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Stocks Resume Sell Off Amid Apple Downgrade, Jobless Claims Down, Q2 GDP Confirmed
• US stocks fell Thursday as the previous day’s session was apparently just a brief blip in the market’s radar. Things fell back into their normal 2022 pattern as equities struggled and government bond yields surged.
• Apple (AAPL) received a rare negative report from Bank of America (BAC). This dragged on the tech-heavy Nasdaq. Bank of America says it sees the tech giant is at risk of losing its market dominance.
• A better-than-expected jobless claims report did little to boost sentiment. Initial jobless claims hit a five-month low despite the Fed’s rate hike campaign. Many investors worry the central bank’s hawkish moves will tip the economy into a protracted downturn.
• The Commerce Department issued its revised second-quarter GDP print. It showed the economy shrank at an annualized rate of 0.6%. This confirms the second consecutive quarter of negative GDP growth, which is traditionally how economist’s define a recession.
What to Be on the Lookout for Today
• The Personal Consumption Expenditures Price Index or PCE will be released for August. This is the Fed’s preferred inflation gauge. In July the PCE fell, driven largely by a drop in gas prices.
• Newly public GigaCloud Technology (GCT) is set to hand in its latest report card. The Hong Kong-based ecommerce company saw its share price pop at the beginning of September but has been slumping recently. The market will be paying attention to GigaCloud’s earnings during what’s been a volatile period for the IPO market.
30 Ways to Save Money on Food
Outside of housing and transportation, Americans spend more on food than any other category. According to the Bureau of Labor Statistics, in 2020 the average U.S. household shelled out $7,316 on food, including groceries and eating out.
While food is an essential expense (since we all need to eat), many of us could probably stand to spend less than what we’re currently spending on groceries, restaurants, and morning lattes.
Fortunately, with a little planning and some smart shopping hacks, you may be able to significantly cut the amount of money you spend on food but still eat well.
Here are 30 ways you can save more on your food purchases.
A Few Headlines That Should Be on Your Radar
Heating costs are predicted to be up 17.2% this winter compared to last year. Going back to before the pandemic, estimates are up 42%. It’s not just inflation, although that’s definitely a factor. Plus, we’ve got tips on what to do around your home before colder weather sets in – as well as another possible route toward relief. Read more >> Connected fitness leaders Peloton (PTON) and Lululemon (LULU) are introducing new strategies in order to expand their customer base. Lulu plans to offer a new membership program that’s exclusively for Mirror owners, while Peloton just inked a partnership with one of the nation’s largest retailers. What does this say for the sector’s future? Read more >> It’s been a challenging year for the private equity market, as higher interest rates leave many in the market risk-averse. But there’s one sector that’s powering through in a big way. Moxion Power announced it snagged a $100 million Series B funding round. Founded just two year ago, it offers the ability to go green and remain portable – which has investors excited. Read more >> For many Americans, not having enough saved up for retirement is a real fear. Which state you live in can have a major effect on how much you need, too. Here are the average retirement savings by state. Read more >>Not-So-Breaking News
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Sales at Bed Bath & Beyond (BBBY) dropped 28% in its most recent quarter. The retailer also reported a wider-than-expected loss. In late August, Bed Bath & Beyond announced a corporate overhaul including the closure of 150 stores, lay offs, and a new merchandise strategy.
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Amazon (AMZN) is increasing the average starting pay for its warehouse and delivery workers from $18 per hour to $19 per hour. The move comes ahead of the ecommerce giant’s all-important holiday shopping season, and as Amazon continues to face increased organizing efforts among front-line employees.
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Used vehicle retailer CarMax (KMX) posted disappointing results from its fiscal second quarter, including profit that came in well below analyst estimates. The company blamed “affordability challenges” and said that led to a sharp decline in sales.
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Macy’s (M) is launching a third-party marketplace, similar to what is offered by Amazon. This could help Macy’s overcome issues with inventory management, which is a common problem for retailers. Consumers gain access to a broader range of goods, and sellers don’t need to warehouse or manage those products.
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Alphabet’s Google (GOOGL) wants to help its search engine users get a sense of what it might be like to live in certain cities or neighborhoods. At this week’s annual Search On event the company showed off an immersive 3D feature that provides photorealistic images of spots like restaurants or other hot spots.
Financial Planner Tip of the Day
“If you want to build savings into your monthly financial plan, but can’t imagine how, you have to begin by tracking your spending. Identify areas that you can cut back in so that you are then able to re-allocate those funds to your future.”
Brian Walsh, CFP® at SoFi