July 31, 2021

Amid evolving news surrounding COVID-19 and the economic reopening, your financial needs are our top priority. For more information,click here.


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The Week in Review

US stocks rose Monday, although there seemed to be a wait-and-see mentality on Wall Street as traders prepared for earnings from a handful of technology heavyweights and comments from the Federal Reserve.

Tuesday the CDC recommended that fully vaccinated people start wearing masks indoors in areas with high COVID-19 transmission rates. It also advised that students wear masks in schools this fall. While weighing concerns about the Delta variant, Wall Street also worried about supply-chain issues, inflation, and slowing economic growth in the coming months.

US stocks were mixed Wednesday. Indexes had been hovering near all-time highs thanks to strong corporate earnings, economic growth, and easy monetary policies, but the enthusiasm was tempered by concerns about the Delta variant of COVID-19, regulatory crackdowns in China, and persistent inflation trends.

US stocks climbed Thursday in spite of several data points showing that economic recovery may be tapering. The US gross domestic product, which measures all the goods and services produced in a country during a given period, was significantly lower than economists’ predictions. Jobless claims also missed expectations. The number was lower than at the height of the pandemic, but was still almost twice the pre-pandemic norm.

US stocks fell Friday, but averages wrapped up a relatively solid month thanks to outperformance by utilities, healthcare, real estate, and technology stocks. Energy and financial sectors lagged behind. There was also a notable uptick in volatility in July. The trading turbulence is being attributed to concerns about the economic recovery as the Delta variant continues to spread both at home and abroad.

For more economic news and how it affects your money, visit the SoFi app.

This Week’s Top Stories

China is clamping down on more than just the tech industry, which is spooking investors. The selloff in Chinese stocks was broad-based, with all 10 industries in the MSCI China Index declining the most in about 14 months. Learn what’s contributing to the selloff.

Retailers face tough year-over-year comparisons after a strong summer 2020. Back-to-school sales may keep the momentum going. Learn why here.

Home prices are still surging, but the bubble may not necessarily pop. Learn why the current real estate rally is different from real estate price leaps in the past.

Deep Dives from SoFi Learn

Incoming freshman: Not sure what to do first? Start preparing for college by tackling finances and fun in these 10 ways to prepare for college.

The home buying process can be confusing. Here’s a helpful guide to all the steps you need to take to become a homeowner.

The pandemic taught us many lessons about our finances. As the economy reopens, read on for 103 money lessons from our SoFi Members.

Does Everyone Need an Estate Plan?

The short answer is, yes, estate planning can be a smart move for everyone.

Though it’s not much fun to think about what will happen to your loved ones after you are gone, doing some estate planning early on, and readjusting it as needed throughout your lifetime, can help you prepare for the future and protect the people you care about.

One of the biggest reasons why is that without an estate plan, any assets you have may not go to the people you would have wanted to have them. And, if you have children, you won’t have a say in who becomes their guardian.

Not having an estate plan can also create a lot of legal and administrative headaches for your family members and friends.

Contrary to what many people assume, you don’t have to be old, rich, or have children to benefit from making a financial plan for after you are gone.

SoFi, in partnership with Ladder, now offers estate planning as part of SoFi Protect. Draft your will for free and plan for your long-term financial future—because no financial plan is complete without considering the needs and goals of those you love.

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