Stocks Fall, S&P 500 Flirts with Bear Market, Existing Home Sales Fell in April

•   US stocks fell Thursday, as the S&P 500 inched toward bear market territory. This refers to a 20% decline from a recent high. It was a choppy session for all three major indexes. Several tech stocks posted gains to help boost the Nasdaq and benchmark S&P 500.

•   One of the themes this week has been weaker-than-expected earnings reports from several retail companies. This has some investors worried inflation is catching up to American consumers. Rising rates are continuing to put further pressure on spending, as the Fed tightens its monetary policy.

•   Initial jobless claims rose by 21,000 to reach their highest level since January. Existing claims are at their lowest point since 1969.

•   Existing home sales fell in April, according to the National Association of REALTORS®. Activity was down at levels not seen since the start of the pandemic. Despite rising mortgage rates, elevated prices held steady, which market observers attribute to tight supply.

What to Be on the Lookout for Today

•   The advance services report is due. This provides quarterly estimates of trends and total revenue for certain service industries.

•   Sneaker and athletic apparel retailer Foot Locker (FL) will post earnings. While Nike (NKE) has scaled back its relationship with the retailer, competing brand Adidas (ADDYY) is reportedly filling the gap. Nike is moving toward more direct sales, while Adidas announced last week it would expand its partnership with Foot Locker.

How Do You Dispute a Credit Card Charge? All You Need to Know

The process for how to dispute a credit card charge depends on the credit card issuer as well as the reason for the dispute. Just as all issuers have their own credit card application process, they also have their own process for filing a dispute. That said, here is the general process for each type of credit card dispute:

•   Billing error disputes: The billing error dispute process is regulated by the FCBA. To dispute a credit card charge related to a billing error, send a letter to the credit card issuer’s billing inquiries department (and make sure to keep a copy for your own records). You should use the sample letter for disputing charges provided by the Federal Trade Commission (FTC) to do this. In your letter, detail the reason for the dispute and include any supporting documentation.

•   Fraudulent charge disputes: If a dispute is related to fraudulent charges, the cardholder can contact the credit card company. The company may request proof of a police report or other documentation that proves the credit card was either lost or stolen.

•   Bad service or unrendered services disputes: When it comes to service issues, it’s best to start with the merchant. If the merchant won’t refund the purchase, the cardholder can request a credit card chargeback online, over the phone, or by mail. They should include any supporting documentation that backs up their claim and shows their attempts to work with the merchant directly first. It’s important that you do not pay for the disputed charge while the issue is still being resolved, though you’ll still want to make the credit card minimum payment (or pay the rest of the balance in full) to avoid late fees or other penalties.

Generally, consumers have 60 days to file a request to dispute a credit card charge. After you’ve filed a dispute, the credit card issuer has 30 days to send a letter acknowledging the dispute, and it must settle the issue within 90 days of receiving the letter.

Alongside factors like a good APR for a credit card and rewards offerings, protections are an important consideration when choosing a credit card. The SoFi Credit Card, for instance, offers Mastercard ID theft protection, which can help to detect potential fraud. Check out everything the SoFi Credit Card has to offer.

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Americans are getting more comfortable with borrowing, but which generation carries the most debt? And how much debt is too much?
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