Saturday,
August 7, 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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Top Story

The Week in Review

US stocks started the month of August on a mixed note. Investors kept their eyes on a few storylines this week including Treasury yields, oil prices, the Delta variant, and earnings season.

Early morning gains gave way to flat trading in the afternoon on Monday. The directionless market isn’t out of the ordinary for late summer when traders take time away from the desk to enjoy vacation before the final sprint of the year.

US stocks were mixed in the morning again on Tuesday, but all three major indexes staged a midday rally.

US stocks were mixed Wednesday. Q2 economic data and corporate earnings have been strong, but investors are concerned that those upward trends may be over as economic recovery slows.

US stocks climbed Thursday. Energy and travel stocks led the gains after suffering earlier in the week due to worries about the contagious Delta variant of COVID-19. Wall Street has also been weighing concerns about slowing economic growth, especially if restrictions on businesses are reinstated.

US stocks climbed Friday, especially those tied to economic recovery. Shares of banks including JPMorgan and Bank of America saw gains, as did energy and retail stocks. In contrast, shares of tech stocks including Amazon, Apple, and Salesforce traded in the red.

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

This Week’s Top Stories

“Buy now, pay later” programs are seeing a surge in popularity, both at brick-and-mortar stores and on ecommerce platforms. Analysts expect that deferred payments could exceed $1 trillion by 2025. Learn about why and how these payment systems are gaining ground here.

The $1 trillion infrastructure bill is making its way through the Senate this week. The bill includes $65 billion to help improve internet access for low-income and remote communities. This could benefit internet providers across the country.

Ethereum (ETH), the world’s second-largest cryptocurrency, successfully completed its London hard fork without a hitch. The 11th, but most important upgrade for Ethereum, brings more fee stability and expands the blockchain. Ethereum miners are the clear losers in the upgrade as they lose a portion of their income. All of the moves are designed to pave the way for Ethereum 2.0.

Deep Dives from SoFi Learn

Understanding financial milestones at every age can help you build a financial plan and put you on track to meet your savings goals. Here’s a look at some common savings goals by age to help you orient yourself and build a plan.

With the rise in popularity of digital assets, it may be worth considering an investment in crypto in 2021. Learn more about cryptocurrency vs. stocks, and 8 key differences traders should know.

How much wealth do you really have? Explore ways to calculate net worth and why you should.

IPO Investing: Now for the Rest of Us

Traditionally, access to IPOs before they're traded on the public market has been reserved for large institutional investors. Now SoFi members can participate in IPOs before they trade on an exchange with no account minimum. Start trading now, or watch the video below to learn more about how it works.


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