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By Kristin Myers, Editor-in-Chief

What's Happening Today

More warnings from retailers sent stocks lower earlier today before turning higher, after Target said its profits would be squeezed by extra inventory in stores. Target said it would try to get rid of some excess goods this quarter to streamline operations. And as inflation continues to sting consumer wallets, Americans are cutting back on some purchases, which leaves retailers stuck with items that shoppers don't want to buy.

As we've seen over the last few weeks of market volatility, cryptocurrencies have also been taking a hit. Bitcoin's price has dropped to below $30,000, falling nearly 6% in the last day.

Meanwhile, home prices rose to another record high last month, according to the latest report from CoreLogic released this morning. Home prices were up 20.9% in April from a year ago, with about 70% of homes selling above their asking price. However, the data provider expects those annual price gains to slow to 5.6% by April 2023, as rising mortgage rates and declining affordability weigh on prospective homebuyers.

And for Americans with unpaid student loans, a decision from President Joe Biden on canceling student loan debt might not arrive until the end of summer, unnamed administration officials reportedly told The Wall Street Journal. The administration extended the pause of student loan payments through Aug. 31 amid growing calls to cancel federal student loans.

- Kristin

Editors' Picks

Home Prices Up Again As Buyers Lock in Last Low Rates (The Balance)

Higher-Priced Basics Eat 70% of Social Security Checks (The Balance)

Biden Decision on Student-Loan Forgiveness Unlikely Until Later in Summer, Officials Say (The Wall Street Journal)

State-by-State List of Statute of Limitations on Debt (The Balance)

High Gas Prices Are Being 'Felt By the Lower Income Households in Particular': BofA (Yahoo Finance)

Crypto industry scores a big win under long anticipated Senate bill (The Washington Post)

Variable-Rate HELOC vs. Fixed-Rate HELOC: What's the Difference? (The Balance)

How To Repay a Home Equity Loan (The Balance)

Off the Charts

Gas prices are rising faster than they have in months, and there's no relief in sight for weary drivers. The average price for a gallon of unleaded gas in the U.S. reached yet another record high today—$4.92—after shooting up nearly 30 cents in one week, according to AAA.

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Number of the Day

42% - That's how much one measure of home prices has risen since the pandemic hit, showing how much the market has changed even if recent signs of cooling bear out.

In the spirit of Pride Month, join our Editor-in-Chief, Kristin Myers, with featured guest Ellyce Fulmore, financial educator and owner of Queerd Co. The event is on Thursday, June 9 at 2:30 p.m. EST. Follow us on Instagram to get updates on The Balance's live events this month!