Tuesday,
October 10, 2023
Market recap
Dow Jones
33,604.65
+197.07 (+0.59%)
S&P 500
4,335.66
+27.16 (+0.63%)
Nasdaq
13,484.24
+52.90 (+0.39%)
Top Story
The emerging technology is contributing to massive growth in the tech sector, but the data centers that power it contribute to an unprecedented surge in energy demand.
• Oil prices jumped more than 4% on supply worries, while Treasury yields retreated as investors headed for safe haven investments.
• Defense companies including Lockheed Martin (LMT) and Northrop Grumman (NOC) moved up nearly 9% and more than 11%, respectively.
• Tesla reported that its China EV sales declined nearly 11% year-over-year in September just one week after announcing a decline in third-quarter deliveries.
• Pharmacists, technicians, and other staff members at more than 500 Walgreens (WBA) locations walked out on Monday in protest of understaffing and management’s focus on profit over patient care. The strike is expected to continue through Wednesday. The company is due to report earnings on Thursday. Shares finished up more than 2% Monday.
• PepsiCo will release its third-quarter earnings results. Last quarter, the multinational food and beverage company updated its full-year guidance, projecting revenue growth of 10% and earnings per share growth at 12%.
When it comes to investing, how do you keep a level head and navigate the massive amount of information out there?
In the most recent episode of The Important Part podcast, SoFi Head of Investment Strategy Liz Young sits down with Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management and author of four books and the blog A Wealth of Common Sense.
Liz and Ben dig into how you can leverage the power of simplicity to establish a set of rules for your portfolio, make the most of the resources available to you, and weather market extremes.
Plus, get Ben’s take on whether real estate is a worthwhile investment in a volatile market and the most common mistake individual investors make.
Listen and subscribe on Apple, Spotify, or wherever you get your podcasts.
Other news that caught our eye
The Nobel Prize in economics was awarded for research into pay disparities between men and women. Harvard economics professor Claudia Goldin’s research shows that differences in occupation and education drive much of the gender disparities in the labor market.
Google is using artificial intelligence to help doctors pull important information from medical records more quickly.
The UAW picketers were joined by Mack Trucks workers, who joined the strike after voting down a proposed contract. The number of auto workers on strike now totals more than 30,000 across 22 states.
Electric air taxis will be in commercial service by 2025, according to the founder of Joby Aviation.
Financial planner tip of the day
“The best time to invest is when you’re prepared; you know you’re in it for the long haul; you have the funds; you understand your risk tolerance, and you’ve identified your financial goals. When these fundamentals are in place for the long term, the market’s short-term ups and downs become far less relevant. The best time to invest is when you start.”
Brian Walsh, CFP® at SoFi