Friday's Fast Five: Week of 6.9
PGA Tour agrees to merge with Saudi-backed rival LIV Golf (CNBC): The PGA Tour has agreed to merge with Saudi-backed rival LIV Golf in a deal that would see the competitors squash pending litigation and move forward as a larger golf enterprise. The two entities signed an agreement that would combine the PGA Tour’s and LIV Golf’s commercial businesses and rights into a new, yet-to-be-named for-profit company.
Retirement-Savings Changes You Should Know About for 2023-24 (The Wall Street Journal): The Secure 2.0 Act, passed in December, contains more than 90 provisions affecting retirement-savings plans, such as individual retirement accounts and 401(k) workplace plans. Only some changes are effective this year. Others will take effect in years 2024 through 2027.
Home price declines may be over, S&P Case-Shiller says (CNBC): Steep competition in the housing market and low supply are heating up home prices again. Nationally, home prices in March were 0.7% higher than March 2022, S&P CoreLogic Case-Shiller Indices said Tuesday.
Even Cathie Wood Can’t Spot the Next Bull Market (Bloomberg): Cathie Wood is supposed to be the stock guru that spots the next secular tech trend, capable of transforming your dollars into millions. Recently, she has been caught wrong-footed. The meteoric rise in Nvidia Corp.’s shares prompted the founder of Ark Investment Management to defend the decision to cut holdings in the chipmaker in January.
U.S. Manufacturers Seek China Alternatives as Tensions Rise (The Wall Street Journal): Fears of military conflict and increasing security worries have some U.S. manufacturers re-evaluating their reliance on China. Executives are plotting alternate supply chains or devising products that can be made elsewhere should China’s hundreds of thousands of factories become inaccessible.