for [Medical] Student Loans?

The Debt Crisis

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Recently, President Barack H. Obama announced a new plan for student loans and the severe debt it has placed on students. Obviously, more needs to be done, but it’s a start.

As you can tell, this infographic illustrates the strategies that President Obama has implemented or improved along with thoughts that go beyond the new deal, especially about students.

Conclusion                

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