Stocks have soared in 2023 despite many economists warning about a looming recession.
Spencer Platt/Getty Images
If the US economy suffers a recession, that won't happen until next year, according to one Citi strategist.
Investors should pile into smaller-cap stocks with Big Tech looking overvalued, according to Robert Hoffman.
"There's tremendous value still existing within the S&P 500," he said.
The US economy won't slip into a recession this year – and that creates an opportunity for investors to ditch Big Tech and load up on mid- and small-cap stocks, according to a Citi Private Bank strategist.
Robert Hoffman said Friday that he's anticipating "a strong rebound" for companies with lower valuations, because he's believes the economy will either avoid a recession altogether or suffer a later-than-expected slowdown.
"What we were originally anticipating – a recession towards the end of 2023 – has now been pushed very far off, we're actually looking much closer to the end of 2024 now," Hoffman, the bank's head of investment counselors in South Asia, told CNBC International.
"We think the US mid-cap space offers very compelling valuations and an opportunity if you do avert a recession or should it get pushed further out," he added.
Hoffman's prediction that there won't be a recession this year comes despite many economists warning that a slump could be looming and US GDP growth slowing to just 1.1% last quarter.
A handful of large-cap tech stocks - including Nvidia, Meta Platforms, and Tesla – have shaken off those gloomy circumstances to power the S&P 500 15% higher, with investors piling into the mega-cap names in a bid to take advantage of the explosion of interest in artificial intelligence.
But those stocks "have gotten far ahead of themselves as far as current market valuations" are concerned, Hoffman said – while maintaining that investors can still find returns in other, smaller S&P 500 names.
"I would say 90% of the companies in the S&P 500 have not outperformed the broad S&P benchmark this year – so there's tremendous value still existing within the S&P 500," he said.
A client stopped working with Tina Sendin after discovering she was using AI to write content, so she changed her approach to large language models.
Tina Sendin
Tina Sendin used the AI writing tool Jasper.ai to write articles for a project on a tight deadline.
The longtime client discovered the articles were AI-generated and ended their working relationship.
Sendin still uses AI because she can double her output but is clearer with her clients.
I work a full-time job in marketing and do freelance writing on the side.
I was juggling a lot when a longtime client commissioned me for a three-month project. It entailed writing a series of how-to guides and 56 articles for their site.
Since I couldn't clone myself, I tried what I thought would be the next best thing: I used AI.
Convinced that I could use the new technology to meet extremely tight deadlines, I started using Jasper.ai to produce up to 20 pieces in a month for this client.
I was using AI to clone myself as a writer
I essentially used Jasper.ai as an extension of myself.
I'd let Jasper write articles of up to 2,500 words. I used it more than alternatives such as ChatGPT or Bard because it has pre-built templates that function as prompts.
If I needed to expand on a sentence, I'd use Jasper's "paragraph generator" or "commands" tool. If I needed to rewrite a sentence, I'd click on "content improver." These features helped me overcome writer's block and quickly build out long-form articles.
Jasper did most of the work and I did minimal editing.
AI lost me a longtime client
After working together for months, my client started using one of the first AI-content detectors. Upon discovering the content I gave them was AI-generated, they terminated our agreement and paid me less than 40% of the original fee after I'd delivered all the articles we'd agreed on.
While this was not the outcome I intended, it shifted my mindset on how to use AI to keep clients rather than lose them.
I learned a valuable lesson the hard way — AI is a tool, not something that should replace you.
Looking back, I know things weren't right when I was letting AI do the work and not communicating this to my client.
Here's how I use AI differently now:
AI is now a crucial part of my initial discussions with new clients
I ask if the client's OK with me using AI-writing tools. If not, great; I won't use it. If they see the value or don't care whether I use them, then I'll use them to enhance the quality and depth of what I write.
I use AI to enhance my draft
Some writers use AI to write a draft, then edit it to sound more human. I use it the other way around.
I draft the article first, then use an AI tool to enhance it and ensure I've maintained the client's tone of voice.
I'd typically beef a draft up with some of Jasper's templates — using the paragraph generator to expand a sentence into a paragraph, or using the content improver to rewrite text based on tone of voice or type of content.
Sometimes, Jasper will tell me additional things I can cover, so I'll include them and support them with expert insights and examples.
I use AI to give me ideas on sources and statistics
Similarly to ChatGPT, Jasper is vulnerable to making mistakes with sources and research; its developers remind users to fact-check any statistics the tool provides. I regard the information it gives as a placeholder that gives me ideas for the kinds of sources, statistics, or websites I can seek out myself.
The key is always treating statistics and other hard evidence that AI produces as a suggestion.
AI helps with the tone of voice and brand voice
I'll use Jasper to help me rewrite or add flair to a sentence using the "tone of voice" or "brand voice" features. I could even type in "Ryan Reynolds" and Jasper will rewrite a plain paragraph to sound like the actor.
AI helps with condensing large volumes of text
AI helps me summarize my research findings and insights from relevant subject-matter experts. I'll upload snippets of a transcript, and the tool will return a condensed paragraph that still includes the salient points.
AI has cut my writing time in half
I used to take eight hours to write a 2,500-word piece, including research, writing, and editing. Now, with AI, it takes an average of four hours — even less when it's a topic I'm highly familiar with, such as marketing and freelance writing.
Cutting my writing hours in half allows me to take on more assignments.
The best thing about AI is that it has improved my writing. Many people have said that AI tools churn out rubbish. That can be true — but AI outputs will be average at best if they come from vague, generic prompts. Clear and more specific prompts will improve the AI's output.
AI scares me, but I think there's a right way to use it
When ChatGPT achieved global fame, many writers shared their anxiety about being replaced by AI. I lost a longtime client to it. But treating it more as a friend than a foe has been beneficial.
AI still scares me sometimes, but early adopters of new technology have historically reaped more rewards than punishments. AI is no different — it's still in its infancy, and we're yet to see its full potential.
I think about using social media for marketing in the early 2010s when Facebook ads weren't a thing — or using TikTok to grow an audience as early as 2020. I think of how, a couple of decades back, using the internet could make things easier and faster.
To me, as with any technology, it's about being specific and deliberate with it.
So I'll continue to go with the flow. I'll learn about AI, so I'll know how to use it to improve my workflow and optimize my everyday work.
Welcome to the second-to-last edition of Opening Bell. I'm Phil Rosen, writing to you from the Big Apple.
Yes, that's right. This is the final week of 10 Things Before the Opening Bell. You'll still be able to get our markets coverage directly in your inboxes with our flagship newsletter, Insider Today, which will be revamped in the coming weeks. Be sure to sign up.
You can also download the app to get notifications about our biggest markets stories.
And as for me, I'll still be writing for Insider — you can find my work here.
1. The talk of the town among economists is that the American consumer is stumbling after months of surprising resilience.
Spending has remained elevated even through the Fed's 10 straight rate hikes, but warning signs of a change have started to surface. Just look at the luxury watch market.
Demand has fallen off a cliff, and on secondary markets, prices for iconic brands like Rolex, Patek Pilippe, and Audemars Piguet have plunged near two-year lows, Bloomberg data shows.
Don't get me wrong, the going price for an Audemars Piguet is still above $71,000. But that's down 35% from last year.
When even the wealthiest spenders start to taper purchases, it's usually not a good sign for the broader economy.
Inflation in the US has cooled from a historic 9% last year to about 4% in May, but it's taken a dramatic increase in borrowing costs to get there.
The Fed's goal is to hit 2% inflation, but Jerome Powell said yesterday that he doesn't expect to get there until 2025.
Bank of America CEO Brian Moynihan said his firm's data shows consumers across the board have pulled back spending, which points to an incoming recession.
And, perhaps more relevant than bank statistics or the pace of big-ticket purchases: Student loan payments are set to put even more pressure on consumers.
That's going to further take the wind out of Americans' brisk spending over the last few years.
A Morgan Stanley survey found that 34% of individuals won't be able to complete the payments at all once they resume in October, while many more said they'd have to adjust spending in other areas.
"Overall, the majority of consumers surveyed (61%) continue to say they are likely to cut back on spending over the next six months," Morgan Stanley said.
How have your spending habits changed compared to one year ago? Tweet me (@philrosenn) or email me (prosen@insider.com) to let me know.
2.US stock futures rise early Thursday, as investors await Powell's comments from a conference in Madrid, where he will meet with Bank of Spain Governor Pablo Hernández de Cos. Meanwhile, the Fed said 23 of the biggest US banks weathered a severe recession scenario in a stress test. Check out the latest market moves.
3. Earnings on deck: Nike, Paychex, and more, all reporting.
4. Wall Street titans are sounding off on the AI boom. From David Rosenberg to Rob Arnott, experts are sharing what the disruptive technology can mean for the economy, jobs, and stock market. Full details.
5. The housing market is so unaffordable right now that a record share of homebuyers are looking to relocate. Redfin data shows one-quarter of house hunters are looking to move to a cheaper city like Phoenix or Miami, up from about 20% before the pandemic — and many are shrugging off concerns about rising natural disaster risks.
6. The biggest companies and banks can't agree on where the stock market is heading next. Indexes have had a strong start to the year, but bearish forecasters are concerned about a weakening consumer. The bulls, meanwhile, say falling inflation bodes well for equities.
7. Forget AI — two of the S&P 500's best-performing stocks in 2023 are cruise lines. Royal Caribbean and Carnival are rubbing shoulders with Nvidia, Tesla, and Meta this year. Here's why.
9. Stocks have rallied to new levels recently but bargains are still available. Morningstar analysts said there are certain high-quality picks that look cheap still — here's their list of 10 names.
10. The Russell 2000 should be able to beat the S&P 500 if it can overcome these key headwinds. The small-caps index should climb by 14% over the next 12 months, according to Goldman Sachs. That would surpass the projected 9% gain for the S&P 500.
Tesla faces obstacles this year due to its lack of new car releases, according to a Bernstein strategist.
"Our perspective is that upcoming numbers won't be great," Toni Sacconaghi told CNBC.
He said Tesla will ultimately fall short on deliveries or be forced to slash the price of its cars to spur demand.
Tesla will likely face challenging business conditions this year given the EV maker hasn't lined up any new models - and that could force the firm to slash car prices again to shore up demand, according to Bernstein's senior research analyst.
"Our perspective is that upcoming numbers won't be great. I think there's limited chance that Tesla will eclipse consensus expectations in terms of deliveries this quarter. I think margins will be down sequentially, because they took incremental price cuts in the quarter," Toni Sacconaghi told CNBC in an interview on Wednesday.
The analyst added that the lack of new car releases could lead to supply-side issues for Tesla, calling for more demand-spurring price cuts.
"That's the challenge over the next four to six quarters before we have some new, lower-priced models. That's our concern, that Tesla will ultimately fall short on deliveries at some point over the next four to six quarters, or that we're going to see continued price cuts to be able to drive that growth," Sacconaghi said.
The automaker run by Elon Musk has triggered a price war with competitors including Ford and GM, after it slashed the prices of its EV models six times this year in a bid to spur demand. The price cuts mean Tesla's Model Y cars are cheaper than ever, selling for $47,740. That's less than the average car price in the US.
The finance industry has many high-paying jobs such as chief financial officer, and investment banker.
For example, a financial risk manager can earn about $116,000 a year.
Some positions are entry-level.
The finance industry is brimming with high-paying, excellent jobs, whether you want to become an accountant, financial analyst or something else entirely. But for many ambitious professionals, the best jobs are those that pay the most money.
Today, let's take a look at the best-paying jobs in finance and explore how much they make so you can decide on the best professional path for your goals.
Certified public accountant (CPA)
Certified public accountants are more knowledgeable and trusted than "normal" accountants, despite having many of the same responsibilities: checking company books, balancing accounts and ensuring that company financial activities are all above board/legal. That's because CPAs are, as their job titles suggest, certified.
They must complete additional education and take an expensive CPA exam to obtain this designation. As a result, CPAs earn more than standard accountants and are often used to ensure that a company's accounting department is running as tightly as possible. Many CPAs also perform third-party or outside audits on companies. Some work for the IRS.
Regardless, CPAs are paid very well, usually around $77,000 a year or more. This is not an entry-level job, so be prepared to get experience in financial services and a graduate-level finance degree before qualifying. Those with financial planning or budget analyst experience will achieve this job faster.
Financial advisor
Financial advisors are very well-paid financial professionals who help customers identify short and long-term financial goals, then recommend products or strategies to help them achieve those goals. This can include personal finance assistance, portfolio management or developing investment strategies.
As an example, someone might come to a financial advisor for retirement planning assistance. The financial advisor will look at their income, goals and needs, then help them draw up a financial budget plan to ensure that they save enough money for retirement come retirement age. Financial advisors can work for individuals on a client-by-client basis or for financial advice firms.
Still, other financial advisors may work for companies, providing budgetary and accounting advice for businesses that need to save money or cut back on expenditures. Financial advisor salaries can vary dramatically, but they make about $95,000 a year, according to the U.S. Bureau of Labor Statistics.
Investment banker
Investment bankers are banking professionals who manage the investment portfolios of businesses, government agencies and large firms. Generally, larger companies may invest in many different businesses, so investment bankers help them manage their investment portfolios.
More specifically, investment bankers can also:
Help their clients raise capital.
Help clients invest capital in the best way possible to achieve those clients' investment goals.
Investment bankers need to have extensive experience in the financial industry to qualify. However, in exchange for their education, they generally earn very high average salaries, usually around $100,000 annually. Those working for pricier financial institutions or with master's degrees in business administration or corporate finance can often charge higher salaries.
Financial analyst
You can alternatively pursue a finance career as a chartered financial analyst, a finance industry specialist who looks through data to help companies and stakeholders make the best financial decisions possible.
Financial analysts are essentially finance industry data specialists, and their responsibilities often include:
Gathering and organizing data collected by businesses and banks.
Analyzing the data to achieve market or consumer insights.
Providing recommendations or guidelines for investors and businesses to make wise financial decisions going forward.
Depending on the details of this entry-level position, financial analysts can work for banks, insurance companies, funds and much more. But in any case, their primary duties are to support the budget needs of their customers. They can earn salaries at many levels depending on experience and employer, but salaries average about $96,000 a year.
Hedge fund manager
Hedge fund managers are investment management specialists who are somewhat similar to investment bankers. However, they work specifically for hedge funds: investment companies that take the money of clients and invest that money into a wide variety of stocks and financial instruments.
Hedge fund managers have heavy responsibilities, as they often work with much greater risk and much higher rewards for their clients.Hedge funds require investors to pool capital together to make larger investments and, in turn, acquire greater profits.
To accomplish these goals, hedge fund managers:
Monitor markets in order to improve cash flow for investors and clients
Make investments once they get permission from their clients using their extensive financial expertise
Because they are in charge of great sums of money, hedge fund managers oftentimes work very long hours. That said, these are some of the highest-paid professionals in the financial industry, averaging salaries of about $131,000 a year.
Chief financial officer
The chief financial officer or CFO is an upper-level executive position that describes the person in charge of a company's finances. Think of the CFO as one of the right-hand men or women of a CEO (chief executive officer). They usually have a background in finance and know the ins and outs of the company's books.
Chief financial officers are paid a great deal given their job titles and responsibilities, and they are oftentimes cofounders alongside other high-level executives.
CFO responsibilities can include:
Looking over the books.
Budgeting for future expansion.
Making financial recommendations to the CEO.
Approving major expenditures made by the CEO.
Overseeing the financial and accounting departments.
Chief compliance officers are high-level executives like CFOs. But their job is about ensuring that companies and employees oversee and adhere to compliance regulations. For example, if a company has specific regulations regarding the financial data of customers, a chief compliance officer will be responsible for ensuring everyone follows those rules.
Chief compliance officers are highly important for modern institutions and businesses, especially when it comes to consumer data and financial information. Thus, chief compliance officers are becoming more and more common in companies around the world.
They usually need bachelor's degrees and sometimes graduate degrees in related subjects, like finance, business management and more.
If you qualify for a chief compliance officer position, you could earn an average annual salary of about $77,000.
Private equity associate
Then there are private equity associates, who are business executives who work for funds, investment banks and similar institutions.
They have a lot of different job duties, including:
Finding new investors for funds.
Determining the best investments for funds to put their money into.
Assisting with investment analysis and organization.
Performing due diligence on investors.
Think of private equity associates as the investigators for funds and investment firms. They combine financial analysis and interpersonal skills, so they need to be good communicators. They also need in-depth knowledge of the financial industry, investment banking and business strategies. The average private equity associate makes about $95,000 a year.
Insurance advisor
Insurance advisors are knowledgeable financial professionals who advise individuals and companies on the worth of insurance policies. Insurance advisors usually work for insurance companies, and they may often seek out new insurance clients by highlighting the value of insurance and by promoting special insurance policy deals.
Many insurance advisors know the ins and outs of different insurance policies, statistics, and risk assessments. As a result, they are well-equipped to convince a business or person to take out an insurance policy they might not otherwise have. They need to have a license to sell insurance, as well as good written and verbal communication skills.
Financial insurance advisors frequently work with companies and firms rather than individuals, given the nature of the insurance policies in this industry. Most financial insurance advisors earn about $94,000 a year.
Information technology auditor
Information technology auditors work for government or business groups in order to ensure that those groups meet regulatory and other compliance needs.
As an example, if a business has a database to store consumer financial data, like credit card information, an IT auditor will:
Make sure the information is stored appropriately and legally per legislation like the CCPA and GDPR.
Ensure that the database is secure and is not unduly put consumer financial information at risk.
Run regular security checks and compliance checks to make sure companies don't breach laws.
Information technology auditors, therefore, combine IT and financial skills in equal measure. These highly technical positions require a lot of experience in operating systems and IT information security, as well as good communication and interpersonal skills. Information technology auditors can earn about $77,000 a year.
Financial risk manager
Financial risk managers have very important jobs: they help companies and investors understand different levels of financial risk. For instance, if a company wants to invest in a new hedge fund portfolio, a financial risk manager may analyze the wisdom of that decision and advise the CEO one way or another.
Financial risk managers also work for companies to maximize profitability and minimize financial downturns, particularly during economic uncertainty.
Additional duties of financial risk managers can include:
Rejecting the profitability of a future product.
Determining the overall earning capacity of a new market.
Advising executives as to whether they should expand their businesses.
Economists are knowledgeable financial professionals who have extensive education in data analysis, statistics and forecasting. They are experts on the economy, so they may work for businesses, as private consultants or as professors or teachers at universities.
Economists' jobs are to watch, observe and advise on economic trends. These highly paid professionals research different market trends and use various mathematical models in order to predict future demand, whether the economy will trend upward or downward and much more.
Because they know much about economic movement and activity, economists are often in high demand for their advisory potential. As high-earning financial professionals, their financial modeling and financial reports are invaluable to the finance sector at large.
Most finance professionals in this position have years of experience. They can be employed by the government, big businesses and small businesses. Economists usually make about $106,000 a year.
Top paying opportunities are out there
Now you know about the best-paying jobs in finance and which to pursue. With some dedication and hard work, any of these jobs could be yours in a few short years, depending on your education, experience and desired career path.
Fitness company GymBird is hiring a "chief step officer" to walk 10,000 steps in a day.
Erik Isakson/Getty Images
A fitness company is hiring a "chief step officer" who will get $10,000 to walk 10,000 steps.
The company, GymBird, is looking for someone who will train for a month and document their experience on social media.
Here's how you can apply.
We've all heard walking 10,000 steps a day can be good for your health, but one fitness company wants to make it good for your wallet, too.
The fitness website GymBird is hiring a "chief step officer" who will be paid $10,000 to walk 10,000 steps in a day.
"We're hiring a chief step officer because walking is a simple, accessible way to start or enhance your fitness level, and it has many health benefits," GymBird cofounder Ashley Walton told Insider. "For most people, walking 10,000 steps a day is an achievable goal that they can sustain long-term."
The chosen person will train for a month, and on the final day, they'll be expected to walk 10,000 steps in a 24-hour period, according to the job listing. They'll receive a smartwatch to monitor their progress throughout the month. After they fulfill the job's requirements, they'll receive the $10,000 payment in the form of $2,000 installments over five months.
"It's the first time we're hiring a chief step officer — and I believe it's the first chief step officer ever," Walton said. "We've had such a positive response to the role thus far that we're already brainstorming other accessible, high-paying jobs that we can offer."
The job listing says no prior fitness experience is necessary, but applicants should be prepared to walk everyday for a month. Applicants must be 18 or older, and a US citizen or permanent legal resident. Every week, the chosen candidate will need to write a social media post, submit a two-minute video recap, and write a paragraph detailing their "activities, challenges, success, and overall feelings."
GymBird is far from the first company to make up a niche, unconventional role as a marketing tactic.
In 2022, Texas delivery app Favor hired a "chief taco officer," who was paid $10,000 to travel the Lone Star State in search of its best tacos. Canadian confectionary company Candy Funhouse posted a job listing last year for a "chief candy officer," who was tasked with taste-testing at least 3,500 products per month. Yogurt company Siggi's said last year that it would pay $50,000 for a "chief simplicity officer," would move to Iceland and take up a 4-day work week.
If you're a big walker — or want to get paid to move — the deadline to apply for the role of chief step officer is July 19 at 11:59 p.m. MST. You can find the job listing here, and apply for the role here.
Ryan Reynolds is expanding his sports portfolio as he joins a group of investors buying a 24% stake in F1 team Alpine.
The $218 million deal also includes fellow Hollywood actors Rob McElhenny and Michael B. Jordan.
According to Alpine, the new partnership values the racing team at around $900 million.
Hollywood star Ryan Reynolds has joined a group of international investors that's buying a 24% stake in the UK-based Formula 1 racing team Alpine.
The deal has seen the consortium - which includes Reynolds and fellow actor Rob McElhenny, along with AC Milan owner RedBird Capital Partners, Otro Capital, and Maximum Effort Investments - pump about $218 million into the Renault-owned racing team, according to F1. Other investors include "Black Panther" actor Michael B. Jordan.
"Formula 1 and Alpine are strategic assets for Renault Group. Over the past two years, we have re-ignited Alpine, capitalizing on its iconic A110 sports coupé, boosting it by entering Formula 1, where it aims to become a championship contender. This partnership will accelerate Alpine F1 development by diversifying revenue drivers and increasing brand value," Renault Group CEO Luca de Meo said in a press release.
According to Alpine, the investment values the British F1 team at around $900 million.
This is not the first time Reynolds has dabbled in sporting investments. Back in 2020, both he and McElhenny announced a surprise takeover of Welsh soccer team Wrexham AFC – the third oldest professional soccer team in the world.
Alpine's collaboration with Reynolds and other investors comes after the company recently announced its goal to hit $8 billion in revenue by 2030.
The racing team, which has Pierre Gasly and Esteban Ocon as principle drivers, has won two world championships and is currently 5th place in the 2023 constructor standings.
New Zealand leader Chris Hipkins had an extra aircraft shadow his plane that was traveling to China.
Hipkins' primary plane, which is 30 years old, required a backup just in case it break down.
New Zealand's leaders have been stranded in the past during official visits after their planes broke down.
New Zealand's Prime Minister Chris Hipkins has readied a spare aircraft for an official visit to China — just in case the 30-year-old plane he's traveling in breaks down.
Hipkins traveled to Beijing on Sunday in a Royal New Zealand Air Force Boeing 757 with a business and trade delegation, as well as media. He is slated to be in China until Friday.
"Given the importance of the trade mission, the long distance involved and the large size of the traveling business delegation and media contingent, it was considered that a backup aircraft was justified to ensure the success of the mission to our largest trade partner," a spokesperson for Hipkins told Insider.
"The 757s are around 30 years old, are nearing the end of their economic lives, and are due for replacement in between 2028 and 2030," the spokesperson added.
A backup plane shadowed Hipkins' plane to Manila in the Philippines in case the primary plane broke down and is now in Darwin, Australia, to provide support for the return journey if required, added the spokesperson. The backup plane will only travel to Shanghai in China if required.
"It is not unusual for the Air Force to provide backup aircraft, where available," the spokesperson added.
A New Zealand Air Force plane sits on the tarmac at Auckland Airport on May 21, 2023, preparing to take New Zealand Prime Minister Chris Hipkins to Papua New Guinea.
Nick Perry/Associated Press
The country's opposition party has slammed the move for being environmentally unsound.
"Some people might bring a spare phone charger with them while traveling overseas in case they lose one or it breaks," said David Seymour, the leader of ACT opposition party, in a press release on Monday. "Chris Hipkins needs to bring a spare Boeing aircraft with him."
"New Zealand's out-of-date air fleet is becoming a source of national embarrassment," he said, adding that the country's government is underinvesting in defense.
The prime minister's spokesperson said using the air force plane is "far cheaper" than a commercial charter. It also comes with features such as security and can travel from point to point without stopovers.
But New Zealand's aging air force fleet has a history of breaking down.
In August, Defense Minister Peeni Henare and a 30-person delegation got stuck in the Solomon Islands after their plane broke down. In 2016, then-prime minister John Key even had to cut short a visit to India after his plane broke down while traveling to the South Asian country.
China's yuan is plunging against the dollar amid worries about a slowdown in the world's second-largest economy.
AP
China's yuan fell to a seven-month low against the dollar Monday.
Its plunge underscores fears that the country's stagnating economy could drag down global growth.
Mega-cap US companies like Nvidia and Tesla are also majorly exposed to China.
The Chinese yuan is plummeting against its main rival the US dollar, fueling worries that a slowdown in the world's second-largest economy will drag on global growth.
The renminbi fell as much as 0.6% Monday to just under 7.22 yuan per dollar, trading at a seven-month low versus the greenback.
The yuan's plunge against its US counterpart comes even though the Federal Reserve paused its interest-rate hiking campaign last week, which would typically be expected to weigh on the latter currency by denting its appeal to foreign investors seeking higher yields.
The renminbi's fall has coincided with increased worries about the health of China's economy after Beijing ended its hardline zero-COVID restrictions late last year, with industrial production slowing and import and export levels tumbling in 2023.
That's reignited fears about a wider slowdown in global growth, due to China's role as a major player in international trade and massive source of demand for goods and services.
The People's Bank of China – which slashed key interest rates earlier this month in a bid to revive growth – responded to the renminbi's fall by fixing the tightly-managed onshore yuan at a rate above market expectations on both Monday and Tuesday.
The central bank pegs the currency pegged against the greenback within a narrow range, rather than allowing for it to trade via a floating exchange rate.
The onshore yuan rose around 0.3% Tuesday, to trade at just over 7.21 yuan per dollar.
Elon Musk's biographer, Walter Isaacson (right), said the Twitter owner would "rip" people apart in meetings.
Michael Kovac/Getty Images for Vanity Fair
Walter Isaacson said Elon Musk could be "brutal" and would go into "demon mode" at times.
The biographer said the criticism was productive, but made some people afraid to tell him the truth.
Musk has said he gives "clear and frank" feedback and said he hasn't "rage-fired" people.
Elon Musk biographer Walter Isaacson said the billionaire can go into "demon mode" at times — a state of being that Isaacson characterized as "dark" and "with a real lack of empathy," but also highly productive.
He said during a Twitter Spaces interview on Thursday that the musical artist Grimes, Musk's former girlfriend, coined the term. She told him that while it can be "unpleasant" to be around Musk when he's in demon mode, it's also the mode that "gets shit done."
Grimes, whose given name is Claire Boucher, has two children with Musk; she didn't return a request for comment.
Isaacson plans to release his biography on Musk in September. He has written biographies on several innovators, including Steve Jobs and Leonardo da Vinci. He said many brilliant and successful people, like Musk and Jobs, have a "dark streak."
Ex-girlfriend Grimes told biographer Walter Isaacson that it can be "unpleasant" to be around Elon Musk when he's in "demon mode."
Theo Wargo/Getty Images
They are not saddled with as much empathy and as a result are more able to focus on accomplishing a larger mission, Isaacson contends.
In Musk's case, the billionaire has a "maniacal sense of urgency" that could be frightening for some of his workers, the biographer said. He said the CEO's entire demeanor would change when people did not match his sense of urgency.
"He'd go dark and I'd know that he was just going to rip that person apart," Isaacson said, adding that it was a common occurrence when the billionaire first took over Twitter and gutted over half of the social media site's staff.
The biographer, who was an observer of Musk's day-to-day life for about two years, said the moments of rage were "uncomfortable" for him to watch.
"He is just brutal," Isaacson said. "The thing that I noticed is that once he finishes doing it — and it was never physical and it was almost done in a flat monotone — but he would just really attack people and then a few days later, if they absorbed the lesson, he'd forget about it. It would be as if he went from becoming Dr. Jekyll to Mr. Hyde and then didn't even think that much or remember that much of how tough he had been on people."
Isaacson said that about 80% of the time Musk's criticism seemed effective and 20% of the time it was "problematic," even making people "afraid to give him bad news." He said that at times he'd later find out that the man Musk had chewed out had made a mistake because of personal issues, like losing a child two weeks prior.
Isaacson said Musk told him it's a form of "egotism" to want to be empathetic to a single person at the expense of the larger mission. The biographer said his book aims to show the complexity of Musk and the balance between his "dark streak" and the incredible work he has done at Tesla and SpaceX.
Biographer Walter Isaacson attributes Elon Musk's "dark streak" and his willingness to take risks to his relationship with his father, Errol Musk (pictured).
"Elon Musk also has a desire for drama, both in his personal and in his professional life," Isaacson said. "He is somebody who feels most comfortable when he's ordered up a hurricane or surge."
Musk's mother, Maye Musk, expressed concern that while her son is "exceptional" there is "danger" he could become like his father, Isaacson said.
In her book, Maye Musk described her relationship with her ex-husband as abusive. Musk has said his father, Errol Musk, is "a terrible human being." Maye Musk didn't return a request for comment from Insider.
Errol Musk told Rolling Stone in 2017 that he has never intentionally hurt anyone, excluding one scenario where he said he shot and killed three people who he said illegally entered his house.
Errol Musk denied he contributed to Musk's "dark streak" in an emailed statement to Insider, saying that "these days Elon and I are on fairly good terms."
Elon Musk's mother, Maye Musk, (pictured, left) expressed concern that while her son is "exceptional" there is "danger" he could become like his father, biographer Walter Isaacson said.
Gotham/Getty Images
Isaacson is far from the first to point out that Elon Musk can be prone to bouts of anger.
Tesla cofounder Martin Eberhard previously told Insider that Musk used to scream at him over press coverage on Tesla. And in a previous biography on Musk, The Wall Street Journal's Tim Higgins said the billionaire had a reputation for exploding at top executives and employees on the assembly line at Tesla, even rage-firing some.
Zulie Rane is a freelance writer who earns six figures a year while working around 20 hours a week.
The schedule she makes for herself starts before 8:00 a.m and ends with chill time from 6:00 p.m.
On any given day, she'll start with a to-do list, outline the week's articles, and practice pitching.
I'm a happy, successful freelance writer. I work around 20 hours a week. I love my job, and I love my life.
I want to show an example of a specific day in the life of a freelance writer to give you an idea of how I break up my time. I'll also include a more general description of what I do, so you can get a sense of not just one day but all my days.
At the end of this article, you should have a solid idea of what it's like to be a freelance writer.
6:00 a.m: False alarm
My cat is meowing into my ear. It's 6:00 a.m. I don't want to be awake. "Astrid," I groan as I shove her off the pillow. "Go away." "Mrow," she says. I go back to sleep after successfully dislodging her.
7:00 - 8:00 a.m: Start the day (for real this time)
I start a day in the life of a freelance writer with an alarm. This time I'm ready to get up.
Most of my mornings are relaxed. That's one of the best parts of being a freelance writer — I wake up when I want, and I take my morning easy. (Granted, I did this when I was a W2 employee, too, but I feel more ownership over my low-key mornings now that I'm in total control).
I typically enjoy a cup of coffee or tea with my husband. We haven't always done this, but as we've gotten older and busier, it's become more important to me to carve out time to chat with no agenda.
This morning, we have a guest — Sally, one of my husband's cousins, is visiting from overseas. We sit at our kitchen table enjoying mugs of tea or coffee. My husband and I offer some suggestions to Sally for what she could do around Boston.
My husband heads off for work around 8:30 a.m., and Sally heads off to Salem. At this point, I get my laptop out.
I am, tragically, a RimWorld addict. Some mornings I manage not to get on it, but I sneak in a quick session most mornings, and I did today.
I stick to a hard 9 a.m. cutoff to make sure I do work today.
9:00 a.m. - 11:00 a.m: Admin and setup
This is usually how I ease into my weeks. My Monday mornings are gentle — no deep work, just admin and prep.
My commute is short: I migrate from the kitchen table to my sunny, windowed office. My cats typically make this journey with me. After all, it's not just a day in the life of a freelance writer — it's a day in the life of a freelance writer and her two cats.
Every Monday morning, I create my weekly to-do list. I usually split up tasks into four categories:
clients, like the agencies I work for
platforms, like YouTube
my income streams that I own, like putting articles on my website or sending emails to my newsletter
admin, like going to the post office or (lately) trying to get a business-checking account organized
Most Mondays, I start by answering any emails and checking my Discord and Slack groups. Then I usually close all those tabs and apps, or else I constantly check as notifications come in.
Then I start on the freelance writer's version of weekly meal prep. That's usually:
Getting a handle on my client's writing assignment deadlines
Outlining the week's articles for clients. This makes it a lot easier and faster to write them later in the week.
Finishing off last week's tasks, like scheduling videos or newsletters
Today, I draft out my week's to-do list and give myself deadlines for all my client work. I outline an article for each of my data-science clients and send off an article that had been in my queue for editing.
I also do the SEO for a YouTube video and schedule newsletters for Tuesday.
11:00 a.m. to 12:00 p.m: Stretch work
I found that to keep growing my business, it's important to set time aside to work on growth and acquisition. A day in the life of a freelance writer is most successful when you think about the future, not just the day-to-day.
I'm bad at pitching. It's why I've developed an entire client-acquisition workflow that revolves around clients coming to me, but I want to get better. So most Monday mornings, I force myself to find an outlet or client I'd like to write for, and I pitch them.
Success has varied, but I'm getting better. Recently, I had an article published in Euronews Week, which was awesome. This particular Monday, I apply to a job I've seen on Superpath, a freelance Slack community I love.
I also do a quick search for "open to pitches" on Twitter and find an outlet I think I have a good idea for. I draft a quick pitch and email the editor.
12:00 p.m.— 2:00 p.m: Deep work
A day in the life of a freelance writer is not complete without meaningful work. Once my "get sorted" work is complete, I like to spend my afternoons on a chunkier task where I can get stuck in.
If it's the start of the month, this is usually (yawn) SEO research and content calendar planning. I'll come up with topics that I can use to post on my blog, my Medium blog, or my YouTube channel.
If I'm done with content planning, I'll usually spend this section of time creating this week's multifunctional content.
The same article can:
Be a YouTube script
Go onto either of my blogs
Serve as newsletter inspiration
Later in the week, I'll use my afternoons to tackle client assignments. But on Mondays, I like to use my brainpower and energy for my own stuff.
This particular Monday, I'm working on a review of a content job platform called Contena.
This will become an email to my newsletter subscribers, a YouTube video, and an article I can post on both my blog and my Medium profile.
2:00 p.m. to 3:00 p.m: Movement and 'lifemin'
At this point, I'm dying to move around a bit, and there are things around the house that need to get done.
I change into my running clothes and head off for a short run. If I'm not feeling a run, I'll pick up the phone to call a friend or family member while I walk around the neighborhood.
When I'm back, I can do some of the life admin (I shorten this to lifemin because I can never say no to a good portmanteau). Sometimes I do lifemin when I'm procrastinating other work. Then, I can't lose: I either get a clean sink and dishes put away, or I make progress on a chunky assignment.
Lately, this has been:
Chasing up wedding stuff
Trying to figure out how to get an EIN
Taking the cats to the vet
Spending an inordinate amount of time at the post office and meditating on the truth behind the phrase "going postal"
I don't love doing lifemin, but it's nice to get out of the house and do something unrelated to the stuff I do in a day in the life of a freelance writer.
This Monday, it's nasty weather out, so I call my sister and chat with her for an hour while walking around our local pond.
I combine this with a trip to the post office to drop off some documents that I need to send on behalf of my mom, who is applying for citizenship in Spain.
3:00 p.m. to 6:00 p.m: Free time (sometimes business-dev time)
My day in the life of a freelance writer is usually complete now. I'm a fast writer, so my cross-postable work is done in my early afternoon slot.
Most days, I clock off and enjoy the rest of my afternoon painting, playing video games, cleaning the house, or making dinner.
Sometimes, though, I like to use this time to work on a trickier, chunkier project that requires a lot of finicky work and attention. Past examples include:
Setting up my website
Creating a course or PDF to sell
Analyzing my revenue streams
Learning about SEO
Setting up Ad-Free Zulie, a program that I've been thinking about for years
Today, I've been working on my welcome email funnel. It's a little out of date, and I know it could be even better and more useful to my readers.
Right now, when you sign up for my email list, you get:
My blogging starter kit, which is a five-email welcome sequence, to be used in conjunction with your downloadable PDF guide
A three-email sales pitch for a product I love and believe in
Three more emails, purely service, designed to offer more value and help with the most common FAQs
This funnel worked for me for a while, but the conversion rate is pretty low.
After brainstorming and speaking to subscribers, I've realized it's because the sell is too specific and doesn't really fit the needs of enough of my subscribers. So I've decided to revamp it and include a webinar to add even more value.
This involves a lot of researching webinar platforms, poking around in the backend of ConvertKit, and accidentally breaking things and panicking to fix them.
6:00 p.m. onwards: Chill time
I'm pretty militant about not working after hours. Come rain, come shine, I clock off around 6 p.m. and relax at home. A day in the life of a freelance writer must include rest and relaxation.
My husband is normally home by now, so we'll have dinner, play video games together, do wedding prep, or go hang out with friends.
Today, we're enjoying some puttanesca that my husband whipped up. We play some Sea of Thieves and enjoy some cookies that the downstairs neighbors shared with us (raspberry and rye). We catch an episode of the Mandalorian and head to bed.
FAQs about a day in the life of a freelance writer
Hopefully you've got a good view of what it's like to be a freelance writer. One of the trickiest things to capture is just the variety of work, combined with the repeatability of the work. Days vary a lot, but I do a lot of the same tasks week on week.
For instance, the same clients give me the same amount of work every week, and I match that cadence myself — one blog post, one video, and two newsletters every week.
But there's also a lot of variability in the topic, in what I do with my deep or stretch time, and how I spend my down time.
This is just one freelancer's day, but I hope you have a better picture of what you can expect if you become a freelance writer as well. If you're still curious, here are a few FAQs, answered:
How many hours do freelance writers work?
I actually have a concrete answer to this because I religiously track my time. Here's just one monthly example:
Between January 21 and February 21 this year, I worked 85 hours. Most of that was spent on client work, but just after that was work on my own brand and business, and behind that was platform work.
That breaks down to roughly 21 hours per week.
What do writers do on a daily basis?
We write! But we also work on business development, potter around the house, go for runs, and enjoy ourselves.
Can I make $1,000 a month freelance writing?
I make around $8,500 a month freelance writing. It took me a few years to get there, but it's definitely possible to make $1,000 a month freelance writing.
I find it best to look for a combination of direct clients and agency work, platforms like YouTube and Medium, and working on your own brand, or for example, publishing bylines.
What is it like to be a freelance writer?
Very fun, very freeing, and very chaotic at times. Hopefully this snapshot of my Mondays gives you a good idea of what it's like to be a freelance writer.
Is being a freelance writer worth it?
You tell me. Are you reading this list and thinking, "Oh lord, what a nightmare, that sounds awful?"
If so, then no, being a freelance writer isn't worth it.
If you read my typical day and you think, "Hey, fun, I like the sound of that," then it's absolutely worth it to be a freelance writer. I may be biased, but I truly believe it's the best job in the world.
Pete Buttigieg warned of "a real risk of delays or cancellations" as a 5G deadline approaches, per the WSJ.
Telecom companies plan to boost their 5G power levels on July 1, which could interfere with key plane equipment.
Hundreds of planes won't be fitted with updated equipment in time, so they could be banned from landing in low-visibility.
This summer could see more travel disruption as a deadline relating to 5G interference threatens to lead to flight cancellations, Transportation Secretary Pete Buttigieg has warned, per The Wall Street Journal.
"There's a real risk of delays or cancellations," Buttigieg said, per The Journal. "This represents one of the biggest—probably the biggest—foreseeable problem affecting performance this summer."
Airlines have until July 1 to update equipment because that's when US telecom companies plan to boost their 5G services to higher levels.
Specifically, there's concern that 5G signals could affect some aircraft's radar altimeters — sensors which measures how high an aircraft is above the ground. The sensors are essential for flying in low-visibility conditions.
Therefore any planes which haven't yet been fitted with the updated equipment won't be cleared to land in weather which produces low visibility, from July 1.
Last month, the Biden administration said it wouldn't extend the deadline despite airlines' concerns and the International Air Transport Association warning that not all aircraft would be updated in time, Reuters reported.
The updated equipment is being installed at the expense of airlines, and estimates say it will cost more than $638 million in total, IATA said in its annual review.
Buttigieg said that around 20% of domestic planes and 35% of international ones which fly to the US aren't yet fitted with the updated equipment, per the Journal.
For Delta Air Lines, supply-chain issues mean about 190 of its 900 airplanes won't have the correct altimeters by July 1, including all of its Airbus A220 planes.
"Many Delta teams have been working to insulate any additional delays from our customers and people through strategic aircraft routing," a Delta spokesperson said. "While we expect minimal operational impact, we continue to work with our supplier to see that every Delta aircraft is equipped with updated radio altimeters."
And a JetBlue spokesperson told the WSJ it expects its 17 A220 jets won't be upgraded until October.
JetBlue did not immediately respond to Insider's request for comment, sent outside US working hours.
Janet Yellen has defended the US dollar's crucial role in international trade.
The US Treasury chief backed the greenback after Brazil and South Africa's leaders questioned its dominance.
China, Russia, and several other countries are looking at mounting challenges to the buck.
Treasury Secretary Janet Yellen has defended the dollar's crucial role in international trade after the leaders of both Brazil and South Africa questioned its dominance.
The presidents of the two countries appeared on a panel together at a conference in Paris on Friday. South Africa's Cyril Ramaphosa said that currencies would be "on the agenda" when the BRICS group meets later this year.
In a press conference close to the finance summit, Yellen hit back against the de-dollarization movement by highlighting the reasons why the US currency has come to dominate trade.
"There is a very good reason why the dollar is used widely in trade, and that's because we have deep, liquid, open capital markets, rule of law and long and deep financial instruments," she said, according to the Financial Times.
Yellen's defense of the dollar comes at a time when several rival countries – spearheaded by China and Russia – are bidding to dethrone the buck in an effort to chip away at the US's economic power.
Beijing called for suppliers in the Middle East to trade using the yuan rather than the dollar in December, and has ramped up its purchases of gold for seven months in a row to diversify its reserves.
Meanwhile, Russia has switched to using the renminbi as one of its main reserves, with president Vladimir Putin forbidding "unfriendly" countries from settling natural gas contracts in any currency other than the ruble.
The BRICS countries – Brazil, Russia, India, China, and South Africa – have also repeatedly pledged to launch a new reserve currency that they hope could unseat the greenback.
In Paris on Friday, Ramaphosa appeared to back those calls after Brazil's president, Luiz Inácio Lula da Silva, warned the dollar's dominance could have an adverse effect on poorer countries.
"Why can't we trade in our own currencies?" Lula asked of Brazil's dealings with Argentina and China, per the FT.
Hello team! Phil Rosen here, writing to you from New York.
Lots of ground to cover today, but first, some news: This is the last week of 10 Things Before the Opening Bell. Moving forward, we'll be highlighting the latest markets news in our daily flagship newsletter, Insider Today — be sure to sign up.
1. The excitement around ChatGPT, AI, and related tech stocks is old news now, but Wall Street can't stop talking about it.
The business world has been single-minded when it comes to AI, and that's led to strong stock performances for once-little-known names like C3.ai, as well as giants like Nvidia.
The Federal Reserve has raised interest rates, for example, by 500 basis points in 15 months — the steepest trajectory in decades. Benchmark rates are currently hovering at the highest mark since 2007, just before the global financial crisis began.
The Fed's own recession probability model shows there's a 70% chance of a downturn by this time next year.
Some investors are also concerned that elevated borrowing costs could soon bring pain to stocks, especially if the central bank makes another rate hike or two. Elon Musk, Nouriel Roubini, and a chorus of Wall Street firms have issued dire warnings.
But the tech sector's strength over recent months — thanks to AI — seems to have muted fears of a recession. That could be a big blind spot.
"Given all other things being equal, such a scenario will likely trim corporates' budgets and demand for technology hardware and software upgrades that could put a dampening effect on the current bout of AI optimism," OANDA analyst Kelvin Wong wrote in a recent note.
Outside the US, too, there's reason for concern.
China's massive economy is facing a bleak growth outlook and a weaker-than-expected pandemic rebound.
The country's slowing trade, weak industrial production numbers, and piling debt all ultimately present problems for Wall Street, which may be catching on to the risk.
The S&P 500 just posted a losing week after five straight weeks of gains. The Nasdaq also had a negative week, ending an eight-week winning streak.
What do you see as the connection between economic troubles and AI hype? Tweet me (@philrosenn) or email me (prosen@insider.com) to let me know.
2. US stocksfutures slipahead of Monday's opening bell, with investors weighing up how the Wagner Group's challenge to Vladimir Putin could impact markets. The US dollar also fell, but the price of fellow safe haven gold edged up.Check out the latest market moves.
3. Earnings on deck: Biogen Inc and Carnival plc and more, all reporting.
4. A 20-year fund manager veteran shared which mega-trend stocks he's betting on now. Gary Black's top picks are based on fundamentals, management teams, and customers. These are the eight names he likes most — and the five he's shorting.
5. Argentina's dollar reserves hit their lowest level since 2016. Now companies in the country are turning to the yuan to purchase imports — and a top US manufacturer may join the trend.
7. Shares of famous artwork are going public for the first time. One high-profile piece is expected to draw $55 million for its IPO. Full details.
8. Harvard researchers shared seven charts that show the struggles of buying and renting a home in America today. The university experts broke down why affordability remains historically low, and the handful of factors that have aligned to make it one of the worst home-buying environments in decades.
Global oil demand is set to rise to 110 million barrels a day by 2045, according to OPEC.
That's because oil is "irreplaceable" and widespread migration is expected over the next seven years.
"Gas hydro, nuclear hydrogen and biomass will expand. But it is clear that oil remains an integral part of the mix," OPEC's secretary general said.
Global appetite for crude oil is likely to surge 23% to 110 million barrels a day by 2045, according to the Organization of the Petroleum Exporting Countries.
During an Energy Asia conference on Monday, OPEC Secretary General Haitham Al Ghais explained the oil cartel's world forecast was rooted in the fact that "oil is irreplaceable for the foreseeable future," according to CNBC.
Al Ghais added that a lack of funding in the oil industry would spark "energy chaos" given 500,000 people are expected to migrate around the world between now and 2030.
"Gas hydro, nuclear hydrogen and biomass will expand. But it is clear that oil remains an integral part of the mix," Al Ghais said, per the outlet.
The estimated rise in oil demand stands to put upward pressure on crude prices that have steadily dropped from their March 2022 highs of $120 a barrel when Russia's war with Ukraine broke out.
On Monday, Brent crude, the international benchmark, rose 0.14% to $74.11 a barrel as of 5 a.m. ET. Meanwhile, West Texas Intermediate traded down 0.03% to $69.14 a barrel.
Oil prices have fallen over the past year as global producers and distributors have recovered from pandemic disruptions and tweaked their supply chains to partly offset the impact of the Russia-Ukraine conflict. Reduced demand in summer, and higher interest rates and painful inflation spurring consumers and businesses to cut back on their energy usage, may also have played a role.
Unsurprisingly, OPEC hasn't cheered the declining prices, with one analyst predicting Saudi Arabia could cut production if Brent futures fall below $70 a barrel.
