Monday,
February 13, 2023
Market recap
Dow Jones
33,869.27
+169.39 (+0.50%)
S&P 500
4,090.46
+8.96 (+0.22%)
Nasdaq
11,718.12
-71.46 (-0.61%)
Top Story
Ordering food is now easier than ever. Roku (ROKU) and DoorDash (DASH) want to take it to the next level.
The streaming and food delivery companies have teamed up. Here’s how to get your favorite snack mid-show, without even switching screens.
US stocks were mixed Friday after another series of significant corporate earnings and news that Russia plans to cut its oil production.
• Oil prices rose following Russia’s announcement that it would cut its output by 5% or 500,000 barrels per day. The country stated the production cut was a direct response to Western sanctions and price caps implemented over the last few months aimed at limiting the country’s primary revenue stream.
• On the earnings front, Lyft (LYFT) shares dropped more than 35% after providing lackluster guidance for the upcoming quarter. The popular ridesharing company beat analyst expectations on revenue for the previous quarter, but pointed to seasonality and lower prices as major headwinds to future revenue.
• In economic news, the Michigan Consumer Sentiment index showed the highest level of consumer confidence in thirteen months. After three consecutive monthly increases, sentiment is now 6% higher than a year ago, but still 14% below the same month in 2021.
What to be on the lookout for today
• The New York Fed 1-year and 5-year inflation expectations reports are due for January. The December reading showed that median 1-year expectations dropped to 5%. This was the lowest reading since August 2021. Economists will look to see if this trend continues.
• Roomba-maker iRobot (IRBT) will shine light on its holiday season. With an acquisition by Amazon (AMZN) pending, iRobot will likely also offer insight into how it plans to integrate its portfolio of products with its new parent company.
Here is the annual average cost of car insurance by age in every state. Are you overpaying?
Car insurance underwriters look at many factors — such as age, gender, and location — when determining the risk a driver poses. To help you understand what you can expect to pay, we broke down the average cost of car insurance by age and state, and other factors that may push your premiums higher or lower.
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Today’s top stories
In December, the inflation rate sat at 6.5%. This Tuesday, investors will learn whether inflation is continuing to trend downward. On top of that, expect a fresh understanding of the housing market by week’s end, with real estate metrics and earnings from Airbnb (ABNB) and Zillow (Z) coming up this week on Wall Street. Read more >> With many Americans dining out less due to inflation, Anheuser-Busch InBev (BUD) pivots its strategy. As inflation squeezes consumers’ wallets, people are eating more meals at home, a trend that is expected to continue. Read more >> Don’t forget the chocolates! These Valentine’s Day gift ideas can help you show your love without breaking the bank. While flowers and candy are most common, there are several other low-cost gift options that can please both your partner and your budget. Read more >>Not-so-breaking news
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Adidas (ADDYY) shares fell on Friday after it said it could lose roughly $1.3 billion in sales this year if it can’t sell its existing Yeezy stock, following the dissolution of its partnership with Kanye West. The German sportswear company could also decide to write off its remaining Yeezy products.
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Jeep (STLA) just unveiled its most expensive Wrangler SUV ever — the 2023 Wrangler Rubicon 392. Only 150 units will be produced and the price tag for each tops $115,000.
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At the end of last week, SpaceX test fired 31 of the 33 engines in the rocket booster of its Starship prototype. It's one of the final hurdles before the company attempts to launch the roughly 400-foot-tall rocket into space.
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K-Pop entertainment company Hybe Co agreed to acquire a 14.8% stake in SM Entertainment, its main rival. Hybe Co is the agency behind popular boy band BTS. It is now poised to become the largest shareholder in a company known for jumpstarting the rise of Korean pop music.
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Starting today, Chick-fil-A will test a cauliflower sandwich in three markets. The popular chicken chain said it’s been working on a plant-based sandwich option for almost four years.
Financial planner tip of the day
“Once good credit has been established, using it wisely and responsibly can offer flexibility and freedom. Installment loans like mortgages, car loans, and student loans might make it easier to reach major life goals, while credit cards for smaller purchases can help build credit and possibly qualify for lower interest rates on those big purchases.”
Brian Walsh, CFP® at SoFi