Thursday,
September 8, 2022
Market recap
Dow Jones
31,581.28
+435.98 (+1.40%)
S&P 500
3,979.87
+71.68 (+1.83%)
Nasdaq
11,791.90
+246.99 (+2.14%)
Top Story
Stocks Rally as Nasdaq Snaps Its Seven-Day Losing Streak, International Trade Deficit Narrows
• US stocks rose Wednesday as investors shook off concerns tied to slower global economic growth. This largely stems from potential energy shortages in Europe as well as fresh COVID-19 lockdowns in China. Oil prices fell which may have eased inflationary concerns and boosted sentiment on Wall Street.
• Cleveland Fed President Loretta Mester spoke at a conference and warned against declaring an “early victory” over inflation. She reiterated her past comments that the Fed needs to raise its target rate above 4% and leave it there for most of 2023 in order to cool off inflation, which is at its highest mark in close to 40 years.
• Meanwhile, Fed Vice Chair Lael Brainard reaffirmed the central bank’s aim to fight inflation but cautioned against going too far. The latter point seems to have been latched onto by investors, which may have helped the market rally.
• The US Commerce Department reported the international trade deficit narrowed in July. It decreased 12.6% to $70.6 billion. Exports hit a record high, and analysts suggest that bodes well for the third-quarter GDP.
What to Be on the Lookout for Today
• Jobless claims are due. Last week’s number surprised analysts by falling to 232,000. That’s a nine-week low. Layoffs remain down by historical standards.
• July’s change in consumer credit will be published. The category grew by 10.5% on an annual basis in June.
• Shanghai-based video sharing website Bilibili (BILI) will hand in its latest report card. Late last month the company launched its first anime creation platform for Southeast Asia.
What Do You Need To Set Up Direct Deposit?
In a fast-paced world of daily checklists and endless to-dos, a little convenience goes a long way. While you’ve probably heard the phrase, “work smarter, not harder,” in the context of your day job, the same motto applies to personal finance.
These days, you have options when it comes to how you simplify aspects of your financial life. One approach is to tap into automated processes, such as direct deposit. Direct deposit offers a fast, secure, and convenient method of getting paid, eliminating the need for paper paychecks and trips to the bank – among other benefits.
Setting up direct deposit is generally quick and easy, provided you have a few key pieces of information. Below are the items you should have handy to expedite the process:
Checking/savings account number: This is a 10-12 digit number that can be found on your bank statement or in an online bank portal.
Bank routing number: This is a 9 digit transfer number that can be found on the bottom-left corner of a personal check, in an online bank portal, or online through the American Bankers Association (ABA).
Bank name and address: This can be found on your banking institution’s website.
Voided personal check: While not required in all cases, to void a check, simply write “VOID” in ink across the front of a check to ensure it can’t be used for any other purpose than setting up direct deposit.
While most employers have their own version of a direct deposit form for employees to fill out, if needed you can also request a form from your bank or credit union. Depending on when you submit a request, you could start receiving paychecks via direct deposit as soon as your next pay period.
If you are looking for ways to simplify your finances, it’s quick and easy to set up direct deposit with SoFi Checking & Savings. Eligible account holders have access to their paycheck up to two days early and can earn up to 2.00% annual percentage yield (APY) with no fee overdraft coverage.
A Few Headlines That Should Be on Your Radar
Are we headed toward a recession? The scoreboard still says the game isn’t over yet. If we are headed to the “recession” end zone, the market is likely to see more downside and possibly new lows. But if we’re headed for the “no recession” end zone, the playbook looks different — and much more positive. Read more >> Pet owners continue to splurge on human-grade pet food even in the face of rising inflation. While spending is down on items like leashes and toys, pet health and wellness remains a priority. Firms like Petco (WOOF) and Chewy (CHWY) say Millenials and Gen Z are willing to pay up for their fur babies. It also explains why they’re working on these new product lines. Read more >> Kim Kardashian is now looking to keep up with the world of private equity and entrepreneurship. While this is her first time creating such a fund, the reality star is no newbie to the investment world. Her undergarment and apparel business Skims was valued at $3.2 billion earlier this year, while her skincare line SKKN BY KIM launched within the last 12-months. Read more >> SoFi announces multi-year partnership with Los Angeles Chargers quarterback Justin Herbert Herbert will also receive equity stake and appears in SoFi’s new brand campaign and television spot, where he breaks up with bad banking and moves on with SoFi. Read more >>Not-So-Breaking News
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Chinese EV maker Nio (NIO) says the second half of 2022 will be a “critical period” for the company, after it posted a $409.8 million loss during Q2. Meanwhile the company delivered more vehicles compared to the year-ago period, and exceeded its own forecast.
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Bitcoin (BTC) hit its lowest level since June yesterday amid the continued strength of the US dollar and a global drop in stock markets. The cryptocurrency eventually rebounded off that low to turn positive for yesterday’s session, but risk assets have been under pressure as the Fed hikes rates.
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United Airlines (UAL) boosted its third-quarter revenue forecast, saying demand is strong following what was a “robust” summer travel period. The airline also raised its average fuel price estimate from $3.81 per gallon to $3.83 per gallon.
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Kraft Heinz (KHC) affirmed its full-year revenue outlook while increasing its inflation forecast to 20%. The company previously predicted inflation in the high teens. In July US food prices rose at their fastest pace since 1979.
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Online travel company Sabre (SABR) says its August gross bookings rebounded to around 55% of what was observed in 2019, prior to when the pandemic upended the industry. Sabre noted it’s encouraged by the data, despite the airline industry’s struggles this summer.
Financial Planner Tip of the Day
“Working on your credit involves more than just making credit card payments on time. Access your credit report from Equifax, Experian, and TransUnion and review it for accuracy. Make sure the payments you’ve made are reported as on-time, and look at your list of trade accounts to make sure there are no errors.”
Brian Walsh, CFP® at SoFi