The Week in Review
US stocks tumbled Monday as investors grew concerned about rising COVID-19 cases weighing on global economic recovery. The 10-year Treasury yield sank to a new five-month low of 1.186% which added to investors’ worries about the economy losing steam. The Cboe Volatility Index, which investors use to gauge the level of fear and stress in the market, surged six points, hitting its highest level since May.
US stocks made a comeback Tuesday. Treasury yields rallied, alleviating some investors’ fears about economic recovery. The 10-year yield was back above 1.20% after it dropped sharply on Monday. Additionally, reopening stocks, which experienced significant selloffs Monday, rebounded.
US stocks climbed Wednesday, continuing to rebound from sharp losses spurred by Monday’s broad-based selloff.
Investors turned their attention to earnings season on Thursday, which is in full swing. Between underwhelming economic data reports and falling rates, investors piled back into mega-cap technology stocks.
US stocks rose Friday as all of the major benchmarks rebounded from concerns about economic growth from earlier in the week. The S&P 500 even hit a new high, bolstered in part by consolidation into mega-cap technology names and robust earnings reports from a variety of companies.
For more economic news and how it affects your money, visit the SoFi app.
This Week’s Top Stories
The Dow Jones Industrial Average took a beating Monday amid fears that increasing COVID-19 cases will slow economic growth. Learn more here.
Jeff Bezos’s Blue Origin completed its first passenger flight to the edge of space. The historic flight could be the beginning of a new era for space travel. Learn more about the flight and what’s up next for the company after this milestone.
Blockchain startups raised a record amount of venture capital funding during the second quarter. Learn why investors are pouring money into the space .
Deep Dives from SoFi Learn
How does rising inflation affect interest rates? The two tend to move in tandem, affecting the cost of buying a home and refinancing an existing mortgage. Learn more about what inflation means for home buying or mortgage refinancing at SoFi Learn.
In crypto, there are a lot of unique terms and phrases. For crypto beginners, learning these niche acronyms and phrases is essential before investing. Learn more with Popular Terms Every Crypto Beginner Needs to Know.
Feeling the pressure of doing it all? Read How to Negotiate an Adjusted Summer Work Schedule for tips to make your summer schedule work for you.
Ready for a Class in Crypto?
Brian Walsh, SoFi Financial Planner, walks through the basic questions and high-level considerations that you should know before investing in cryptocurrency. Watch on YouTube now!