Monday,
December 19, 2022
Market recap
Dow Jones
32,920.46
-281.76 (-0.85%)
S&P 500
3,852.36
-43.39 (-1.11%)
Nasdaq
10,705.41
-105.11 (-0.97%)
Top Story
SoFi’s Head of Investment Strategy Liz Young shares her take on what could be in store for 2023 and the opportunities she’ll be looking out for.
A new year is supposed to be a time of fresh starts, enthusiasm for what’s to come, and resolutions to do something different. But starting something new suggests that we’ve recently finished something old.
Read more >>
Recession fears on the rise along Wall Street, stocks fall as hope for soft landing fades
• US stocks fell Friday as recessionary concerns mount. This stems from comments made after the Fed enacted its latest rate hike last week. The central bank seems committed to taking its target rate higher than originally anticipated.
• The S&P Global (SPGI) composite PMI fell further into contraction territory this month, signaling the fastest decline in business activity in over two and a half years. The index measures both the manufacturing and services sectors through weighted averages.
• Oil prices fell, continuing a period of volatility for energy markets. While a protracted recession would drag on demand for oil, some traders are expecting demand to increase significantly as China eases its COVID-19 rules.
What to be on the lookout for today
• The December NAHB housing market index will be released. This barometer of the single-family housing market has been trending downward for 11 straight months.
• Aerospace and electronics company HEICO (HEI) will release its fourth-quarter results, after market close. In October, the firm announced it had acquired TRAD, a France-based radiation engineering firm.
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Today’s top stories
Is the American economy still growing? Economic reports for GDP, as well as personal income and spending, will help investors answer this question. Additionally, look out for earnings from Nike (NKE), FedEx (FDX), and General Mills (GIS). Read more >> As the student loan cancellation program is decided by the courts, the White House has decided to extend the repayment pause. Some may choose to repay anyway, given the broader uncertainty. But others can take advantage of the moratorium. Read more >> Netflix’s ad business is down – but not out. So far, the streaming giant has struggled to deliver on promises that it made to attract advertisers. Here’s what this means for your viewing experience, as well as Netflix’s business moving forward. Read more >>Not-so-breaking news
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Darden Restaurants (DRI) beat expectations for both revenue and profit while also raising its guidance for the rest of the year. The Olive Garden owner reported that consumers are still eating out despite high inflation.
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Winnebago (WGO) exceeded top and bottom line estimates despite posting lower earnings than last year’s. The residential-vehicle maker recorded a net income of $60.2 million.
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Advent International is buying Maxar Technologies (MAXR) in a deal valued at $4 billion. Maxar operates a network of satellites and has provided satellite images during the Ukraine war.
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Twitter suspended the accounts of some journalists from several prominent networks. The Elon Musk-owned social media app did not provide a reason for the suspensions, although the reporters had all covered the platform or its owner.
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Uber Eats (UBER) is partnering with Cartken to offer autonomous food delivery. The partnership will begin in Miami with plans to eventually spread to other cities.
Financial planner tip of the day
"Early retirement may be one of your financial goals, and achieving it requires some planning. Maxing out your 401k or 403b is great, but you will likely need to save more than the limits and want more flexibility using a taxable account."
Brian Walsh, CFP® at SoFi