The Week in Review
U.S. stocks began the week mixed as investors returned from the Labor Day weekend, with the S&P 500 and Dow Jones Industrial Average both closing down slightly Tuesday, while the Nasdaq eked out another record close, up 0.1%
From there, markets posted a string of down days as investors weighed positive economic data against rising COVID-19 case numbers and the continued spread of the delta variant. Labor market indicators, including July job openings and Thursday’s weekly jobless claims, were generally better than expected.
On the policy front, the European Central Bank said Thursday that it will ease up on the pace of bond purchases. Investors were unsurprised by the announcement, but attention may now shift to the Federal Reserve’s timetable for tapering asset purchases. The Central Bank meets on Sep. 21-22, and traders are worried that Jerome Powell may try to slow down the bond buying that has kept rates low in order to aid the pandemic recovery.
Meanwhile, several U.S. airlines, including American (AAL) and United (UAL), downgraded their third-quarter revenue outlooks in light of the delta variant, as consumers cut back on travel plans.
For more economic news and how it affects your money, visit the SoFi app.
This Week's Top Stories
Goldman Sachs (GS), Citigroup (C), and Jefferies (JEF) are among the Wall Street banks reaping big rewards from all the dealmaking going on in 2021. So far this year, companies have spent $1.8 trillion in the US and over $3.6 trillion globally on mergers and acquisitions. This year, M&A is expected to be higher than in 2015, which was a record-setting year.
Every week, SoFi’s Head of Investment Strategy shares her economic and market insights in order to help empower readers to take a more active role in their financial futures. This week, see what Liz has to say about rate implications.
Amazon (AMZN) plans to bring its cashierless checkout technology to two new Whole Foods stores slated to open next year. Shoppers in Washington, D.C. and Sherman Oaks, California, will be able to skip the checkout line when shopping for produce and other grocery items.
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Does Everyone Need an Estate Plan?
The short answer is yes, estate planning can be a smart move for everyone.
Though it’s not fun to think about what will happen to your loved ones after you are gone, doing some estate planning early on and readjusting 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, your assets may not go to the people you wished to inherit 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 heirs.
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.