Wednesday,
November 9, 2022
Market recap
Dow Jones
33,160.83
+333.83 (+1.02%)
S&P 500
​​3,828.11
+21.31 (+0.56%)
Nasdaq
10,616.20
+51.68 (+0.49%)
Top Story
Stocks Gain on Election Day, More Crypto Chaos, NFIB Small Business Optimism Index Falls
• US stocks rose Tuesday as investors considered how the midterm elections could impact the market. Historically, Wall Street likes when there is political gridlock in DC, such as when the White House and Congress are controlled by different parties.
• It was a wild day for the cryptocurrency sector, after Binance announced it had signed a letter-of-intent to acquire rival FTX. This reportedly occurred after FTX faced a liquidity crisis. Bitcoin (BTC) saw its price plummet as the situation unfolded.
• Oil prices fell in connection to concerns over global demand. This is because reports out of China suggest Beijing may not be interested in relaxing its zero-COVID policy, which has caused repeated disruptions.
• The October NFIB Small Business Index fell, hitting a three-month low. Business owners said inflation and the ongoing labor shortage continue to be their biggest challenges.
What to Be on the Lookout for Today
• September’s wholesale inventories data is due. A higher-than-expected reading for this metric means that products are sitting in warehouses waiting to be sold, which is a bearish sign for the economy. In August, wholesale inventories increased 25% year-over-year.
• Earnings reports are due from a wide range of companies, including EV truck maker Rivian (RIVN). Ecommerce giant Amazon (AMZN) just reported it has a fleet of over 1,000 Rivian vans making deliveries as it looks to keep up with demand this holiday season. Also watch for results from dating app developer Bumble (BMBL), marijuana company Canopy Growth (CGC), 4-for-$4 connoisseur Wendy’s (WEN), and SeaWorld (SEAS).
• Roblox (RBLX) and Unity Software (U) will discuss the future of the metaverse. It will be interesting to hear these firms’ takes on the digital landscape, amid Meta Platform’s (META) well-documented struggles.
Your Marriage Status Can Affect Your Financial Life In Unexpected Ways, And Student Loans Are No Exception
If you have an income-driven repayment plan, your spouse’s income might change your monthly payment calculation. But such challenges also present opportunities. For instance, you may be able to rejigger your student loan payments to save money on interest, lower your monthly payment, or shorten your repayment term so you can become debt-free faster.
We’ll show you how getting married affects student loans. Learn strategies for restructuring your debts, and tips for saving money that you can put toward other goals.
Today’s Top Stories
With Election Day in the rearview, how will your finances be impacted? Tax policy, the debt ceiling, and pressure put on the Federal Reserve are all factors. Meanwhile, survey data made it clear ahead of time what voters were most focused on. Read more >> Thanks to surging mortgage rates, US home prices have been steadily decreasing since May. The result is a massive loss in home equity for US homeowners. Since it’s a valuable metric for refinancing, selling, and borrowing, it’s crucial for US homeowners to understand how much equity they have in their home. Read more >> Higher food prices and job insecurity have 1 in 4 Americans ready to cancel their Thanksgiving plans altogether. But we’d recommend against doing this. To start, there are plenty of ways that you can save money on Turkey Day. But there’s an even bigger reason why you should still make a point to celebrate Thanksgiving this year. Read more >> Here are 35 places you will be able to find great deals for Black Friday and Cyber Monday this year. Ready, set…shop! Read more >>Not-So-Breaking News
-
Lyft’s (LYFT) share price got crushed after a disappointing Q3 earnings report. Notably, the ridesharing giant reported that there were fewer people using the service now than before the pandemic.
-
Anheuser-Busch (BUD) announced it has purchased a Major League Pickleball team. In recent months, star athletes LeBron James, Tom Brady, and Drew Brees also invested in the league. The alcoholic beverage conglomerate will become the first Fortune 500 company to own a team.
-
Renault (RNLSY) and Google parent Alphabet (GOOGL) are teaming up to create a “software defined” vehicle. This partnership involves creating a “digital twin” for a real car, allowing new cars to be tested and monitored virtually before being released on the open market.
-
American EV maker Lordstown Motors (RIDE) welcomed a new investment from Taiwanese contract manufacturer Foxconn, which is well known for making iPhones on behalf of Apple (AAPL). This surge of cash may help the firm deliver the first models of its Endurance pickup truck by its end-of-year goal.
-
Kohl’s (KSS) reported a profit outlook that greatly exceeded Wall Street estimates. Additionally, the department store chain’s CEO Michelle Gass is stepping down and will no longer run the company as of December 2.
Financial Planner Tip of the Day
“While not everyone loves the idea of budgeting, taking a moment to assess and prioritize your spending can yield some real rewards. Even a basic monthly budget can help you reach your financial goals, whether it’s to have a financial cushion, put a downpayment on a new home, go on your dream vacation, or all of the above.”
Brian Walsh, CFP® at SoFi