Top Story
The seven big banks behind Zelle are launching a direct competitor to Apple Pay (AAPL).
This means you can expect the payment process to get smoother and easier. But with digital wallets on the rise, it’s more important than ever to protect yourself. Here’s how you can do that.
Stocks struggle to find their footing as investors eye earnings
• US stocks finished lower Wednesday as investors digested earnings from bellwether names like Microsoft (MSFT). Despite exceeding analyst expectations, the company provided lackluster guidance, raising concerns over how even the biggest companies will fare in the evolving high-rate, slow-growth environment.
• Still, earnings have trended positive so far. Of the roughly 20% of S&P 500 companies that have reported fourth-quarter earnings so far, nearly 70% posted stronger-than-expected results, according to FactSet.
• In real estate-related news, mortgage rates fell for the third straight week. This sparked a 7% uptick in new mortgage applications and a 15% increase in refinancing applications. The current 30-year fixed mortgage rate is hovering around 6.15%.
What to be on the lookout for today
• Investors will get advanced insight into US GDP growth rate for the fourth quarter 2022. In Q3, the US economy grew at an annualized rate of 3.2% after shrinking for the previous two quarters.
• On the earnings front, Wall Street will be watching the turbulent air travel sector. American Airlines (AAL), Southwest (LUV), and JetBlue (JBLU) are all set to release reports, which may speak on the DOT decision to hold airlines accountable for canceled flights.
Close to 75% of Americans expect a tax refund in 2023. Here’s how to get yours sooner.
The easiest way to expedite the tax process — and receive your return, if you’re entitled to one — is to file electronically. Not only does it take longer for mailed documents to be processed, but there’s also the inherent risk of it getting delayed, or even lost.
The IRS typically issues refunds within 21 days, but if you send in a paper return, expect it to take longer. Choosing direct deposit for your refund is also advisable for the same reasons.
Finally, double check what you send in. An incorrect Social Security number, inconsistent data across forms, or other errors made on returns are one of the most common reasons for delays. You should also file your return as soon as possible in order to speed things up: tax season opened for individual filers this past Monday, January 23.
Set up direct deposit payments to your SoFi checking and savings account to get your refund faster.
Today’s top stories
ChatGPT, the program behind the AI-generated selfies popular on social media sites, could revolutionize customer service. ChatGPT will likely soon influence customer service departments, much as it has already impacted the tech, writing, and even education industries. Here’s what this would mean for your customer service experience moving forward. Read more >> The debt ceiling has never been reached since it was established more than a century ago…until last Thursday. What does it mean for your money? That’s a big question mark, as this has never happened since the debt ceiling was established more than a century ago. What does it mean for your money? There’s no shortage of theories among industry experts. Here’s what you need to know. Read more >> Will we see a “soft landing,” or a full-blown recession? A good old fashioned pros and cons list is very telling. SoFi’s Head of Investment Strategy walks us through the undeniable truths that sit in the cons column. Read more >>Not-so-breaking news
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A global cloud outage impacted Microsoft (MSFT) users on Wednesday, impacting products including Outlook and Teams. The outage followed better-than-expected earnings for the technology giant. However, the company is seeing a slowdown in cloud computing revenue.
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Driven by weakness in its defense unit, Boeing (BA) announced a wider loss in 2022 than expected. That said, the US planemaker did report its first annual positive cash flow since 2018 thanks to strong commercial airplane deliveries.
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Rupert Murdoch called off the potential merger of Fox (FOXA) and Wall Street Journal owner News Corp (NWSA). The cancellation comes as News Corp has been in discussions to sell its controlling stake in real estate listing company Move, Inc. for more than $3 billion.
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Data from Standard Media Index showed advertising spend on Twitter slipped by 71% in December. Currently, ad sales account for about 90% of Twitter's revenue.
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Justin Bieber sold his music rights for over $200 million to Hipgnosis Songs Capital, a music IP investment company backed by Blackstone (BX). Song catalog sales have slowed in recent months thanks to rising rates and a market desire to see if the asset class stands up in the long run.
Financial planner tip of the day
“A diverse mix of credit products can have a positive impact on a person’s credit. Opening at least one credit card is a good step for most borrowers. There are a wide variety of cards aimed at people with different interests, spending habits, and credit history. Although a mix of credit helps a person’s standing as a borrower, it’s not a good idea to open a line of credit that’s not needed just to have a mix of credit types.”
Brian Walsh, CFP® at SoFi