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The Week in Review
• Equities and bonds remain under pressure as the market is wary of the central bankās rate-hike campaign. Many are convinced the Fedās aggressive stance will push the economy into a protracted downturn.
• Initial jobless claims jumped 29,000 to 219,000, marking a five-week high. Investors reacted negatively to this report, which should show signs of a softening labor market. In recent weeks, so-called āgood economic dataā has been interpreted as ābadā due to the fact it could inspire the Fed to continue with rate hikes. In this case, a ābadā report led people to sell shares.
• Oil prices shot upward after OPEC+ announced it had agreed to slash oil production by two million barrels per day. International benchmark Brent crude saw its price per barrel rise by 1.93%, while US standard West Texas Intermediate rose 1.62%. Energy stocks rallied on the news.
For more economic news and how it affects your money, visit the SoFi app.
Recession Help Center
Although there is some debate around this topic, two consecutive quarters of decline in a country's GDP generally constitutes a recession.
Navigating a recession can be overwhelming, but being prepared for when an economic downturn hits can help you get through to the other side successfully. SoFi has created this hub to provide you with information and resources to help guide you through uncertain economic conditions and market volatility. Dive in!
This Weekās Top Stories
The S&P 500 is down over 20% year to date, causing understandable anxiety among investors planning for retirement. Both stocks and bonds are trading in bear market territory, so what can you do to protect your 401K?
Financial advisors coach that retirement planning is based on long-term thinking. Weāve got some numbers to help keep things in perspective ā plus a series of steps you might consider.
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A āperfect stormā of high interest rates, low supply, and high demand are forcing car prices higher than ever. How do you know when itās the best time to buy?
Donāt expect prices to fall for at least another few months. However, the make and model could make a difference ā as some are more sensitive to supply chain issues.
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Appleās (APPL) most recent privacy policy is hurting Google (GOOGL) and Facebook (META), but helping Appleās own ad business.
App Tracking Transparency (ATT) was a huge win for digital consumer privacy, but is driving mixed results for the advertising industry.
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Deep Dives from SoFi Learn
There are many different ways for identity theft to occur. One hazard to look out for is the credit card skimmers that are most commonly lurking at ATMs or gas station pumps.
To help protect yourself against theft, keep reading to learn what credit card skimmers are, how to spot a credit card skimmer, and what to do if your credit card is skimmed.
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Many experts recommend having an emergency savings fund. The money is intended to cover bills or living expenses due to a job loss, medical issue, or unexpected repairs.
The 52-week Savings Challenge makes building an emergency fund easier.
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September was a broadly negative month for most financial assets except the US Dollar.
Take a look back at the market moves that happened in September with SoFiās Head of Investment Strategy.
Read more >>
