Wednesday,
December 7, 2022
Market recap
Dow Jones
33,596.34
-350.76 (-1.03%)
S&P 500
3,941.26
-57.58 (-1.44%)
Nasdaq
11,014.89
-225.05 (-2.00%)
Top Story
Stocks fall as recession concerns mount on Wall Street, US trade deficit widens
• US stocks fell Tuesday as recessionary fears continue to intensify. While the market rallied throughout November in anticipation of the Federal Reserve slowing its rate-hike campaign, stronger-than-expected economic data suggests the central bank could remain hawkish into 2023.
• Meanwhile, the news is optimistic out of China. Officials may be ready to ease the Asian nation’s zero-COVID policy. That would help get things moving for the world’s second-largest economy, and the global financial system as a whole.
• The US foreign trade deficit grew to $78.2 billion in October. Exports fell for the second-straight month while imports hit their highest level since June.
What to be on the lookout for today
• October’s consumer credit numbers will be published. In September, credit cards and other sources of revolving credit rose 8.7%, down significantly from the 18.1% gain posted in August.
• Earnings reports are due from Vera Bradley (VRA), Campbell Soup Company (CPB), and GameStop (GME). In times of economic uncertainty, Campbell’s traditionally does well. With recessionary fears rising in the US, it will be illuminating to see how they performed over the last quarter.
Cybercrime costs will reach $10.5T by 2025…ouch!
Scammers have been around forever, and the only thing that changes from year to year, it seems, is the technology they use to pull off their scams. While many of these con artists still use the phone, the mail or even in-person tactics to try to part you from your hard-earned money, most scams these days are pulled off digitally — reaching you through your email, text messages, and fake websites.
To help folks battle these scammers, we’ve rounded up some of the biggest, most common scams hitting American consumers this year with tips to help you avoid them and a guide on how to report scams if you do become a victim.
Today’s top stories
Are you aware of the $600 rule? If you have a side hustle or do freelance work, you’ll want to pay close attention before filing your 2022 income taxes. Prior to 2022, users being paid on apps like PayPal, Venmo, or Square would only be sent a 1099-K if the payments received on any of these networks exceeded $20,000. Now, the threshold is $600. Read more >> The airline industry is finally returning to cruising altitude. According to the Director General of the IATA, this means airlines have no excuse not to provide high-quality service to travelers in 2023. The airline industry is finally returning to cruising altitude. According to the Director General of the IATA, this means airlines have no excuse not to provide high-quality service to travelers in 2023. Read more >> There are a couple other reasons to believe that the days of Black Friday shopping manias are gone for good. The sales data from this year’s Black Friday is in and the results are… a bit underwhelming. Industry insiders are eyeing three potential culprits for Black Friday’s demise. Read more >> Running Christmas lights all the time can take a toll on your utility bill. How much of an increase you see in your electric bill can depend on a number of factors. Learn exactly how much holiday lights can cost and how to lower the price. Read more >>Not-so-breaking news
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TSMC (TSM) announced plans to open another semiconductor plant in Arizona, bringing the chipmaker’s total investment in the state to $40 billion. This marks the largest foreign investment ever made in Arizona, and one of the largest in US history.
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NRG Energy (NRG) is buying Vivint Smart Home (VVNT) for $2.8 billion. With this purchase, the energy giant will add security and smart home products to its portfolio.
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Kodiak Robotics, a self-driving truck startup, landed a $50 million contract with the Department of Defense. The company will help develop driverless combat vehicles for the US Army. It also counts IKEA, US Xpress (USX), and Werner Enterprises (WERN) among its clients.
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Microsoft (MSFT) offered a 10-year deal to Sony (SONY) to ensure future Call of Duty titles will be released on PlayStation at the same time as Xbox. Microsoft’s leadership hopes this gesture of goodwill quells antitrust concerns over the company’s pending acquisition of the game’s developer, Activision Blizzard (ATVI).
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AutoZone (AZO) beat analyst expectations for both revenue and earnings. The retailer, which specializes in parts for used cars, saw its annual revenue grow 5.6% in same-store sales.
Financial planner tip of the day
"It can be a good idea to save money right after getting paid — before the cash sits in checking long enough to spark the urge to spend it. So, why not save automatically upfront? Automating can make saving money less of a chore."
Brian Walsh, CFP® at SoFi