Thursday,
February 10, 2022
Market recap
Dow Jones
35,768.99
+306.21 (+0.86%)
S&P 500
4,587.23
+65.69 (+1.45%)
Nasdaq
14,490.37
+295.92 (+2.08%)
Top Story
US Stocks Rose Wednesday
• US stocks rose Wednesday as investors continued to look for bargains following Januaryās selloff. Tech stocks led the way while traders also evaluated another round of earnings reports. Government bond yields backed off slightly amid 2022ās broad rise.
• The US Commerce Department reported wholesale inventories rose by 2.2% in December. Economists had expected the number to stay flat. Some argue this shows supply-chain pressures are beginning to ease.
What to Be on the Lookout for Today
• Wall Street will be closely watching inflation indicators as the January CPI and January Core CPI are due. Decemberās Consumer Price Index, which is determined by tracking the costs of dozens of items, rose 7% from the previous year. Thatās the fastest pace for inflation since June 1982. Core CPI excludes food and energy. This metric rose 5.5% in December when compared to the same point in 2020.
• Traders will also be following initial jobless claims, which came in lower than anticipated for the week ended January 29 at 238,000. The federal budget deficit is set for release as well.
• Dow component Coca-Cola (KO) will report its most recent earnings. Investors note the company must confront the fact that consumers are increasingly moving away from sugary sodas, which remain Coca-Colaās core product. Still, analysts praise the beverage giant for acquiring healthier drinks such as Smartwater and BODYARMOR SportWater.
Credit: Itās Like Your Financial Report Card
Your credit score is a critical part of your financial health. The number factors into whether you can qualify for loans or credit cards, auto or homeownerās insurance, and the terms youāre offered on debt.
If you fall into the low credit score range, remember that it isnāt set in stone. There are steps you can take such as making on-time bill payments, keeping debt to a minimum (or consistently paying it off) and being mindful of opening and closing your credit cards. It wonāt happen overnightābe aware of anyone who promises a miracle quick fix as this could be a scam.
Keep an eye on your progress and start tracking your credit score at no cost today, without hurting your credit.
A Few Headlines That Should Be on Your Radar
Valentineās Day costs are on the rise, as everything is more expensive this year from eating out to buying flowers. Some items and dining out options are more expensive than others, so it pays to stick to a budget when celebrating the holiday with your significant other. Surveys show Americans expect to pay over $200 this Valentineās Day, and many stores are running low on candy as supply is tight. Read more >> Oil prices alone do not predict economic fallout, but they are usually something we see in the rearview mirror and wish weād paid attention to sooner. Oil prices climbed 34% since the beginning of Dec 2021 and topped $90/barrel. See what SoFiās Head of Investment Strategy has to say about oil prices and how it could inform your portfolio risk. Read more >> Mortgage lenders have seen the number of ideal candidates for refinance almost cut in half since the start of 2021, as thereās been an uptick in activity ahead of rising rates. A number of borrowers appear eager to either refinance or purchase homes ahead of the Fedās plan to hike interest rates. The flurry in activity means mortgage lenders will need to focus on cash-out refinance or candidates with worse credit in order to keep growing as the market shifts. Read more >> There are plenty of cute Valentineās Day ideas to be found, but what about cheap Valentineās gifts that wonāt break the bank? Find inexpensive Valentineās Day gift ideas that will have your sweetheart swooning. Get ready to brag about how much you didnāt spend! Read more >>Not-So-Breaking News
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Apple (AAPL) showed off its new āTap to Pay on iPhoneā system yesterday, which doesnāt require merchants to use any additional hardware when ringing up customers. Some analysts have called the move a direct challenge to Blockās (SQ) payment processing service Square.
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Chipotle (CMG) posted an upbeat earnings report despite facing a number of cost headwinds during its most recent quarter. Executives say a mid-December price increase helped offset both wage increases and inflation.
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Reports say Johnson & Johnson (JNJ) has stopped making its single-dose COVID-19 vaccine. The New York Times (NYT) reports the move was a surprise to some, including customers in developing nations who are said to prefer the single-dose option.
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Samsung introduced three new smartphones yesterday as well as the new Galaxy Tab S8 series of its Android tablets. The Galaxy S22, S22+, and S22 Ultra are able to connect to Wi-Fi 6 and feature an aluminum frame as well as chemically-enhanced glass in the front and back.
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CVS (CVS) beat analyst estimates for earnings with credit going to the sale of at-home COVID-19 tests as well as vaccines. The pharmaceutical giant administered 20 million COVID-19 vaccines during the fourth quarter of 2021, which significantly outpaced the previous six months.
Financial Planner Tip of the Day
"It is common to be tempted to time the market. The simple fact is timing the market is a bad idea for the average investor and actually leads to lower returns than the broader market."
Brian Walsh, CFPĀ® at SoFi