Monday,
November 21, 2022
Market recap
Dow Jones
33,745.69
+199.37 (+0.59%)
S&P 500
3,965.34
+18.78 (+0.48%)
Nasdaq
11,146.06
+1.11 (+0.01%)
Top Story
Stocks Finish Higher Following Choppy Session with Rates in Focus, Existing Home Sales Fall
• US stocks rose Friday as investors remained focused on interest rates and predicting the direction the Fed plans to take in the coming months. After optimism grew earlier this month, it now appears less likely that the central bank will take a dovish turn in the near-term.
• Oil prices fell as traders pointed to weakening demand out of China. The prospect of higher future interest rates also weighs on the price of oil.
• Existing home sales fell in October for the ninth straight month, a record. Analysts attribute this to the rise of mortgage rates, which has significantly pushed down demand.
What to Be on the Lookout for Today
• The Chicago Fed will release its National Activity Index for October. This report is designed to gauge overall economic activity, as well as the impact of inflation. The index held steady in September.
• The retail sector remains in focus as Urban Outfitters (URBN) will share its most recent data. Also, watch for earnings results from JM Smucker (SJM) and Zoom (ZM).
It’s Never Too Early To Start Planning For Retirement
Between paying for your everyday expenses including groceries, rent, student loans, bills, and everyday expenses, it can seem nearly impossible to find a few dollars left over to put toward retirement — especially when that might be decades away. However, building up a nest egg isn’t just important, it’s urgent. The sooner you start, the more financially secure you should be by the time retirement rolls around.
Diversifying your retirement portfolio can be a great way to invest for retirement. One way to do that is with an automated investment account like SoFi Invest®. With SoFi Invest, you can personalize your investments by setting targeted goals for your current age, project when you want to retire, and get advice from an actual human being on how to get there.
Moreover, you don’t have to do the work if you don’t want to. Just allocate a specific dollar amount to go into your automated account each month and let the SoFi team handle all the auto-investing and auto-adjusting that’s needed. Then just keep living your life as you save for retirement.
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Today’s Top Stories
This week, Dick’s Sporting Goods (DKS), Best Buy (BBY), and other retailers will let investors know if Americans are feeling the holiday spending spirit or starting to tighten their purse strings. Additionally, minutes from the FOMC meeting will be released on Wednesday and hopefully give us more insight into the Fed’s current mentality. Read more >> Despite falling home prices, Americans are still shelling out for home renovations. There are a few major headwinds driving this trend, including work-from-home, an aging housing stock, and a phenomenon known as “interest rate lock-ins”. Read more >> Thanksgiving may be this week’s main attraction, but for shoppers, Black Friday has a big star on the calendar, too. These tips can help you get the most out of your holiday shopping. Just under two-thirds of all Americans are living paycheck to paycheck, and purchases could be scaled back. Consumers also need to be wary of ballooning credit card debt. Read more >> Retirement may seem a long way off, but preparing in advance is key to ensuring you have enough for your future. From 401ks to Social Security, retirement planning can seem complex, but with careful thought and planning you can get yourself set up in no time. This guide can help you get started. Read more >>Not-So-Breaking News
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Foot Locker (FL) posted a profit beat and raised its full year outlook during its third quarter earnings report. The sports-centric retailer cited "strong" demand from "resilient" customers, which will be important for the brand heading into the busy holiday shopping season.
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JD.com (JD) – China’s largest retailer both online and overall – soared past analyst expectations for the third quarter as its adjusted profit nearly doubled. These strong results come at a time when other Chinese ecommerce companies have struggled.
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Applied Materials (AMAT) topped analyst earnings expectations for the quarter. Company executives said they anticipate that 2023 will be a down year overall, but add that the semiconductor-focused company is resilient enough to excel regardless.
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Gap (GPS) beat analyst expectations for revenue in the third quarter. But the parent company of Old Navy, Athleta, Banana Republic, and the eponymous mall mainstay offered a cautious outlook for the remainder of the year.
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Spectrum Brands (SPB) fell short of expectations for both sales and profit in its most recent quarter. The appliance, garden, and pet care conglomerate — which owns brands like Remington, Cutter, and Tetra — also lowered its guidance for the rest of the year. Executives blamed higher costs and supply chain disruptions.
Financial Planner Tip of the Day
“Once money has been contributed to a retirement account, it’s time to invest that money. To say 'saving for retirement' is a bit misleading — really, it can be considered to be 'investing for retirement.”
Brian Walsh, CFP® at SoFi