Top Story
Will interest rates be high forever?
When the Federal Reserve pushed interest rates up in its fight against inflation, central bankers often spoke about their goal of a āsoft landingā for the economy. But what if thereās no landing in sight?
US stocks finished higher on Monday
• The Dow Jones Industrial Average closed above 43,000 points for the first time, and the S&P 500 reached a new record close too. Chipmaker NVIDIA closed at its own record.
• On Friday, better-than-expected earnings from big banks like JPMorgan Chase and Wells Fargo set a bullish mood for the start of the third-quarter earnings season.
Hereās what to be on the lookout for today
• The New York Fedās Survey of Consumer Expectations.
• In earnings, banking giants Bank of America, Citigroup, Goldman Sachs, and PNC will report, joined by Johnson & Johnson, UnitedHealth, and Walgreens.
This number has a big impact on your finances
When it comes to borrowing money, lenders will turn to a three-digit number to help make the decision: your credit score.
Banks want to reduce their risk, and a credit score represents a borrower’s creditworthiness (aka the ability to repay the loan).
Your credit score is determined by a variety of factors, including your payment history, types of credit accounts, your credit utilization rate, and length of credit history. A score above 700 is typically considered good.
Your history, your score
Maintaining a good credit score can save you money: People with higher credit scores tend to secure lower interest rates on loans.
Checking your credit score won’t lower it, but inquiries made by lenders and credit card companies for a full check of credit history can affect a score.
Your credit score can also fluctuate, so keeping an eye on it makes sense. Late payments, opening up a new line of credit, or paying off a loan can impact your score. And if your score unexpectedly drops, try to find out why.
Learn more about staying on top of your score with free credit score monitoring from SoFi Relay.
Todayās top stories
Will the real economy please stand up?Between inflation and labor market data, the U.S. economy is getting harder to understand. This is what you need to know for this week on Wall Street.
Read more >> What is the difference between ETFs and index funds?Both are common investment choices for many people. But what exactly sets them apart?
Learn more >>Other news that caught our eye
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Starbucks discounts are getting rarer. The coffee chain’s new CEO Brian Niccol has been reeling in promotions since taking over in August.
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The diamond market has split in two. Younger Americans are flocking to lab-grown diamonds for their affordability, while older consumers are splurging on larger, pricier natural diamonds.
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Acting U.S. labor chief Julie Su will meet with Boeing execs and union reps to broker a deal to end the company’s ongoing machinists strike after the company said it would lay off 17,000 workers.
Financial planner tip of the day
āDiversification is chief among an investorās risk management tools. A diversification strategy means spreading money across multiple asset classes, such as stocks and bonds. A portfolio can be further diversified within each asset class.ā
Brian Walsh, CFPĀ® at SoFi