Tuesday,
December 6, 2022
Market recap
Dow Jones
33,947.10
-482.78 (-1.40%)
S&P 500
3,998.84
-72.86 (-1.79%)
Nasdaq
11,239.94
-221.56 (-1.93%)
Top Story
Wall Street selloff intensifies after strong economic data suggests Fed has work to do
• US stocks fell Monday as investors reacted to stronger-than-expected economic data. The ISM services index for November came in above expectations. October’s factory orders were up 1% from September, beating estimates.
• The results point to a still-resilient US economy despite the Federal Reserve’s rate-hike campaign throughout 2022. Traders are looking for signs the central bank could slow its rate-hike campaign, with a policy decision on the way next week.
• Oil prices fell despite new sanctions on Russian oil. OPEC+ also announced it will maintain its current level of production.
What to be on the lookout for today
• The October US trade deficit is due. The trade gap increased to a three-month high of $73.3 billion in September. The nation’s deficit widened with the EU and with Mexico, but narrowed with China.
• AutoZone (AZO) is set to hand in its latest report card. Executives will likely be asked to discuss softening prices for used cars, and the impact that has on car parts retailers.
• Dave & Busters (PLAY) will also give the market some insight into consumer spending habits. As an entertainment company, Dave & Buster’s results should be a good indicator of consumer confidence.
Learn how to prepare your finances for a great start to 2023.
Are you financially ready for 2023? The new year is just weeks away! Join Brian Walsh as he gives us the tips and tricks to get your finances on the right step forward as we approach the new year!
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Today’s top stories
Studies suggest that couples who open a joint bank account are happier than couples who keep finances separate. From a greater sense of financial security to a greater risk in the case of separation, let’s examine the pros and cons of joint bank accounts. Read more >> Meet ChatGPT, the AI-powered chatbot that you may have seen on social media over the weekend. But could this writing robot really replace professors, lawyers, and coders? ChatGPT is the product of OpenAI, a secretive AI company founded by Elon Musk. Here’s everything that you need to know about its surprisingly human-sounding chatbot. Read more >> You can add home insurance premiums to the list of expenses homeowners are paying more for this year. Data shows the average rate rose more than 9% between January 2021 and the end of last month. In addition to the basics like bundling and increasing your deductible, we’ve got some other home insurance hacks headed into 2023. Read more >> Don't let another year go by with unmet New Year’s resolutions. Here are 10 financial resolutions you can actually stick to! If you’re focused on saving more money in 2023 and beyond, here are some resolutions you can consider adding to your list. Read more >>Not-so-breaking news
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Apparel company VF Corp (VFC) reduced its 2022 profit outlook due to weaker-than-anticipated consumer demand. The Vans owner is also starting a search for a new CEO – departing chief executive Steve Rendle announced his retirement yesterday.
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Chinese electronics firm Foxconn reported lower-than-expected revenue after a COVID-19 outbreak and related protests impacted a major factory in Zhengzhou. The factory is the largest iPhone assembly plant in the world.
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Meanwhile, Chinese stocks rallied after reports of COVID-19 restrictions easing across the country. The news comes after weeks of civil unrest in major cities such as Beijing and Shenzhen.
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Concord Acquisition Corp (CND) has canceled its plans to buy the stablecoin issuer Circle Internet Financial. The crypto company says that going public remains a core part of its strategy.
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New Zealand plans to force major digital internet companies to pay for local news. The new law would require Big Tech firms like Facebook (META) and Google-parent Alphabet (GOOGL) to compensate the country’s media outlets for access to content.
Financial planner tip of the day
“The 30 day rule can be an excellent way to manage excess spending on items that we want rather than need. After 30 days have passed, if you still wish to purchase an item, then you can potentially do so, knowing that it’s no longer an impulse buy.”
Brian Walsh, CFP® at SoFi