Thursday,
October 17, 2024
Market recap
Dow Jones
43,077.70
+337.28 (+0.79%)
S&P 500
5,842.47
+27.21 (+0.47%)
Nasdaq
18,367.08
+51.49 (+0.28%)
Top Story
How rising health care costs could put a dent in paychecks
Health care costs could outpace pay bumps next year, putting pressure on Americans’ take-home pay.
US stocks finished lower on Tuesday
• The Dow Jones Industrial Average rose to a fresh record close as earnings news dominated.
• Shares of United Airlines skyrocketed to a pre-pandemic high after beating estimates in the carrier’s busiest third quarter on record. Morgan Stanley also continued the trend of strong banking earnings, sending its stock surging to a 52-week high.
• The average 30-year fixed mortgage rate jumped to 6.52% last week, above 6.36% the week before and the highest level in two months, attributed to slower-than-expected Federal Reserve interest rate cuts in future months.
Here’s what to be on the lookout for today
• U.S. retail sales.
• We’ll also get a weekly reading on the number of Americans filing for first-time unemployment claims.
• In earnings, Netflix and Taiwan Semiconductor Manufacturing Company will headline, while M&T Bank and Truist keep the ball rolling in the banking sector.
A tale of two earnings seasons (and why it matters)
The stock market’s direction is driven by many variables on any given day. But earnings season, when companies report how things are going and what they expect for the year ahead, is always a big focus for investors.
America’s big banks, which are among the first companies to report, usually set the tone for the season. And this time around, things looked good!
At the same time, the AI-centric semiconductor industry, which has been boosting the market this year, was hit with disappointing earnings from Dutch chip equipment maker ASML. And this sent shockwaves across the more tech-focused part of the market.
In this week’s column, SoFi Head of Investment Strategy Liz Young Thomas makes sense of this tale of two earnings seasons.
Today’s top stories
Allison Holker gets real about life after tragedyThe reality dance star shares her financial secrets and how she recovered after her husband’s tragic death.
Read more >> How to be savvy with your time and moneyMaking the most of each requires strategies, such as budgeting, scheduling, reducing overspending, and finding work-life balance.
Learn more >>Other news that caught our eye
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Discount grocer Aldi will offer a $47 Thanksgiving meal for 10 this holiday season, roughly $2 cheaper than a similar promotion by rival Walmart.
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Bed Bath & Beyond is headed back to stores. The brand’s products will soon be sold at The Container Store, as part of new parent company Beyond Inc’s $40 million investment in the latter.
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Stellantis is recalling nearly 21,000 vehicles over a braking issue in some Alfa Romeo and Dodge models.
Financial planner tip of the day
“An integral part of financial wellness is having a cash reserve. Research shows that having cash to cover the unexpected has the biggest impact on financial stress, anxiety, and satisfaction.”
Brian Walsh, CFP® at SoFi