Tuesday,
November 22, 2022
Market recap
Dow Jones
33,700.28
-45.41 (-0.13%)
S&P 500
3,949.94
-15.40 (-0.39%)
Nasdaq
11,024.51
-121.55 (-1.09%)
Top Story
Stocks Fall as China May Tighten Its COVID Restrictions, Railroad Strike Looms in US
• US stocks fell as investors became concerned that China could look to tighten its COVID-19 rules. This comes as more deaths were attributed to the virus. Given China is the world’s second-largest economy, any new lockdowns would pose significant headwinds.
• Ahead of the all-important holiday shopping season, a looming railroad strike could throw the nation’s supply chain into chaos. This weighed on equities, as last year’s supply chain crisis isn’t far from investors’ memories.
• The Chicago Fed’s National Activity Index fell for October after holding steady the previous month. The index, which gauges overall economic activity and inflationary pressures, is now negative.
What to Be on the Lookout for Today
• The Redbook Index will be released, which measures same-store sales growth across roughly 9,000 different retailers, year-over-year. This metric increased by 6.8% in the week ending November 12.
• Earnings reports due from several major retailers, including American Eagle (AEO), Abercrombie & Fitch (ANF), Nordstrom (JWN), Best Buy (BBY), Dick’s Sporting Goods (DKS), and Dollar Tree (DLTR). These results will give investors a better sense of where consumer spending is headed, and what sentiment looks like heading into the holidays.
Overall, Us Credit Card Debt Is $71 Billion Higher Than It Was One Year Ago
The pandemic may have slowed consumer spending over the last few years, but spending is on the rise again — along with consumer debt. On average, Americans carry three credit cards and have $5,525 in credit card debt.
That amount of debt can be a challenge to pay down along with regular monthly household expenses. Some people may choose to consolidate their high-interest credit card debt in an effort to secure a lower interest rate or a lower monthly payment. This can be one way to make progress toward eliminating it completely.
Have you resumed pre-pandemic spending habits? If your credit card debt is piling up and you’re finding it challenging to pay it down, debt consolidation may be one option to consider. Find out how refinancing credit card debt works and if it’s right for you.
Today’s Top Stories
Could Bob Iger be a successful boomerang CEO? Disney (DIS) hopes more magic is on the way. The company is at a crossroads, having fallen short of sales expectations in its fourth quarter. Meanwhile, the company’s efforts in streaming continue to cause headaches. If Iger’s comeback is anything like what the late Steve Jobs engineered at Apple (AAPL), Disney investors will be doing cartwheels. Read more >> Amazon (AMZN) just received its lowest score ever on the American Customer Satisfaction Index. If this continues, it could have big repercussions for the Everything Store. If Amazon no longer provides the best shopping experience on the internet, shoppers may opt to visit other sites. But the ecommerce goliath won’t go down without a fight. Here’s how it plans to right the ship. Read more >> The cost of travel this holiday $$$eason is still much higher than normal – but fortunately, there are plenty of strategies that you can use to save. Prices for gas, airfare, rental cars, and hotels remain well above pre-pandemic levels. Read on to learn a few unique strategies that can help you travel for the holidays without breaking the bank. Read more >> Knowing the stock market schedule and when the stock market is closed can help investors make better investment decisions. The stock market operates on a standard 9-5 schedule, but it also has special provisions for holidays, emergencies, and after hours trading. Read more >>Not-So-Breaking News
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J.M. Smucker (SJM) reported a stellar third quarter earnings report, beating analyst expectations for both profit and sales. The jelly giant also raised its guidance for the rest of the year.
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Merck (MRK) is set to acquire biotech company Imago (IMGO) for $1.35 billion. Through this acquisition, the pharmaceutical giant hopes to expand its portfolio of blood disorder treatments.
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Domino’s (DPZ) is tapping into electric vehicles for food deliveries. Over the coming months, the pizza behemoth plans to use 800 Chevy Bolts (GM) to bring orders to hungry customers.
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Denny’s (DENN) is releasing 150 one-of-a-kind t-shirts that double as wearable coupons. These shirts will be released at midnight EST on Black Friday and will grant the wearer free breakfast for a year.
Financial Planner Tip of the Day
"Roth IRA contributions are made with after-tax money, which means you won’t receive an income tax deduction for contributions. But your balance will grow tax-free and you’ll be able to withdraw the money tax-free in retirement."
Brian Walsh, CFP® at SoFi