Friday,
January 20, 2023
Market recap
Dow Jones
33,044.56
-252.40 (-0.76%)
S&P 500
3,898.85
-30.01 (-0.76%)
Nasdaq
10,852.27
-104.74 (-0.96%)
Top Story
Could quiet hiring be the norm in 2023?
Quiet hiring is when a company opts to give existing employees more responsibility instead of hiring new full-time staff. Learn about this workplace trend and how you might use it to your advantage.
Read more >>
US stocks finish lower as investors study earnings and economic data, question economy’s health
• US stocks fell Thursday as the market took a close look at corporate earnings and economic data, contributing to recessionary concerns. Wall Street’s optimism through the year’s first few weeks is fading from view, as some investors have concerns over how the Fed’s rate hike campaign has impacted the nation’s economy.
• The Fed’s Beige Book, or summary of business conditions, is predicting weak growth in the months ahead. US economic activity was largely flat to close out 2022 and firms aren’t optimistic looking into the immediate future.
• US housing starts fell last year, marking the first annual decline since 2009. Meanwhile, weekly jobless claims fell, signaling the labor market remains tight.
What to be on the lookout for today
• December’s existing home sales are due. In November, this metric fell 7.7%, marking the tenth monthly decline in a row. Given mortgage rates remain elevated in comparison to this time last year, it’s likely existing home sales will continue to decline.
• The banking sector is in focus yet again, with Ally Financial (ALLY) set to report results. Given Ally specializes in auto lending, this could shed light as to how Americans with auto payments are handling rising interest rates.
Looking for ways to pay for school? Here’s what you need to know about merit scholarships.
A merit scholarship is a financial award given based on a student’s academic excellence or other non-academic criteria. These scholarships can help cover a portion of (and in certain cases, the full amount of) tuition, room, and board, therefore helping decrease the overall cost of college. Merit scholarships are similar to grants in the fact that they typically do not need to be repaid. However, unlike grants, which are often based on financial need, merit scholarships are generally awarded based on academic performance, athletic achievement or extracurricular activities.
While every scholarship is different, some merit scholarships, such as those offered by colleges and universities, may not require students to fill out any additional paperwork beyond their application to the school. When applying for merit aid from an outside organization or private company, students may be required to write an essay or personal statement, gather letters of recommendation or go through an interview process.
As you are looking for scholarships, fellowships, grants and more, consider streamlining your search with SoFi’s scholarship search tool. If merit awards and federal aid aren’t enough to pay for college, private student loans are another option to consider. SoFi private student loans, for example, have no fees and offer a convenient online application.
Today’s top stories
Florida is harvesting what looks to be its worst orange crop in almost a century and OJ prices are skyrocketing. That part of your balanced breakfast is more like “liquid gold” now, according to commodities traders. The poor yield is due to bad weather and what’s known as citrus greening. Read more >> Shein, the Chinese ecommerce giant, is raising $3 billion at a $64 billion valuation. The TikTok-trendy clothing company has plans for a 2024 IPO. But could accounting practices and lacking ESG standards get in the way? Read more >> Have you ever wondered if your income affects your credit score? While the size of your paycheck does not directly impact your credit rating, what you make can indirectly affect your score in several ways. Read more >>Not-So-Breaking News
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Procter & Gamble (PG) reported its quarterly revenue and profit declined on an annual basis, blaming higher prices. Every division of the consumer products powerhouse posted lower sales volume. However, the company boosted its sales growth forecast for 2023.
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Twitter announced Twitter Blue, which grants users the coveted blue check mark, will be priced for Android at $11 per month. That’s the same price charged to iPhone (AAPL) users. Web users can pay the equivalent of a lower fee if they sign up for a full year.
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Stability AI, developer of popular AI art tool Stable Diffusion, is being sued by stock image giant Getty Images (GETY). In a statement, Getty accused Stable Diffusion of stealing and using images without obtaining the proper license.
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Hertz (HTZ) is partnering with the city of Denver to install EV chargers as the rental car company adds over 5,000 electric vehicles to its fleet. EV-charging network BP Pulse (BP) will support the infrastructure. The company says it hopes to establish similar partnerships with other cities.
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Ecommerce leader Amazon (AMZN) discontinued its charity donation program, AmazonSmile, which allowed customers to choose a charity to donate a percentage of their purchases to. CEO Andy Jassy is reportedly undergoing a thorough review of Amazon’s outlays.
Financial planner tip of the day
"Understanding exactly how much you’re spending helps you appreciate how much you’re able to save. Your savings rate is the most important component for determining your ability to accomplish financial goals like homeownership, starting your own business, or being able to retire."
Brian Walsh, CFP® at SoFi