Wednesday,
January 11, 2023
Market recap
Dow Jones
33,704.10
+186.45 (+0.56%)
S&P 500
3,919.25
+27.16 (+0.70%)
Nasdaq
10,742.63
+106.98 (+1.01%)
Top Story
Amid marketing campaigns and the growing sale of non-alcoholic beer, booze companies are embracing the Dry January trend.
You would think the concept of Dry January would clash with the alcohol business. But alcohol sales have declined since reaching their height during COVID lockdowns, and brands are adapting. According to Tito’s and Martha Stewart, vodka mixes well with flower gardens.
Read more >>
Stocks rise as investors react to Fed Chair Powell’s latest comments, small business optimism slips
• US stocks rose Tuesday as investors continue to focus on interest rates and Federal Reserve policy in the months ahead. Fed Chair Jerome Powell said the central bank is committed to enacting more rate hikes, even if they prove politically unpopular. He also said the Fed isn’t interested in using its regulatory powers to fight climate change.
• The NFIB small business optimism index dipped in December. Business owners say they’re hiring, but struggling to fill open jobs.
• Oil prices rose, after both Brent crude and West Texas Intermediate gained to start the week. Traders are continuing to bet demand will rise now that China is reopening its borders, following years of COVID-19 lockdowns.
What to be on the lookout for today
• Wall Street’s focus will shift to mortgages, as the Mortgage Bankers Association releases its weekly mortgage application figures. The MBA will also publish its refinance and marketing indexes, in addition to the average rate on a 30-year fixed mortgage. Mortgage volume plummeted at the end of December as rates rose yet again.
• KB Home (KBH) will share its fourth-quarter earnings. This will provide the market with insight into the state of home building, which has fallen off as mortgage rates have risen, dampening demand.
Looking to start a family this year? Financially preparing for a child typically means looking into all associated costs.
Starting a family is a huge milestone, and the process is different for everybody. If you want to start a family in 2023, you might be considering in vitro fertilization (IVF) or adoption — but both of these can be expensive.
The average cost of one IVF cycle in the United States is around $10,000 to $15,000. And that doesn’t include the cost of medications, fertility testing, and procedures that may be necessary to ensure the success of IVF. And, most patients undergo multiple IVF cycles.
The cost of adopting a child can vary widely, from a few thousand dollars to $50,000. Foster care adoptions tend to be less expensive than private agency or intercountry adoptions, and there are state or federal tax credits that may help offset the cost. But it can still take a toll on your finances.
SoFi personal loan could be a smart financing alternative to high-interest credit cards, helping you cover pregnancy, adoption, IVF, or surrogacy costs. We believe fertility financing should be as easy and as affordable as possible. That’s why SoFi, unlike other lenders, has zero origination fees and zero prepayment fees.
Today’s top stories
2022 was a much slower year for mergers and acquisitions compared to 2021. You might think this has no impact on you as a consumer, but think again. Higher interest rates and increased regulatory pressure is forcing companies to get creative with their financing. Learn how this could impact your favorite brands. Read more >> 68% of Americans said that they made no financial progress in 2022, and 35% admitted to succumbing to some bad financial habits Here’s how to change that this year. Learn why treading water financially can be risky, as well as a few strategies to turn your finances around in 2023. Read more >> For all you extroverts out there, we’ve rounded up dozens of well-paying jobs that would be lucky to have you on board. The best jobs for extroverts range from business leaders to sales to performers. Find out more about median salary, education requirements, and job growth. Read more >>Not-So-Breaking News
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Reports say Microsoft (MSFT) plans to invest $10 billion into OpenAI, the developer of viral chatbot ChatGPT. This is part of a funding round that would value the artificial intelligence startup at $29 billion. Microsoft may see the company as a way to boost its reach in web search.
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CVS Health (CVS) is reportedly exploring the acquisition of another healthcare provider, Oak Street Health (OSH). CVS announced a deal to acquire home health provider Signify (SGFY) late last year, expected to close this year. Oak Street operates primary care centers across the US.
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Amazon (AMZN) is expanding its Buy with Prime program. Retailers will now be able to add the company’s payment and fulfillment services to their own site, while also displaying reviews.
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The share price of Virgin Orbit (VORB) took a hit after the company’s first rocket launch in the UK failed to reach orbit. It marked the firm’s sixth mission, and second launch failure. Virgin Orbit’s system makes use of a 747 jet that releases a rocket from its wing mid-flight.
Financial planner tip of the day
"Depending on your employment circumstances, there are many possible retirement plans in which you can invest money for retirement. Some are offered by employers, others can be set up by an individual. Likewise, the benefits for each of the available retirement plans differ, though they all share one positive attribute: Investing in them is an important step in saving for retirement."
Brian Walsh, CFP® at SoFi