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Want to pay less in taxes? There are a few strategies you may want to consider.
There’s still time to potentially reduce your 2022 tax bill, but you’ll need to act quickly with the December 31 deadline rapidly approaching.
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Stocks finish higher in choppy session, snapping market’s four-day losing streak
• US stocks wavered Tuesday, but ultimately finished higher. Investors reacted to a surprising move from the Bank of Japan, which added to pressure from hawkish central banks around the world. The BOJ raised the cap on its 10-year bond yield curve.
• This follows last week’s rate hikes from the European Central Bank as well as the Federal Reserve. Japan had been a hold out, following a more loose monetary policy in 2022. Looking ahead, some analysts are hopeful the market is reaching the end of the peak rate-hike period.
• Building permits fell 11.2% in November, while housing starts dipped slightly. Market observers note past months have experienced steeper declines in construction. Big picture, demand for new housing has fallen as mortgage rates have risen.
What to be on the lookout for today
• November’s existing home sales are due. These tumbled 5.9% in October to an annual rate of 4.43 million, the lowest since 2011, with the exception of a brief drop at the beginning of the pandemic.
• Canada will release its inflation rate for November. In October, prices rose at an annualized rate of 6.9% for our neighbor to the north.
• Rite Aid (RAD) will offer an update on its business and will likely discuss its new partnership with GrubHub (JTKWY). Additionally, Carnival Cruise Line (CCL) will let us know if luxury sea travel is following air travel’s trend of returning to pre-pandemic levels.
New Podcast Episode: Spotlight on the Meal Kit Industry with Linda Findley
With food inflation and continuing changes in consumer demands, how are meal kit companies faring?
Linda Findley, CEO of Blue Apron, gives her take on how this industry is doing, and whether these companies are faring, both in terms of demand and profit margins.
Liz and Linda talk about her observations on the meal kit landscape during the pandemic and beyond, why food inflation hasn’t affected the industry as much, and what it means for the potential of long-term success with a seasonal business. Listen and subscribe wherever you get your podcasts.
Today’s top stories
KPMG’s annual survey found auto executives expect that Tesla (TSLA) will still dominate EVs by 2030. Plus, another intriguing name came in near the top of the list: Apple (AAPL). Recessionary concerns and inflation have those same executives less bullish on EVs overall. Read more >> Sales of off-brand products are surging at grocery stores as consumers attempt to stretch their budgets. It may be worth trying store labels to see if you even notice the difference, because the savings are sure to fit everybody’s appetite. Read more >> Have you ever wondered why dollar bills are green? Here’s 21 fascinating facts about money that are sure to level up your trivia game. Read more >>Not-so-breaking news
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Netflix’s (NFLX) highly-anticipated ad-supported option was its least popular tier in November. The ad-supported tier only accounted for 9% of new sign-ups, representing just 0.2% of the streaming giant’s total subscriber base.
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Wells Fargo (WFC) agreed to pay $3.7 billion as part of a settlement agreement with the Consumer Financial Protection Bureau. The CFPB says the bank committed illegal actions involving auto loans, mortgages, and overdraft fees.
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In order to expand beyond China, Apple (AAPL) announced it will start producing some of its MacBooks in Vietnam as early as 2023. This may help Apple avoid supply chain disruption due to tensions between the US and China, as well as COVID-19 lockdowns.
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3M (MMM) will stop producing what are known as “forever chemicals” by 2025. Sometimes used in items like non-stick pans, these chemicals are now believed to be more dangerous than previously thought. The maker of Post Its and Scotch Tape expects to take an up to $2.3 billion hit over the coming year due to this decision.
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With the national average at $3.14 per gallon, gas prices are now at their lowest point since July 2021. AAA also notes the average is below $3 per gallon in 21 states.
Financial planner tip of the day
"If you are leaving a job with an employer-sponsored retirement plan, you can roll over your 401(k) into an IRA to potentially give yourself better investment options and lower fees. Before doing so, review the options and fees of your 401(k) to make sure it makes sense."
Brian Walsh, CFP® at SoFi