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Wall Street Analyses Job Market Data and Omicron Variant News
• US stocks climbed Wednesday as investors continued to analyze news about the Omicron variant of COVID-19 and tried to understand how it may impact the global economy. Pfizer (PFE) and BioNTech (BNTX) shared results from preliminary lab tests showing that three doses of their COVID-19 shot are effective against the new strain.
• Travel stocks including United Airlines (UAL), Norwegian Cruise Line (NCLH), and Las Vegas Sands (LVS) continued their upward climb. Shares of travel-related companies tumbled when concerns about the Omicron variant first surfaced, but they have rebounded this week.
• Wall Street also parsed through the most recent US job openings and labor turnover survey. Data showed that job openings increased to 11 million in October. At the same time, 4.2 million Americans quit their jobs during the month.
What to Be on the Lookout for Today
• The Labor Department will release initial and existing unemployment claims for the prior week. Unemployment claims have been declining in recent months and that trend is expected to continue for the remainder of the year.
• Costco (COST) will publish its earnings report. The retailer just posted same-store sales growth of 14.1% in Novemberâlower than the 15% increase Wall Street was expecting. Overall, sales grew 15.7% in November, which is down from 19.2% growth in October. Costco did say it's seeing signs that inflation pressures on consumers are easing. That will be on investorsâ minds when the store reports earnings.
A Better Way to Pay Down High- Interest Credit Card Debt
Data analyst Cynthia Frelund shares the details of refinancing debt. Watch the video to learn about debt consolidation and the ways it can save you money.
A Few Headlines That Should Be on Your Radar
Liz Looks at: The Flattening Curve We often look to the Treasury yield curve as an indicator of economic expectations. In todayâs environment, this indicator may mean something else. This week, see what SoFiâs Head of Investment Strategy has to say about the flattening curve. Read more >> T.J. Maxx, Ross Stores, and Burlington Could Have a Happy New Year Discount retailers including T.J. Maxx (TJX), Ross Stores (ROST), and Burlington (BURL) are poised to benefit next year as retailers try to unload excess inventory. Apparel companies are expected to end the year on a strong note. After all, consumers were flush with pandemic stimulus cash and had a strong desire to spend it. That is resulting in record profits for many companies. Read more >> Ethereum Gets an Upgrade The Ethereum (ETH) network is getting an upgrade today. The upgrade has been dubbed âArrow Glacier.â Developers are trying to delay what is being called a âdifficulty bomb,â a glitch which could slow or halt mining on Ethereum, until June 2022. Read more >> Why Credit Card Debt is So Hard to Pay Of The problem is when you donât completely pay off your credit card balance each cycle, the debt can quickly pile up, even if youâre making the required minimum payments. Understanding how credit card interest and penalties compound can help you understand how to reduce your credit card debt. Read more >>Not-So-Breaking News
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NestlĂ© (NSRGY) is scaling back its holdings in the French cosmetics company, LâOrĂ©al (LRLCY). NestlĂ© is selling $10 billion worth of shares back to LâOrĂ©al, reducing its stake to around 20%.
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Lego is spending $1 billion on a new factory in Vietnam. The toymaker is boosting production to meet demand in Asia. The plant will incorporate solar energy, helping Lego meet its goal of being carbon neutral by 2022.
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The Omicron variant does not seem to be keeping people from traveling, with Southwest Airlines (LUV) seeing stronger-than-anticipated demand. The airline said it expects a profit in the fourth quarter, as a result.
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Roku (ROKU) reached a deal with Google (GOOGL) to keep YouTube and YouTube TV on its platform. The multiyear deal means Roku users can continue to stream YouTube videos on their devices. News of the deal sent Rokuâs stock up yesterday.
Financial Planner Tip of the Day
âPayment history makes a bigger impact on a personâs credit score than anything else. A borrowerâs credit score summarizes their health and strength as a borrower, and payment history makes up 35% of that score. So the most important rule of credit is this: Donât miss payments. Timely payments are crucial, and making at least the minimum payment on a revolving credit line can make a positive impact on a personâs credit score.â
Brian Walsh, CFPÂź at SoFi