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Stocks rise as investors react to Powellâs comments, and the jobs market appears to be cooling
• US stocks rose Wednesday as optimism builds that the Federal Reserve could take a dovish turn in 2023. This followed comments from Fed Chair Jerome Powell, who hinted the central bank may be eyeing a smaller rate hike at this monthâs meeting.
• The ADP private payrolls report showed the economy added 127,000 jobs in November, which came in well below expectations. Job openings also fell in October. Both of these metrics point to the Fedâs efforts to slow job growth, which puts pressure on wages, contributing to inflation.
• The yield on the benchmark US 10-Year Treasury fell. Oil prices rose as the US and its allies are due to impose a price cap on Russian oil next week.
What to be on the lookout for today
• The Institute for Supply Management will publish its November manufacturing PMI. In October, the manufacturing sector grew. Octoberâs personal income will also be released, as well as initial and existing jobless claims.
• Grocery store giant Kroger (KR) will discuss its third-quarter results. The Teamsters Union just inked a contract covering 1,500 of the supermarket chainâs workers. Reports from Ulta Beauty (ULTA) and Dollar General (DG) are due as well.
Without a plan to deal with inflationâs effects â day to day and over time â your dollars can lose purchasing power.
To younger consumers, todayâs high inflation may seem like a new phenomenon. But inflation always has been â and always will be â a challenge.
While you probably canât avoid inflation completely, with proactive planning, you may be able to blunt its impact on your day-to-day and long-term finances. If you havenât already, you may want to review your savings, spending, and investing strategies to be sure youâre getting the most you can for your money.
For example, the SoFi Checking and Savings bank account is currently offering up to 3.25% APY to customers who sign up for direct deposit â thatâs 13x the national average.* And SoFi members have access to free tools that can help with budgeting and managing their money as they work toward their savings goals. Set up direct deposit to make your money work harder for you amid this record inflation.
Todayâs top stories
Airbnbâs (ABNB) latest update will let full-time tenants sublet their apartments on Airbnb when theyâre out of town. For renters, this is an exciting announcement that could help subsidize monthly rent. Hereâs what you need to know. Read more >> Spotifyâs (SPOT) âWrappedâ campaign is a source of musical data and marketing. Amid streamingâs inevitable rise, itâs also of great importance to the industry. The company has put out year-end data since 2016, listing the top podcasts, artists, albums, and titles for the previous 12 months. Read more >> Despite the overarching downward trend of 2022, there have been notable differences in performance patterns across key market categories. SoFiâs Head of Investment Strategy examines these contrasts and what they could tell us about the months to come. Read more >> In addition to potential tax breaks, I Bonds may offer competitive returns over time with near-zero risk. Interested in buying I Bonds? Hereâs 9 things to consider before investing. Read more >>Not-So-Breaking News
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Lecanemab, a new experimental drug designed to treat Alzheimerâs, reportedly helped improve cognitive decline in a recent trial. The treatment, designed by Biogen (BIIB) and Eisai (ESALY), removes protein build-up in the brain of an individual suffering from the disease.
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Amazon (AMZN) experienced its biggest âTurkey 5â holiday shopping weekend ever. The ecommerce giant says it sold hundreds of millions of products during the period ranging from Thanksgiving through Cyber Monday.
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Petco (WOOF) beat analyst expectations for both revenue and profit during the third quarter. The pet retailer entered a partnership with healthy pet food brand Stella & Chewy's that will bring its products to Petcoâs stores, website, and app next year.
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Hormel Foods (HRL) fell short of Wall Streetâs sales estimates. The food processing company also lowered its forecast for the rest of the year, citing a âvolatile, complex, and high-cost environment.â
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Software company Intuit (INTU) beat analyst expectations on the top and bottom lines, but cut its revenue guidance for the rest of the year. The TurboTax owner is worried about its Credit Karma brand, which âexperienced continuing deterioration across all verticals.â
Financial planner tip of the day
"People who are reluctant to invest all at once might consider dollar cost averaging. This means making regular contributions over an established period of time, which can help lower the cost basis of your investments over the long term."
Brian Walsh, CFPÂŽ at SoFi