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Apple and Tesla do stock splits, jobless claims fall below 1 million: What today's news means for your money

After Apple and Tesla announced stock splits, CNBC's Jim Cramer called for more companies to follow suit. Meanwhile, jobless claims fall below 1 million for the first time since late March.

Jim Cramer.
Scott Mlyn | CNBC

Stock splits and unemployment numbers are making news today. Here's how the headlines could affect your money:

Apple, Tesla ready for stock splits

Apple and Tesla both recently announced they will split their stock on August 31. Apple plans a 4-for-1 split while Tesla will do a 5-for-1 split

On "Mad Money" Wednesday, CNBC's Jim Cramer said splits are an important tool "if you want the market to keep climbing" and called for companies including Amazon and Microsoft to follow suit. Those companies, along with Apple, have been responsible for much of the S&P's recent climb back to pre-pandemic highs.

Weekly jobless claims drop below 1 million

Weekly jobless numbers continue to drop and beat Wall Street expectations. For the first time since late March, jobless claims came in below 1 million: Claims fell to 963,000 last week.

Traders saw the better-than-expected numbers as another sign of economic improvement, a sentiment that helped the market cut losses for a flat open.

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How to reinvent yourself during unemployment

Video by Stephen Parkhurst

Remote learning tech can make back-to-school shopping pricey

Families with kids expect to spend about $790 on back-to-school supplies per household, according to the National Retail Federation. That's up from $697 last year.

Laptops and computer accessories for remote learning are driving costs up. Before you buy, check in with your school. Many are supplying students with laptops or tablets, or have gear families in need can borrow. And don't forget to check retailers' selection of "open box" electronics. Opting for a lightly used laptop could save you up to 30%.

Words you've heard: stock split

A stock split increases the number of shares in a company by issuing new shares to current shareholders. In doing so, it decreases the market price per share. For example: If you had one $1,000 share, after a 4-for-1 split, you'd have four $250 shares.

Experts generally consider splits a good thing: Shareholders get more shares for their money, and lower share prices draw in more investors. 

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

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