💲 Pay For Overtime Work Is About To...?

Good morning. US stock futures moved higher in Wednesday morning trading as investors digest big tech corporate earnings.

👨🏽‍💼 Biden admin settles overtime rule for workers

📝 Our report: The Biden administration just dropped a bombshell: they're extending mandatory overtime pay to about 4 million salaried workers, going a step further than Obama's attempt that got shot down. The U.S. Department of Labor rule will require employers to pay overtime premiums to workers who earn a salary of less than $1,128 per week, or about $58,600 per year, when they work more than 40 hours in a week.

 🔑 Key points:

• Under the rule, the salary threshold will increase to $43,888 on July 1 and to $58,656 on Jan. 1, 2025. And starting in 2027, the threshold will automatically increase every three years to reflect changes in average earnings.

• U.S. wage law requires employers to pay eligible workers one and one-half times their regular rate of pay when they work more than 40 hours in a week.

• The current salary threshold of about $35,500 per year was set by the Trump administration in a 2020 rule that worker advocates and many Democrats have said did not go far enough.

💡 So what: The Biden Administration's new overtime rule could have significant implications for both workers and companies. For workers, it means potentially higher pay and greater financial security, especially for those who regularly work long hours without overtime compensation. It could also improve work-life balance by discouraging excessive overtime demands. However, for companies, especially smaller ones with tighter budgets, the new rule might lead to increased labor costs and administrative burdens. They may need to adjust staffing levels, salaries, or workloads to comply with the regulation. Additionally, it could prompt companies to reevaluate their compensation structures and overtime policies to ensure compliance and fairness.

Wednesday - No Major Economic News

Thursday - U.S. GDP

Friday - Consumer Sentiment

💸 Here are 5 investing ratios every investor should know!

💰 A guide to making better financial decisions!

🏡 These are the 5 types of mortgages for home buyers

 📈 Get 5.1% APY For Your Extra Cash

Many of you ask where we’re putting our extra cash to earn the highest interest while still having access to it.

I’ve looked through plenty of high yield options and my top pick is Moomoo. It’s offering one of the highest yields available today at 5.1% APY.

And the best part? No minimum deposits, no cap on interests, and you can withdraw your cash at anytime.

Moomoo is offering Daily Market Briefs subscribers a limited-time deal: earn 5.1% APY on your cash and get up to 15 free stocks.

PS: Despite the funny name, Moomoo is a registered broker dealer with the SEC and is a member of SIPC meaning you’re insured up to $500,000.

💰 NYSE takes closer look at 24-hr trading

WHAT: The world's largest stock exchange is getting curious, running a survey to find out what market players think about the idea of trading stocks 24/7. The New York Stock Exchange’s data analytics team is leading the research to find out the interest of market participants for round-the-clock trading.

WHY: In recent years, the exchange has facilitated after-hours trading from 4 p.m. to 8 p.m. via ECNs, or “electronic communication networks.”

🏢 WeWork founder doubles down on effort to acquire company

WHAT: Adam Neumann, the mastermind behind WeWork, is pulling out all the stops in his quest to reclaim the coworking kingdom. Neumann asked a U.S. bankruptcy judge to help his bid to re-acquire the coworking business, saying WeWork's management should engage in talks or be forced to cede control of the company's restructuring.

WHY: WeWork entered bankruptcy in November 2023 with a restructuring support agreement with its equity backer Softbank and its lenders, who agreed to wipe out $3 billion in debt in exchange for an equity stake in the business.

🚫 FTC takes aim at non-compete agreements

WHAT: The U.S. Federal Trade Commission (FTC) is gearing up to give the boot to those pesky agreements that stop workers from joining competitors. The FTC and worker advocates who support the rule say it is necessary to rein in the increasingly common practice of requiring workers to sign so-called "noncompete" agreements, even in lower-paying service industries such as fast food and retail.

WHY: Major business groups representing an array of industries have criticized the proposal, saying noncompetes are a crucial way for companies to protect trade secrets and that they promote competitiveness.

✏️ DMB Insider Quiz ✏️

🧑‍💻 We read your emails and poll replies daily.

Hit reply and let us know what you want more of!

See ya next time, Daily Market Briefs