Friday,
December 9, 2022
Market recap
Dow Jones
33,781.48
+183.56 (+0.55%)
S&P 500
3,963.51
+29.59 (+0.75%)
Nasdaq
11,082.00
+123.45 (+1.13%)
Top Story
The average price per gallon of gas is cheaper than it was this time last year.
See where gas prices are now and where they could be headed before Christmas. Plus, learn what global factors could force this recent trend to reverse.
Read more >>Continuing jobless claims rise slightly, helping boost stocks as investors eye interest rates
• US stocks rose Thursday as last week’s continuing jobless claims ticked higher. While the job market remains tight, this latest development is considered a positive sign for the stock market. It may convince the Federal Reserve to take a more dovish turn in 2023.
• Still, recessionary fears continue on Wall Street. The yield curve has been inverted for months, but the spread is widening. That means the rate on the US 2-Year Treasury is higher than the US 10-Year Treasury, which sometimes indicates a broad economic slowdown is approaching.
• Canada’s banking regulator ordered the nation’s banking institutions to set aside more capital and boost liquidity. This comes as rising rates pose increased risk of loan loss.
What to be on the lookout for today
• The November Producer Price Index report for the month of November is due. In October, the PPI rose just 0.2% month-over-month, signaling that wholesale inflation is holding relatively steady for the time being.
• Chinese EV maker Li Auto (LI) is holding a conference call to discuss its third-quarter results. After the Canada Pension Plan sold nearly all of its holdings in Li Auto during the same period, executives will likely be asked what that means for the company, and the EV sector at large.
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Today’s top stories
More people are taking 401(k) “hardship distributions” as inflation continues to take a toll on American spending power. What are the implications of a hardship withdrawal? Before draining your retirement nest egg, it’s helpful to weigh the pros and cons and consider your options. Read more >> Drata, a compliance automation company, reached unicorn status last year. Now, a year later, it achieved the same growth once again. This startup helps companies comply with a wide range of rules and regulations. Here’s how it plans to spend its funds. Read more >> Side hustles can help boost your finances, but the start-up costs can be high. If you are looking to try something with a lower barrier to entry, here are 15 low-cost side hustles that could give you a whole new income stream. Read more >>Not-So-Breaking News
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An EU court ruled that Google (GOOGL) must take down provably false search results. To force the search engine to “de-reference” information, parties involved must provide adequate evidence.
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Over one thousand New York Times (NYT) journalists walked out in a 24-hour protest. Employees’ contract negotiations have stretched on since March 2021. This strike is the first of its scale at the company in over 40 years.
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According to a recent survey, only 43% of people in relationships are fully transparent with their partner when it comes to their spending. However, for married couples, this percentage increased to 57%.
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Express (EXPR) posted a third quarter loss and lowered its outlook for the rest of the year. The clothing retailer blamed the economic climate, which it described as “extremely challenging”.
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Networking equipment maker Ciena (CIEN) beat analysts’ third quarter expectations for both revenue and profit. The company benefited from favorable supply chain developments.
Financial planner tip of the day
"Automating finances can not only be a smart money move, it could also help alleviate some of the stress surrounding payment deadlines."
Brian Walsh, CFP® at SoFi