Thursday,
December 15, 2022
Market recap
Dow Jones
33,966.35
-142.29 (-0.42%)
S&P 500
3,995.32
-24.33 (-0.61%)
Nasdaq
11,170.89
-85.93 (-0.76%)
Top Story
Want a free year of Netflix (NFLX)? If you’re in the market for at least one other streaming subscription, you may be in luck.
Verizon (VZ) is just fine being the streaming middleman, as it takes a neutral approach to the sector with its new hub Plus Play. It aims to build a user base by bundling a free year of Netflix with other subscriptions available through the platform.
Read more >>
Stocks turn lower after Fed’s latest hike, hints rates could go higher than expected in 2023
• US stocks fell Wednesday as investors reacted to the Fed’s latest rate hike. While the central bank enacted a 50-basis-point hike as expected, Chair Jerome Powell struck a more hawkish tone during his ensuing comments. Earlier estimates predicted the Fed’s target rate could hit 4.6% in 2023, but that’s been adjusted higher to 5.1%.
• The Fed suggested unemployment will rise next year, amid tepid economic growth. With bond traders anticipating future rate hikes, the yield on the US 2-Year Treasury rose slightly.
• Import prices fell more than expected in November. Last month’s import price index checked in at -0.6%, while analysts had predicted -0.5%.
• Oil prices rose as energy markets remain highly volatile. International benchmark Brent crude saw its price per barrel rise by more than $2.
What to be on the lookout for today
• Consumer spending will be in focus with the November US retail sales report due. Sales surged 1.3% month-over-month in October after coming in flat for September.
• Adobe (ADBE) will report earnings. In addition to information about its business, Adobe could offer insight on the Adobe Digital Price Index. This measure of online inflation just reported its largest year-over-year drop in the past 31 months.
Don’t be fooled: there are plenty of student loan forgiveness scams out there right now.
Unfortunately, student loan forgiveness scams exist. Clues are when they promise immediate forgiveness, say the programs are “first-come, first serve,” ask for a fee to process your payment, or solicit you asking for bank or identity information upfront.
Attention to detail and diligence in communication can help you avoid some common student loan scams. Here are eight student loan scams to avoid.
Today’s top stories
Instagram (META) plans on rolling out a new feature that mirrors the popular app BeReal. BeReal is a photo sharing app that encourages spontaneity and authenticity over filters. Now, Instagram plans to imitate BeReal’s functionality with its own spin. Here’s what that means for your feed. Read more >> There’s no telling what the next couple weeks hold in markets, but it’s safe to say that some of the air has come out of year-end rally balloon. SoFi’s Head of Investment Strategy weighs in on the recent Fed hike and explains why we aren’t out of the woods just yet. Read more >> Who knew? Marketers sometimes use psychological pricing tactics to get us to spend more. Learn and avoid these 15 sneaky pricing tricks. Read more >>Not-so-breaking news
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Weber’s (WEBR) Q4 earnings fell short of expectations for both revenue and profit. The grill maker also stated that it’s being sold to BDT Capital Partners in a deal valued at $3.7 billion.
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AMC (AMC) and Visa (V) are teaming up to offer a co-branded credit card. Using this card, movie fans will be able to earn AMC Stubs rewards to redeem on concessions and tickets.
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In a new report, 41% of CFOs admitted that they were “more pessimistic” about their companies. This is the highest rate of CFO pessimism recorded since mid-2020.
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Binance CEO Changpeng Zhao stated that things have “stabilized” at the crypto exchange after users rushed to withdraw $1.14 billion on Tuesday. The same day, the company froze withdrawals of the USDC stablecoin.
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E-scooter company Whoosh went public in Russia’s only IPO of the year. The micromobility firm raised only $33 million – less than half of its initial goal.
Financial planner tip of the day
"Financial health isn’t synonymous with a person’s savings or how much they currently earn. It may be helpful to think of good financial habits as a future-oriented exercise routine that can start with small daily steps — something done today that’s motivated by longer-term gains."
Brian Walsh, CFP® at SoFi