Friday,
September 9, 2022
Market recap
Dow Jones
31,774.52
+193.24 (+0.61%)
S&P 500
4,006.18
+26.31 (+0.66%)
Nasdaq
11,862.13
+70.23 (+0.60%)
Top Story
Dow Closes Up Almost 200 Points Despite More Hawkish Talk From the Fed, Jobless Claims Dip
• US stocks rose Thursday in a choppy session that saw investors shake off rising rate concerns. Fed Chair Jerome Powell spoke at a conference where he restated the central bank’s willingness to fight inflation. Still, stocks staged a rally around midday to finish in the green.
• Overseas the European Central Bank enacted a 75-basis-point hike to its target rate. This comes as the Eurozone deals with runaway inflation as well as a potential energy shortage, amid the ongoing standoff with Russia.
• Jobless claims fell from 228,000 to 220,000. This continues to show layoffs remain low by historical standards, as the job market remains robust.
What to Be on the Lookout for Today
• July’s wholesale inventories will be released. June’s report showed businesses slowing down the replenishment of their stocks as consumer spending has come under pressure from inflation.
• Facility management company ABM Industries (ABM) is set to post earnings. Market research firm Technavio mentioned ABM in a recent report on the contract cleaning services market, which is expected to grow by more than $151 billion from 2021 to 2026.
How Much Life Insurance Do You Need?
Buying life insurance is an important step. It secures the financial future of your loved ones who rely on you and your income. Figuring out just how much life insurance you need is a necessary part of the process that can feel complicated. Fortunately, there are a number of different ways to get a solid estimate for that figure.
Wondering how to do the math? There are some simple methods for calculating the amount of coverage that is right for your individual circumstances. Let us help you out with this calculator.
A Few Headlines That Should Be on Your Radar
The US dollar is at its highest value in decades, relative to other currencies. This is due to the Fed’s tightening monetary policy, as well as continuing fallout from the Russia-Ukraine conflict. While a stronger US dollar typically causes currencies in developing economies to plummet, the Eurozone is more at risk this time around. Here’s why the situation is also bad for US corporations. Read more >> Daxxify is a new anti-wrinkle injection that could be coming to drugstores near you. The drug recently got approval from the FDA and will compete against Botox. Competition is almost always a good thing for consumers. But how will this new product impact shareholders of both drug companies? Read more >> United Airlines (UAL) is continuing to bet on the future of flying taxis. It just invested $15 million in Eve Air Mobility, and has agreed to purchase 200 of its electric flying vehicles. The deal builds on a previous purchase agreement United signed with Archer Aviation for 100 of the aircraft. Motorists sitting in traffic or waiting for their ride to the airport are bound to wonder: when can we expect to see flying taxis up in the skies? Read more >> No matter what your age, it’s probably a good time (and not too late!) to think about getting life insurance. It’s a key step in financial planning. There are different types of life insurance to suit all ages. From term to whole life and more, here’s what you should know about each kind. Read more >>Not-So-Breaking News
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Chinese video sharing site Bilibili (BILI) saw its share price plummet after it reported a wider-than-expected loss while also cutting back its revenue forecast. Executives predict growth and improved margins in the second half of 2022, given COVID-19’s waning impact.
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GameStop (GME) is moving forward with its cryptocurrency plans, partnering with crypto exchange FTX. As part of the deal, GameStop will sell FTX gift cards inside select stores.
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American EV maker Rivian (RIVN) and Mercedes-Benz (DMLRY) announced they’re working together to develop an electric van. If the deal is cleared by regulators both companies plan to build the new vans at an existing Mercedes-Benz production site in Europe.
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Continuing the theme of collaboration, Uber (UBER) and startup Nuro are coming together to hopefully develop autonomous food and grocery delivery. Testing will be done using unmanned vehicles to make deliveries in some US locations.
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GM (GM) rolled out a new electric SUV that will be one of the cheapest EVs available on the market. The Equinox EV will start at $30,000 while the average EV costs around $47,500.
Financial Planner Tip of the Day
“An emergency fund is intended to be used at a moment’s notice. For the most part, you’ll hear that a healthy emergency fund should cover between three and six months worth of living expenses—which would include rent, mortgage, bills, food, and other essentials. And since you never know when an emergency might happen, it’s best to keep your fund relatively liquid.”
Brian Walsh, CFP® at SoFi