Thursday,
December 22, 2022
Market recap
Dow Jones
33,376.48
+526.74 (+1.60%)
S&P 500
3,878.44
+56.82 (+1.49%)
Nasdaq
10,709.37
+162.26 (+1.54%)
Top Story
Airbnb (ABNB) is running rampant across America â and itâs changing more than just the vacation rental market.
While Airbnb is great for travelers and remote workers, the short-term booking platform is starting to become overrun with professional investors. Hereâs how this is starting to throw certain real estate markets out of whack.
Read more >>
US stocks gain with higher consumer confidence and strong corporate earnings in focus
• US stocks rose on Wednesday as investors reacted to encouraging economic data. Consumer confidence rose significantly this month, reaching its highest level since April. American consumers are feeling more optimistic about the housing market, job market, inflation, and the economy as a whole.
• Amid encouraging inflation data, higher consumer confidence bodes well with regards to the Fed. The central bank could be encouraged by lower prices and increased consumer confidence. Investors continue to look for signs of a less hawkish Fed in 2023.
• Housing market data was mixed, as existing-home sales fell in November for the 10th straight month. That said, the median home price fell for the fifth straight month. High prices have weighed on activity.
• Oil prices rose during an extended period of volatility for energy markets. Analysts say US plans to refill the strategic petroleum reserve in February are backstopping prices.
What to Be on the Lookout for Today
• The November Chicago Fed National Activity Index will be published. This is an indicator of broad economic activity and inflationary pressure. Octoberâs index pointed to slower growth.
• The Bureau of Economic Analysis will publish the revised third-quarter GDP. As of the most recent print earlier this month, US gross domestic product grew 2.9% in the third quarter, beating estimates.
• Both initial and continuing jobless claims are due from the Labor Department. Last week initial claims fell to their lowest level since September.
• CarMax (KMX) will publish earnings, offering more clarity into the used car market. Rival firm Carvana (CVNA) has struggled this year, so investors will want to see how CarMax is performing by comparison. While used car prices are down 3.3% from a year ago, they remain heavily inflated.
If youâre focused on saving more money in 2023 and beyond, here are some resolutions you can consider adding to your list.
Don't let another year go by with unmet new year's resolutions. Here are 10 (attainable!) financial resolutions you can actually stick to!
Todayâs top stories
Homebuying activity is down, but refinance demand is up. If would-be homebuyers can strike the right balance, thereâs potential upside on the pricing side. Thereâs been a rush of housing market data released this week. Both existing homeowners and those scouting the market can find reasons to be optimistic. Read more >> Dollar store chains opened 1,300 new locations this year as consumers crave low-priced goods. Learn the unique strategy that chains like Dollar General (DG) and Dollar Tree (DLTR) are using to outpace Walmart (WMT) and Target (TGT) to dominate rural America. Read more >> The so-called âoff seasonâ for home buying bestows some very real benefits for those who are looking for a new place. Wondering why you should consider buying a house in winter, when the days may be short, the trees bare, and the weather nasty? Here are some very good reasons. Read more >>Not-so-breaking news
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Nike (NKE) beat analyst expectations for both earnings and revenue. The athletic apparel companyâs inventories decreased from the previous quarter but higher costs squeezed its margins.
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FedEx (FDX) reported that revenue and profit decreased from the same period last year. In the face of a recession, the logistics company plans to cut another $1 billion in expenses.
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Elon Musk stated that he might step down as Twitter CEO, following the results of a poll in which the majority of respondents supported this. Musk tweeted that he would step down if he found âsomeone foolish enough to take the job!â
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Dwayne âThe Rockâ Johnsonâs character Black Adam will not join the next phase of the DC Comics Universe (WBD). The first Black Adam movie debuted recently and underperformed at the box office.
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The new tax rule requiring taxpayers to declare PayPal (PYPL) and Venmo transactions over $600 may be getting a makeover. Some lawmakers want to raise the threshold to $10,000.
Financial planner tip of the day
"If you have savings that is not currently earmarked for a specific financial goal, take some time to think about what goal youâd like to apply it to. A great first saving goal is to have three to six months of living expenses in an emergency fund. After that, it might be good to turn your attention toward retirement savings and investing."
Brian Walsh, CFPÂŽ at SoFi