Wednesday,
September 14, 2022
Market recap
Dow Jones
31,104.97
-1,276.37 (-3.94%)
S&P 500
3,932.69
-177.72 (-4.32%)
Nasdaq
11,633.57
-632.84 (-5.16%)
Top Story
Hotter-Than-Expected Inflation Report Sends Stocks Tumbling, Keeps Fed in Focus
• US stocks plummeted after the August CPI came in above estimates, sending the market to its worst day since June 2020. Headline inflation rose 0.1% from July, while prices rose 8.3% last month on an annual basis.
• The CPI data makes it even more likely the Federal Reserve will enact a 75-basis-point hike later this month. Government bond yields rose. The US dollar also rallied while oil prices fell.
• August’s NFIB Small Business Optimism index rose slightly. Still, respondents noted inflation remains a major problem.
What to Be on the Lookout for Today
• The Bureau of Labor Statistics will publish August’s PPI, a measure of inflation in wholesale prices. In July the PPI declined 0.5% month-over-month as energy prices fell. That said, the index was up 9.8% on an annual basis.
• Canadian manufacturer of recreational vehicles BRP Inc. (DOOO) will share its most recent earnings data. The company makes snowmobiles, ATVs, and personal watercraft under the Ski-Doo, Can-Am, and Sea-Doo brands. In recent weeks, BRP has been dealing with the aftermath of a cyberattack and data leak.
What’s the Cost of Winterizing a Home?
When prepping for winter, it makes sense to seal cracks and holes around doors and windows no matter where you live.
If you’re bracing for a big chill, or worse, a blizzard — predicted to become more intense in the coming years, despite shorter winters — you’ll be glad you protected or checked the pipes, roof, chimney, heating system, and water heater.
The best time to winterize your home is before the winter happens. Although not all emergencies can be avoided with this strategy, there are some things you can do ahead of time to avoid trouble during the cold, dark weather days to come.
Knowing how to prepare your home for winter is just the first step. Paying for the maintenance and upgrades is the next. If you need to address winterization and remodeling issues now but may not have the funds to cover them, consider a SoFi home improvement loan.
A home improvement loan is a personal loan used to pay for home repairs or renovation projects. SoFi’s home improvement loans range from $5K-$100K and they’re unsecured, which means that your house is not used as collateral to secure the loan.
A Few Headlines That Should Be on Your Radar
Starbucks (SBUX) is working on becoming a more attractive workplace. That includes more training, sick time, and a new blender. Starbucks gained market share during the height of the pandemic, as digital orders exploded and fueled sales. Online orders now account for nearly 25% of Starbucks total orders. At the same time, that growth has pushed physical stores to their limit — and left many a burned out barista in its wake. Read more >> Experts expect inflation to lead to a slow holiday season. But, these projections could actually result in an unexpected silver lining for consumers. If companies expect consumer spending to be lower than normal, they will most likely offer intense holiday promotions to compensate. Read more >> For people filing on an extension this year, tax day is approaching. Here’s what you need to know ahead of the October 17 deadline. While the filing extension lets you avoid fees and penalties in regard to your return, you still needed to pay what was owed on April 18. We’ve got tips and suggestions on that and the best ways to file. Read more >> The Ethereum Merge date is set for on or about September 15 or 16, 2022, when Ethereum will move from a proof-of-work consensus system to proof-of-stake, potentially reducing its energy needs by 99%. Learn how the Merge might impact you. Read more >>Not-So-Breaking News
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Nintendo’s (NTDOY) latest game has broken a sales record in Japan. The video game company announced Splatoon 3 exceeded 3.45 million sales during its first three days on the market. Nintendo also released details concerning future games for the Switch console.
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Peloton (PTON) is making a change to its executive leadership as co-founders John Foley and Hisao Kushi will be leaving the company. The maker of at-home fitness equipment is also expanding its national bike and classes rental program, which starts at $89 per month.
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Sony (SONY) will make hearing aids that will be available over the counter in the US. The technology company is partnering with privately-held WS Audiology Denmark on the project. This comes after regulators announced they plan to allow OTC sales of hearing aids.
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Canadian cannabis company Fire & Flower (FFLWF) posted a second-quarter loss after being profitable in the year-ago period. The Toronto-based firm says its revenue slipped due to increased competition from newly licensed operations as well as pricing pressure.
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Eastman Chemical (EMN) cited challenging logistics and slowing demand after cutting its third-quarter outlook. The speciality chemicals company said the agricultural and personal care sectors are showing more resilience, while building and construction have taken a step back.
Financial Planner Tip of the Day
"When first setting off to invest in the stock market, an investor might be struck by the seeming barriers to entry. One such barrier is the perception that thousands of dollars may be needed to get started. Enter fractional shares. Instead of purchasing one share of stock at the value for which the stock is currently trading, it is possible to purchase a fraction of one share of a stock. And an investor can do so using whatever dollar amount they have available."
Brian Walsh, CFP® at SoFi