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ChatGPT could change the way you surf the web, access information, and consume content.
Microsoft’s CEO has said we are entering “a new paradigm for search.” We’ll break down exactly what that means for you.
US stocks finished lower Wednesday as the Street digested another round of earnings and ripples from Powell’s remarks.
• Uber (UBER) beat analyst expectations on both the top and bottom line, posting $8.6 billion in revenue and earnings per share of 29 cents. Uber’s CEO said the company ended 2022 with its strongest quarter ever.
• Chipotle (CMG) shares stumbled after reporting quarterly results below expectations. The popular Mexican grill pointed to the rising costs of food, packaging, and beverages, as well as a challenging macro environment as key factors in the miss.
• On the economic front, the average 30-year fixed-rate mortgage declined by 1-basis-point to 6.18%. At the same time, mortgage refinance demand jumped 18% week-over-week as rates logged their fifth consecutive decline. However, the increase is still 75% lower than the year prior.
What to be on the lookout for today
• The initial jobless claims report will offer more insight into the job market. In the week ending on January 28th, initial claims fell by a seasonally adjusted 3,000 to 183,000. This marked the lowest level since April 2022 and the third consecutive weekly decrease. Given the Federal Reserve uses the state of the labor market to gauge their inflation rate decisions, these reports merit considerable notice.
• Hilton (HLT), which recently approved a stock buyback of $2.5 billion, will discuss its hefty project pipeline for the coming years. Additional reports are expected from PayPal (PYPL) and Lyft (LYFT).
Here are 5 habits that could help you achieve financial freedom.
1. Conquer mental barriers. Explore your beliefs about money and work. This may mean digging deep and reflecting on your relationship with concepts like worth, scarcity, and abundance.
2. Understand financial literacy. This just means having competence or knowledge in personal finance. Understand debt, figure out how to budget, and create a plan for saving, spending, earning, borrowing, investing, and protecting your money. Stay on top of business news and market moves to make empowered decisions informed by what’s happening in the world. We offer a free resource called On the Money, which curates these types of news stories for your easy consumption.
3. Live within your means. Borrowing money makes sense when it advances your goals, but buying things you can’t afford will take you farther from financial freedom, ratcheting up bad debt.
4. Reduce bad debt. Debt not only reduces your overall net worth by the amount you’ve got in loans or lines of credit outstanding but also increases your monthly expenses. Focus on expediting your payment of high-interest sources like credit cards and student loans.
5. Maximize your savings. Consider opening and maintaining a high-yield savings account, which will allow you to earn money on top of your money. Here at SoFi, our Checking & Savings account currently offers up to 3.75% APY.
Today’s top stories
Inflation is deflating, but there’s still work to be done. After speaking twice in one week, Chairman Powell signaled that a contraction is likely not imminent. But SoFi’s Head of Investment Strategy thinks it could just be pushed further out. Read more >> Freelancers earned an estimated $1.35 trillion in 2022. Now, Uncle Sam wants his cut. Here’s what the self-employed should know in order to keep more of their earnings at tax time. Read more >> There are a variety of reasons why investors choose to sell stocks. And while buying stocks can be fairly straightforward, knowing when and how to sell isn’t often as cut and dry. We’ll take a look at the steps involved and what to consider before selling or cashing out stocks. Read more >>Not-so-breaking news
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Uber (UBER) zoomed to a record quarter in Q4 2022, while many tech firms remain in gridlock. The ride-hailing giant posted 49% annual growth in revenue, fueled by a surge in ridership.
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Yum! Brands (YUM) topped analyst expectations for revenue and earnings, as both high and low income consumers visited its fast food chains last quarter. Taco Bell in particular served up growth for the food conglomerate, which also owns KFC and Pizza Hut.
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Zoom (ZM) will lay off 1,300 employees, or approximately 15% of its staff. CEO Eric Yuan will also reportedly reduce his salary by 98% and forego his 2023 bonus.
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McDonald’s (MCD) will bring back its fan-favorite Shamrock Shake on February 20th. Plus, despite rarely offering new products, it also plans to introduce an all-new Shamrock Oreo McFlurry.
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Under Armour (UAA) beat analyst expectations thanks to heavy discounts that attracted holiday shoppers. The athletic apparel company also raised its guidance for 2023.
Financial planner tip of the day
“As you are establishing credit, it’s critical that you protect your credit score. The goal is to have access to cheaper credit when you need it. That means if you are not sure whether a hard inquiry will be performed, it is best to ask before approving a credit check.”
Brian Walsh, CFP® at SoFi