Wednesday,
December 8, 2021
Market recap
Dow Jones
35,719.43
+492.40 (+1.40%)
S&P 500
4,686.75
+95.08 (+2.07%)
Nasdaq
15,686.92
+461.76 (+3.03%)
Top Story
Stocks Rally as Concerns About Omicron Ease
• US stocks continued to climb on Tuesday. Wall Street breathed a sigh of relief due to speculation that the Omicron variant of COVID-19 is likely not more severe than earlier variants, and will not be as damaging to the economy as many had feared.
• GlaxoSmithKline (GSK) announced that its monoclonal antibodies treatment has proven effective against the Omicron variant. This further boosted market sentiment.
• Investors are feeling more confident about Chinaâs economy. Earlier this week, the Peopleâs Bank of China announced plans to lower the reserve requirement ratio for banks to 8.4%. This would inject the equivalent of about $188 billion into the financial system.
What to Be on the Lookout for Today
• Job openings and job turnovers, or JOLTS, for October will be released. JOLTS tracks how many job openings there are in a given month, how many individuals are hired, and how many quit their jobs. In September a record 4.4 million people left their jobs.
• Gamestop (GME) reports quarterly results. The video game retailerâs earnings are coming in a week after Black Friday and Cyber Monday sales. Investors should be able to get a sense of how the holiday shopping is going for the company.
Benefits of Estate Planning: What You Need to Know
Many younger people assume that estate planning is only for the old and the rich, but estate planning can be addressed at any time and in any tax bracket.
In fact, estate planning is not only about passing on your assets when you die, but it includes what directions you would want to provide to loved ones, or who would take care of your children if you are a parent.
Even more important, estate planning is a way to start thinking through these decisions and put them down in writing to communicate to others. Rather than simply assuming that your loved ones would know what you want, you have the opportunity to get rid of potential ambiguity and arguments by defining your wishes.
Having a financial plan in place in the event that you pass away or become incapacitated can protect surviving family members from unnecessary financial, legal, and emotional stress.
Not sure where or how to start estate planning? Weâve partnered with Trust & Willâthe leading online estate planning platform in the USâ to give SoFi Members 10% off their trust, will, or guardianship estate plans.* Get started.
A Few Headlines That Should Be on Your Radar
Inflation Shouldnât Increase Because of Omicron Omicron is emerging as the next dominant variant of COVID-19, with cases spreading throughout the world. But even if the variant causes new closures and supply-chain delays, it is not expected to push inflation higher since there will not be a fourth round of stimulus payments to boost the economy. Read more >> Stellantis Looks Beyond Vehicle Manufacturing Stellantis (STLA), the fourth-largest vehicle maker, is chasing the software services subscription market as it seeks to diversify beyond selling cars. The company said it expects to generate roughly $22.5 billion in revenue from services and subscriptions by 2030. Stellantis is the latest vehicle maker to target services as a way to grow annual sales. Read more >> Hereâs How to Avoid Being Scammed This Holiday Season âTis the season for fraudsters to try to steal consumersâ credit card information and identities. Online shopping can make things easy for scammers. If consumers click on the wrong link or visit an incorrect website, their personal information can be stolen. That is particularly true during the holidays when purchases pick up online and in stores. Read more >> New Parentâs Guide to Setting up a Will With new parenthood, planning your legacy becomes even more important. Here's what to know to set up your children for an easier future. Read more >>Not-So-Breaking News
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Intel (INTC) is gearing up to spin off its self-driving car unit, Mobileye, valuing it at around $50 billion. The chip maker will retain a majority stake. Proceeds will be used to enhance Intelâs chip-manufacturing capabilities.
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Wells Fargo (WFC) said defaults among borrowers are starting to increase from pandemic lows. This year, Wells Fargo and other banks released billions of dollars which were being saved for loan loss reserves during the pandemic.
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Wayfair (W) is opening three physical stores next year. This is part of the online retailer's plan to open stores for its in-house brands. Wayfairâs AllModern brand will get two stores while Joss & Main will get one.
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Samsung Electronics is overhauling its business structure, announcing several leadership changes. Samsung will now be run by two CEOs. One will be at the helm of its semiconductor business while the other will be in charge of mobile phones, TVs, and other consumer electronics.
Financial Planner Tip of the Day
âYou may not be able to completely reform an overspending habit overnight. But by tracking your spending, setting up a basic budget, and altering some of your everyday habits, you may soon be able to gain control over your financial life, and start reaching your short- and long-term savings goals.â
Brian Walsh, CFPÂŽ at SoFi