Tuesday,
February 7, 2023
Market recap
Dow Jones
33,891.02
-34.99 (-0.10%)
S&P 500
4,111.08
-25.40 (-0.61%)
Nasdaq
11,887.45
-119.50 -1.00%)
Top Story
Have you ever been charged a $17 “service fee” when buying a concert ticket online? What about a $30 “destination fee” while you’re on vacation? With the introduction of the Junk Fee Protection Act, President Joe Biden wants to do away with predatory fees like these.
In the short term, Americans could collectively save millions in fees. In the long term, these measures would help to make our markets more fair, transparent, and competitive.
US stocks finished lower ahead of a busy week of earnings and Chairman Powell’s speech
• US stocks edged lower Monday ahead of today’s speech by Jerome Powell. An anxious Wall Street cautiously awaits any potential clarifications by the Fed Chairman after digesting the market’s reaction to his FOMC speech last week.
• The US dollar is hovering near a three-month high as positive economic data opens the door for more Fed tightening. Treasury yields have followed a similar path, with the US 10-year back up to 3.6% — a full 25-basis-points higher than last week.
What to be on the lookout for today
• The updated report on the balance of trade between the US and its key economic partners for the month of December is due. The trade deficit narrowed to $61.5 billion in November, marking the lowest point since September 2020. The consumer credit report will also be released.
• In earnings news, Royal Caribbean Cruises (RCL) will give investors insight into the state of sea travel, while Chipotle (CMG) discusses, among other things, its plans to open up to 285 new locations this year. Similar to other fast-food chains, Chipotle has stressed the importance of prioritizing mobile orders.
You don’t need big-time finances to get big-time advice.
SoFi offers complimentary financing planning. Topics discussed can include how to:
• Set and reach financial goals, based on the current financial landscape.
• Create a budget and practice good spending habits.
• Leverage debt strategically by balancing repayment of debt with saving for long-term goals.
• Build an emergency fund and save for the future.
• Create an investment strategy that dovetails with personal risk tolerance and goals.
This is just a sampling of what can be discussed. SoFi’s full-time planners have years of expertise and have worked with thousands of clients. As professional fiduciaries, SoFi planners maintain an objective viewpoint, required to keep clients’ best interests at the forefront.
Steps are simple:
• Set up a call with a planner.
• Have an exploratory conversation to discuss options.
• Schedule follow-up calls to talk about progress, as desired.
Today’s top stories
Amid sky-high food prices, consumers are leaning on dollar stores for groceries. Chains like Dollar General (DG) and Dollar Tree (DLTR) are taking note and stocking their shelves accordingly. But visiting discount stores is just one way to reduce your inflated grocery bill. Here are four more strategies you can use. Read more >> With remote and freelance work on the rise, millions of Americans have a lot more to think about come tax season. Here are some tax code nuances impacting those who work from home. Both remote employees and the self-employed should take note. Read more >> If you want to bring in some extra cash with a side hustle (or even just by eating or sleeping), check out these 27 weird ways to make money. There are countless weird ways to make money, from selling your hair to testing food to beekeeping. Read more >>Not-So-Breaking News
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Tesla (TSLA) lifted the price of its Model Y Long Range by $1,000 to $54,990. This announcement came after the US government tweaked its EV tax credit rules.
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The Adani Group is repaying $1.1 billion worth of loans a year ahead of schedule in an attempt to reassure creditors as the stock continues its meltdown. The Indian conglomerate faces accusations of fraud.
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Tyson Foods (TSN) reported earnings below analyst expectations. The massive meat producer blamed a pullback in beef prices that offset its high chicken sales for the poor performance.
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Dell (DELL) joins the ranks of other cost-cutting tech companies by reducing its workforce by 5%, or 6,650 employees. The cuts were reportedly made to “stay ahead of downturn impacts.”
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Energizer Holdings (ENR) missed analyst expectations for both profit and sales. However, the energy company stuck by its earnings outlook for 2023.
Financial planner tip of the day
“An emergency fund is intended to be used at a moment’s notice. For the most part, you’ll hear that a healthy emergency fund should cover between three and six months worth of living expenses—which would include rent, mortgage, bills, food, and other essentials. And since you never know when an emergency might happen, it’s best to keep your fund relatively liquid.”
Brian Walsh, CFP® at SoFi