Top Story
With Midterm Elections Closer Than Expected, Stocks and Oil Prices Fall
• US stocks fell Wednesday as investors reacted to this week’s midterm elections. While it appears likely Republicans will take the House of Representatives, ensuring political gridlock, some elections were closer than expected. Wall Street tends to dislike that element of surprise.
• Wholesale inventories were revised lower in September. This illustrates moderating growth of inventories, which is a good sign for the economy. When inventories rise, it means wholesalers have excess products in warehouses that are waiting to be sold.
• Oil prices fell for the third-straight day. Both international standard Brent crude and US benchmark West Texas Intermediate slipped. This is largely connected to diminished optimism out of China, where officials have been slow to relax their zero-COVID policy.
What to Be on the Lookout for Today
• Both Wall Street and Main Street will be watching as the October consumer price index will be released. Investors will be paying close attention to see if the Fed’s hawkish policy is working to slow inflation.
• Initial and continuing jobless claims are due from the Labor Department. The number of people filing for unemployment benefits ticked down last week, as the labor market remains tight. Also watch for the October federal budget in comparison to last year’s.
• Six Flags (SIX) is scheduled to post earnings, providing investors with fresh data concerning vacation spending. YETI Holdings (YETI) and Toast (TOST) are also set to report.
Ready To Start Knocking Down Those Debts? Here Are 3 Strategies That Can Help You Get Out Of The Debt Faster.
If you’re looking to pay off your debt faster, it’s a good idea to take a look at your spending and income, find some ways to reduce your non essential spending, and then funnel any money you free up towards your debt repayment plan. Read on for more details and helpful tips!
Today’s Top Stories
Cozy season is almost here. But, this year, cozying up might come at an extra cost, in the form of a higher-than-average energy bill. Thanks to inflation, the Russia/Ukraine war, and severe weather in the U.S., experts expect energy bills to be higher than average this year. But, luckily, there are several strategies that you can implement now that will save you money once winter hits. Read more >> The tech sector, which had been a darling for many investors, is getting hit from several directions. What’s next? SoFi’s Head of Investment Strategy looks at the current environment and what could be on the horizon for technology companies battling layoffs and a disappointing earnings season. Read more >> Netflix is the latest streaming giant to show an interest in offering live sports to its viewers. Other streamers like Amazon (AMZN), Disney (DIS), and Apple (AAPL) lead the way. The key for Netflix is to find a popular sports niche that it can buy without breaking the bank. We lay out a more comprehensive breakdown of Netflix’s strategy. Read more >> Cases of credit card fraud are skyrocketing. One of the best ways to fight back is to be aware of current schemes so you can protect yourself and your money. These 33 credit card fraud statistics show how scammers pull off their digital cons. Read more >>Not-So-Breaking News
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Facebook owner Meta Platforms (META) announced plans to lay off 13% of its staff, over 11,000 employees. CEO Mark Zuckerberg expects lukewarm guidance for the rest of the year and is implementing a hiring freeze through the first three months of 2023.
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Roblox (RBLX) reported a wider-than-expected loss during the third quarter, but still topped analyst expectations for revenue. The digital gaming company also shared that its number of daily active users is up to 58.8 million, a 24% year-over-year increase.
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Disney (DIS) fell short of analyst expectations for both profit and key revenue targets in its most recent quarter. The entertainment giant’s parks and media divisions both underperformed and management warned the growth of Disney+ may taper as well.
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Despite higher revenue, AMC (AMC) disappointed Wall Street by reporting a large quarterly loss for the third quarter. The company, a favorite among meme stock traders, is still struggling with a massive debt load that it was forced to take on during the pandemic.
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Wendy’s (WEN) impressed investors after reporting a stronger-than-expected third quarter profit. This marked the burger joint’s fourth consecutive quarter of double-digit same-store global sales.
Financial Planner Tip of the Day
"If it works with your income, the 50/30/20 budget is one simple method for people starting to reorganize their finances. This budget allocates 50% of your income for essentials, like rent and bills, 30% toward personal day-to-day spending, and 20% for savings or financial goals."
Brian Walsh, CFP® at SoFi