Monday,
October 7, 2024
Market recap
Dow Jones
42,352.75
+341.16 (+0.81%)
S&P 500
5,751.07
+51.13 (+0.90%)
Nasdaq
18,137.85
+219.38 (+1.22%)
Top Story
The latest inflation casualty: credit card points
Credit card rewards can be great, but what if they’re not really worth what you thought they would be?
US stocks finished higher on Friday
• The market headed higher after the September jobs report beat expectations with 254,000 jobs added last month.
• Energy stocks rallied last week as oil spiked on tensions in the Middle East.
• Chinese stock ETFs also posted their fourth straight weekly gain thanks to upbeat sentiment surrounding China's stimulus package.
Here’s what to be on the lookout for today
• The Consumer Credit report
Don’t let superstition keep you from reaching your financial goals
It’s spooky season, so let’s take a look at how superstitions may affect your investment choices. Here are some common pitfalls.
Not Investing For Fear Of Losses
One superstition that many people fall victim to is not investing out of worry about losing money. While it's true that investing comes with risks, not investing keeps you from the opportunity to grow your net worth. This is particularly true over a long-term horizon, as the U.S. stock market has historically appreciated over time.
Not Staying Invested During Market Volatility
Similarly, many investors get nervous during turbulence in the market. When the stock market goes down, you may be tempted to pull your money out to minimize your losses. The risk here: Selling at market lows could mean you might miss the rally when stocks rise again. Instead of focusing too much on the short-term, sticking to your long-term investment thesis might help you keep your cool when the market is wobbly.
Check out Investing 101 to learn more about how investing might fit into your finances.
Today’s top stories
Week ahead on Wall Street: What’s next for interest rates?Fears about an impending recession were extinguished by a red-hot jobs report last week. But what does that mean when it comes to interest rates? This week’s data may offer more insight. Here’s what’s ahead on Wall Street.
Read more >> Funding concerns are keeping small business owners up at nightSoFi surveyed 1,000 small business owners and 85% reported sleepless nights. Here’s what we learned about the challenges they face, along with some strategies to overcome them.
Read more >>Other news that caught our eye
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U.S. port workers have agreed to end a three-day strike after getting offered a 62% pay bump over the next six years.Â
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President Biden’s student loan forgiveness plan was temporarily blocked by a Missouri judge, just one day after it was cleared to proceed by a federal judge.
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Former Starbucks CEO Howard Schultz was accused of violating federal labor law for a statement that he made to a California barista in 2022 on the subject of unionization, which the NLRB ruled as an unlawful, coercive threat.
Financial planner tip of the day
“Fees can affect the upfront and overall cost of both personal and business loans, so it’s a good idea to be clear on what you’re paying. Some of the more common fees you might see with both types of loans include origination, application, packaging, and underwriting fees, and late payment and prepayment penalties.”
Brian Walsh, CFP® at SoFi