Friday,
November 11, 2022
Market recap
Dow Jones
33,715.37
+1,201.43 (+3.70%)
S&P 500
3,956.37
+207.80 (+5.54%)
Nasdaq
11,114.15
+760.97 (+7.35%)
Top Story
US Stocks Rally as October Inflation Print Comes in Cooler Than Expected
• US stocks experienced their biggest rally in two years as the October CPI came in below expectations. Prices rose 0.4% from September, and 7.7% year-over-year. In September, prices rose 8.2% on an annual basis. This trend has Wall Street hopeful that the Federal Reserve will look to slow its rate-hike campaign at next monthās meeting.
• Government bond yields plummeted in response to the inflation report. Both the benchmark US 10-Year Treasury and the US 2-Year treasury saw their rates fall by double digits. The US dollar also experienced its largest single-day decline since 2015, which boosts stocks given the exchange rate implications.
• It was a big day for the tech sector, due to the prospect of lower interest rates in the future. If rates fall, investors are more likely to prefer growth assets that carry additional risk, such as tech firms and semiconductor stocks.
What to Be on the Lookout for Today
• Markets are open on Veterans Day. Also, watch for the University of Michiganās preliminary November report on consumer sentiment and inflation expectations.
• The Real Good Food Company (RGF) will post its most recent quarterly earnings. With inflation spiking and food costs up year-over-year, this will give investors insight as to how much frozen food Americans are buying.
Should You Refinance Now? Only You Can Decide, But These Are The Factors Worth Considering.
With interest rates rising and the freeze on federal student loan payments set to expire at the end of the year, now might seem like a good time to refinance your federal student loans.
But maybe youāve been in a holding pattern for so long (the payment pause will have lasted for nearly three years when it ends), you just canāt bring yourself to make a change.
Or maybe youāre thinking you might as well enjoy the last two months of the payment holiday ā or if you qualify for student debt forgiveness, you ought to wait until the $10,000 or $20,000 is actually deducted from your balance.
Of course, only you can know if and when it seems right for you to refinance. But to help you screen out the noise so you can hear the signal, here are some key considerations to think about.
Todayās Top Stories
Itās Veterans Day, and weāre highlighting ways you can find companies that focus on training, hiring, and retaining vets. Plus, financial advice from military experts everyone can use. As we stop to salute the sacrifices made by members of our military, itās evident many lessons about money are universal ā for civilians and veterans alike. Read more >> Sales during Singlesā Day, a celebrity-driven livestream shopping holiday in China, are flatter this year than last. But US shoppers can still expect livestream shopping to carry over into Western culture. Learn more about the holiday and how it impacts American consumerism. Read more >> Hopper, the bunny-themed travel app, has secured $96 million from Capital One (COF). This fresh funding will allow Hopper to market its app more aggressively and expand its line of travel products. Lookout for a flurry of new travel products coming to Hopperās app. This is especially big for Capital One cardholders. Read more >> Are you looking for inspiration on ways to make a difference and give back? Hereās 23 easy pay-it-forward ideas to try that wonāt break the bank. Read more >>Not-So-Breaking News
-
Apple (AAPL) is spending $450 million with US communications companies like Globalstar (GSAT) to offer emergency satellite texting. This feature launches later this month and will allow iPhone 14 users to connect to emergency services even while in remote areas.
-
As cryptocurrency exchange FTX moves closer to declaring bankruptcy, Sequoia Capital is marking its $210 million investment down to $0. Despite this, the venture capital fund noted that āthe fund remains in good shape.ā
-
Nio (NIO) reported strong sales in the third quarter as revenue surged 32.6% year-over-year. The Chinese EV maker delivered a record 31,607 vehicles last quarter.
-
Fewer people are flying home for Thanksgiving this year compared to 2019, according to data from Adobe (ADBE). However, increased ticket prices mean that airlines are still earning more revenue, despite decreased volume.
-
Major League Pickleball and the VIBE Pickleball League are joining forces. The new league will still operate under Major League Pickleballās branding.
Financial Planner Tip of the Day
āUsing a personal loan to finance a large purchase (home renovation, hospital bill, or similar expense) with a relatively low interest rate, and paying off that personal loan on time typically will have a positive impact on a personās credit. Student loan refinancing can be another way to diversify your credit mix, while potentially lowering the interest rate being paid.ā
Brian Walsh, CFPĀ® at SoFi