Wednesday,
January 18, 2023
Market recap
Dow Jones
33,910.85
-391.76 (-1.14%)
S&P 500
3,990.97
-8.12 (-0.20%)
Nasdaq
11,095.11
+15.96 (+0.14%)
Top Story
The next big thing in fine dining: canned tuna.
TikTok users are getting creative by making even the cheapest meals feel (and taste) gourmet. Now, in the face of higher food prices, this traditionally inexpensive, high-protein staple is surging in popularity. Read more >>
Dow snaps a four-day winning streak after being dragged lower by corporate earnings data
• US stocks finished mixed after investors reacted to earnings from major US banks, as well as disappointing news out of China. Taken together, recessionary concerns increase when the banking sector struggles, given itās so closely tied to the overall economy.
• Data from China shows the countryās economy experienced a near-historic slowdown last year. Beijingās zero-COVID policy contributed to 2022 being one of the Asian nationās worst-ever years of economic growth.
• The Empire State Manufacturing Survey plummeted this month. As a measurement of factory activity in the New York region, the January reading signals a significant contraction.
What to be on the lookout for today
• Decemberās retail sales are due, as well as the January NAHB Housing Market Index. In December, the index continued a downward trend that persisted in 2022, as housing grew more unaffordable throughout the year.
• PNC Financial Services (PNC) will keep banking in the spotlight when it shares its latest results, while United Airlinesā (UAL) Q4 earnings could lend insight into the embattled travel sector. The airlineās pilot union rejected a new contract agreement last November. Investors should expect an update on these negotiations, as well as the airlineās plans for its new fleet of jets.
The cost of attending college includes more than tuition. Hereās what you should consider.
While tuition generally makes up the majority of a studentās college expenses, there are other fees and costs to factor in as you plan how to pay for college.
Cost of attendance (COA) is an estimate of the total cost of attending college for one year. It includes the cost of tuition in addition to other expenses such as room and board, books, supplies, transportation, meals, and more. The requirements for COA are outlined by federal law and each school is required to publish its COA on their website so this information can be easily accessed. Scholarships, grants, and other forms of financial aid can help reduce the actual net price a student ends up paying which is why itās important to compare not only the cost of each school, but the financial aid package each school offers.
When it comes to paying for college, students often rely on a few different funding sources. If youāre looking to fill in gaps in funding, private student loans could be an option to consider. SoFi private student loans cover all school-certified costs ā tuition, transportation, rent, and more. Thereās no origination or late fees and the application process is entirely online, even if you need to add a cosigner.
Todayās top stories
When you combine governments, corporations, and households, the world is in a record amount of debt: $300 trillion. With rates rising and inflation putting pressure on consumers, the debt burden is increasing. Itās not a problem any one person can solve, but your personal debt is, and hereās how. Read more >> After years of increasing inventory, warehouses are finally starting to empty out and that could be a good sign for retailers and consumers. Warehouse data can be a sign of consumer spending strength ā or weakness. Hereās what the most recent data is telling us. Read more >> Treasury Secretary Janet Yellen warned the US will hit its debt limit of $31.4 trillion Thursday, spurring a debate in Washington over spending and deficits and whether to raise or suspend the nationās debt limit. The debt ceiling is a limit set by Congress that reflects the maximum amount of money the US government can borrow, and it can have a major impact on the economy and markets. Read more >>Not-so-breaking news
- Goldman Sachs (GS) posted its worst earnings miss in a decade and fell short of revenue expectations as well. In the wake of cutting loose 3,200 employees last week, some analysts predict further layoffs and other cost-cutting moves for the bank.
- Hennessy-owner Diageo (DEO) agreed to buy Don Papa Rum, a Philippines-made dark rum, growing its brand portfolio, which also includes Guinness, Johnnie Walker, and Tanqueray. Don Papa Rum is particularly popular in European markets.
- Morgan Stanley (MS) beat earnings estimates and posted record wealth management revenue. Still, profits fell from a year ago amid diminished deal making activity. Notably, the bank set aside $85 million for credit losses this quarter, up from year-ago provisions of only $5 million.
- Chewy.com (CHWY) founder and activist investor Ryan Cohen reportedly built a multimillion dollar stake in Chinese ecommerce giant Alibaba (BABA). This comes just days after Chinese officials said theyād adopt a less strict attitude toward the nationās tech companies.
- Food delivery company DoorDash (DASH) saw its share price rise after it announced plans to expand its partnership with coffee giant Starbucks (SBUX). The companies hope to make Starbucks delivery a reality in all 50 US states by the end of the first quarter.
Financial planner tip of the day
"If the cost of college tuition is one of the determining factors in your decision process, it could be worth looking into tuition payment plans. These plans are offered by some colleges and could help make tuition payments more manageable for students and parents."
Brian Walsh, CFPĀ® at SoFi