Friday,
October 28, 2022
Market recap
Dow Jones
32,033.28
+194.17 (+0.61%)
S&P 500
3,807.30
-23.30 (-0.61%)
Nasdaq
10,792.68
-178.32 (-1.63%)
Top Story
Meta’s Downbeat Report Helps Widen Tech Rout, Positive GDP Growth Boosts Sentiment
• US stocks were mixed Thursday, with the Nasdaq falling amid a disappointing report from Facebook parent Meta Platforms (META). Meanwhile, the Dow Jones Industrial Average ran its winning streak to five days. This continues the market’s volatile push-and-pull between bullish thinking tied to corporate earnings and recessionary fears stoked by the Federal Reserve’s rate hike campaign.
• Investors received some encouraging news regarding the overall US economy, as real GDP for the third quarter rose 2.6%. This marks the year’s first quarter of positive growth and may ease some recessionary concerns. The Bureau of Economic Analysis also said inflationary pressures eased in the third quarter.
• Jobless numbers rose slightly last week, but remain low on a historical basis. This shows that the labor market remains robust, despite the Fed’s tightening monetary policy.
What to Be on the Lookout for Today
• The September Personal Consumption Expenditures Price Index is due. Also known as the PCE, this is the Fed’s preferred measure of inflation. In August, the PCE increased by 6.2% on an annual basis.
• September’s consumer spending and pending home sales index are also due, as well as the University of Michigan’s October consumer sentiment. August’s consumer spending figure rose 0.4% month-over-month. Meanwhile, home sales have been slowing as mortgage rates rise.
• Oil giants Chevron (CVX) and Exxon (XOM) will both report earnings. The market will be paying close attention to expectations regarding gas prices and oil demand, given recessionary concerns, planned production cuts from OPEC+, and additional releases from the US SPR.
15 Ways to Avoid Paying Full Price for Anything
Want to know how to never pay full price for anything? There are plenty of tips and tricks that can help you get a better deal on everything from a car to a big carton of cereal.
Saving money does more than put money back in your pocket. It can truly help you feel in control of your finances, which can, in turn, help motivate you to continue building good financial habits.
If you’re interested in becoming more conscious with how you’re spending money, be sure to take a look at these 15 tips. Even the savviest shoppers are always learning new ways to save money for optimizing spending and saving habits.
A Few Headlines That Should Be on Your Radar
So far this year, one of America’s oldest companies is outperforming the likes of Google (GOOGL), Amazon (AMZN), and Microsoft (MSFT). This popular candy maker is literally mixing salty with sweet to win over more US customers. Learn how this simple strategy is achieving delicious returns for shareholders. Read more >> While recession is not a certainty, there are already several classic warning signs bringing the likelihood of one closer into view. SoFi’s Head of Investment Strategy looks at past recession performance and some of the ways you can position your portfolio for the different market phases we could go through if a recession strikes. Read more >> Trigo, a cashless checkout startup, raised $100 million in funding, all but doubling its total raise to date. This tech automatically records what shoppers buy and lets them “just walk out” of the store, skipping the checkout line. Trigo’s technology can be installed overnight, which means that you might be “just walking out” of your local grocery store before you know it. Read more >> Entrepreneurship is booming in America. Not only can entrepreneurs set their own hours, but there’s a slew of other surprising benefits. Learn the upsides of starting your own business right here. Read more >>Not-So-Breaking News
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McDonald’s (MCD) topped Wall Street estimates for both earnings and revenue in the third quarter. Despite raising prices, Mickey D’s said that its same-store sales increased by 9.5% last quarter.
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Thanks to an increase in broadband customers, Comcast (CMCSA) was able to surpass analyst expectations for the third quarter. Management expects the cord-cutting trend will continue, which could hurt Comcast’s media business, outside of streaming service Peacock.
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Today is the last day to secure a 9.62% interest rate via a Series 1 bond. If you plan to invest in one, don’t miss this deadline. The rate will likely drop to 6.48% in November. We’ve got a full breakdown here.
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Struggling investment bank Credit Suisse (CS) posted a massive third quarter loss of over $4 billion. CEO Ulrich Körner told investors that a radical restructure is coming as the company looks to right the ship.
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Ford (F) shut down its self-driving car unit, Argo AI, and is eating the loss. CEO Jim Farley admits that, in Ford’s eyes, fully autonomous cars aren’t coming online anytime soon.
Financial Planner Tip of the Day
"Understanding exactly how much you’re spending helps you appreciate how much you’re able to save. Your savings rate is the most important component for determining your ability to accomplish financial goals like homeownership, starting your own business, or being able to retire."
Brian Walsh, CFP® at SoFi