Friday,
July 19, 2024
Market recap
Dow Jones
40,665.02
-533.06 (-1.29%)
S&P 500
5,544.59
-43.68 (-0.78%)
Nasdaq
17,871.22
-125.70 (-0.70%)
Top Story
First-time applications for unemployment benefits hit their highest level in nearly a year last week, indicating that the U.S. labor market really is cooling. Hereâs why that matters.
• The Dow Jones Industrial Average broke its three-day streak of record closes, falling 1.3%, or 533 points.
• Several Big Tech names struggled, with Apple, Alphabet, and Amazon shares all down roughly 2%.
• American Express and oilfield services company SLB will report earnings.
Saving for retirement isnât without pitfalls.
First things first: start as early as you can. We get it, there are a lot of demands on your money, but saving early â even in small amounts â can make a big difference to your nest egg down the road.
Leaving money on the table. If your employer offers a retirement savings plan, take advantage of it. And if they offer to match your monthly contributions, even better.
Dipping in too early. Taking money out of a retirement savings account before retirement can be costly. Early withdrawals from a 401(k) account before age 59 1/2, could result in a 10% early distribution penalty as well as ordinary income taxes.
Setting and forgetting. Picking a savings and investing strategy once never to look back, might not be the best idea for your retirement accounts. Your strategy should align with your life stage. Hereâs what that could mean: Early in your career you may have a higher risk tolerance and choose investments accordingly. Meanwhile, you may choose to shift to more conservative investments the closer you get to retirement.
But not so fast, weâre not talking about all food. Fast food chains are introducing budget menus, and even Whole Foods is looking to get consumers with discounts.
Read more >> Need a savings boost? Hereâs how to get back on trackNo matter what youâre saving up for, sometimes you need help getting back on track. Consider these 15 clever ways to save.
Read more >>Other news that caught our eye
A federal court blocked President Joe Biden's administration from continuing to implement its SAVE student loan relief plan, creating uncertainty over the monthly payment plans for millions of federal student debt holders.
Earlier Thursday, the White House canceled an additional $1.2 billion in student debt through an existing forgiveness program, with some 35,000 public service workers enrolled in the program standing to qualify.
South Korean regulators are confiscating Trader Joe's âEverything but the Bagelâ seasoning from international travelers because it contains poppy seeds, which the nation designates as a narcotic.
Amtrak travelers have seen record delays in recent months due to power failures caused by extreme heat, per a New York Times analysis.
The European Central Bank kept interest rates unchanged after lowering rates last month. Investors are monitoring the differences between U.S. and European monetary policy closely as it can have ripple effects across the markets.
Financial planner tip of the day
âItâs not necessarily a problem to have a balance on your credit card âas long as you pay it off every billing cycle. In fact, using credit cards for rewards or to build credit can be a financially healthy choice. And getting into the habit of paying off your statement balance in full by the due date is important.â
Brian Walsh, CFPÂŽ at SoFi