Tuesday,
November 8, 2022
Market recap
Dow Jones
32,827.00
+423.78 (+1.31%)
S&P 500
3,806.80
+36.25 (+0.96%)
Nasdaq
10,564.52
+89.27 (+0.85%)
Top Story
Market Looks Past Apple’s Supply Warning, Stocks Gain Ahead of Midterm Elections
• US stocks rose Monday as the market shook off a supply warning from Apple (AAPL) and braced for a busy week on Wall Street. Today’s midterm elections will be closely watched by investors, as it could lead to a “stalemate” that would result from a Republican Congress and Democratic White House.
• Oil prices slipped as traders attempted to predict what comes next for China and its zero-COVID policy. While reports say Beijing is willing to relax its strict rules, officials have been moving slowly and no timeline has been established.
• The Federal Reserve says consumer credit grew by a less-than-expected amount in September. Meanwhile, the central bank’s policy remains in focus ahead of this coming Thursday’s inflation print, which will shed insight as to whether the ongoing rate-hike campaign is slowing price growth.
What to Be on the Lookout for Today
• It’s election day as voters head to the polls for the midterms. This tends to add to market volatility, as investors could look to alter their positions based on the election’s expected results.
• The October NFIB small business index will be released. This measurement of confidence among small business owners rose in September, although respondents indicated inflation remains a major concern.
• Investors interested in the so-called “meme stocks” will be paying close attention when AMC Entertainment (AMC) announces its latest results. The movie theater company’s quarterly call will surely touch on its recent pivot to NFTs and cryptocurrency, following its surprise meteoric run in 2020.
• Disney (DIS) and Tripadvisor (TRIP) will offer snapshot views of the vacation travel market. A recent survey and several published reports have focused on the affordability of Disney’s theme parks, something that will likely be discussed with analysts.
What’s Your Number? That’s Not A Pickup Line; It’s What A Lender Will Want To Know
Credit scores range from 300 to 850. And when trying to buy a house, they will weigh heavily in whether you qualify for a conventional or government-backed loan and at what interest rate.
If you are trying to acquire a conventional loan, you’ll likely need a credit score of at least 620.
With an FHA loan, 580 is the minimum credit score to qualify for the 3.5% down payment advantage. Applicants with a score as low as 500 will have to put down 10%.
The FHA program was created to get applicants with lower credit scores into homes. The loans are insured by the Federal Housing Administration, so lenders are more lenient.
A VA loan usually requires a minimum score of 580 to 620; and a USDA loan, 640.
Use the SoFi app to benefit from free credit monitoring and gain a bird’s eye view of your financial picture. You can connect all of your accounts into one convenient mobile dashboard, set multiple financial goals, track your spending, and more — all in one place.
A Few Headlines That Should Be on Your Radar
If you’re in the market for an iPhone 14 Pro or Pro Max, you could end up waiting a while — Apple (AAPL) will be shipping fewer of the handsets due to COVID-19 lockdowns. With wait times bound to increase, the clock is ticking for those who plan on buying or gifting an iPhone 14 Pro or Pro Max this holiday season. And, for those invested in the stock, the wait time before Apple returns to its bull market glory may have also just increased. Read more >> US workers are being forced to pick up a side hustle to compensate for rising costs after months of record-high inflation. Currently, 81% of Gen Z and 77% of Millennial workers report the need for supplemental income to make ends meet. On Thursday, Americans will get another update on which way the rate of inflation is trending. Until then, here’s what to consider if you are feeling pinched by rising costs. Read more >> Airbnb (ABNB) announced plans to make its prices more transparent for guests while also reducing checkout tasks. This announcement comes after the company received significant backlash due to hidden fees in its pricing model. For avid Airbnb-ers, there are also several more updates that you’ll want to know before booking your next trip. Read more >> With Twitter going private after Elon’s takeover, let’s review the pros and cons of delisting a company. Going private can be an advantage for companies that want more control at the executive level, and no longer want their shares listed on a public exchange. Read more >>Not-So-Breaking News
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Facebook owner Meta Platforms (META) expects large-scale layoffs to begin this week. The metaverse company reportedly plans to lay off thousands of employees as early as Wednesday in an effort to reduce costs.
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VillageMD, a primary care company backed by Walgreens (WBA), announced plans to buy the urgent care provider Summit Health. The deal is valued at $9 billion and will help Walgreens expand its presence in the healthcare market.
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Warren Buffett’s Berkshire Hathaway (BRK.A) reported total Q3 operating earnings of $7.76 billion, up 20% annually. The massive conglomerate also bought back $1.1 billion of its own stock, a slight increase from the previous quarter, but well below estimates.
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Blue Apron’s (APRN) stock hit a new low after the company posted a larger-than-expected loss. The meal-kit company delivered more bad news, saying it’s still waiting on funding from one of its largest investors.
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BioNTech (BNTX) announced that its quarterly earnings were little more than half of what they were last year. However, the COVID-19 vaccine maker raised its guidance for the rest of the year, and expects demand will be strong for its Omicron-adapted vaccine.
Financial Planner Tip of the Day
“In general, individuals should have 8-12 times their annual income in life insurance coverage. On average, term insurance costs 10% to 30% for the same amount as whole life, so one way to protect your family without breaking the bank is term insurance.”
Brian Walsh, CFP® at SoFi