Tuesday,
February 21, 2023
Market recap
Dow Jones
33,826.69
+129.84 (+0.39%)
S&P 500
4,079.09
-11.32 (-0.28%)
Nasdaq
11,787.27
-68.56 (-0.58%)
Top Story
Tesla (TSLA) just issued a software recall, citing issues with its premium Full Self-Driving service.
This tech is supposed to let Tesla vehicles drive themselves––but it looks like it’s not blue skies and open roads for the EV giant just yet. Here’s what happened. Read more >>
US stocks were mixed Friday after a St. Louis Fed President refused to rule out a 50-basis-point increase at the Fed’s next meeting.
• After a slew of hotter-than-expected inflation numbers and strong employment reports, St. Louis Fed President James Bullard isn’t ruling out a 50-basis-point rate increase at the March meeting. As it stands, markets are only pricing about a 1 in 5 chance of a 50-basis-point increase.
• US import prices, which track the change in price of goods and services purchased from foreign entities, fell for the seventh straight month. The 0.2% decline from the month earlier was in line with expectations and largely driven by a decline in fuel costs. On the other hand, export prices came in well above expectations, with a 0.8% increase month-over-month.
What to be on the lookout for today
• Today, the January existing home sales report will be released. In December, home sales were down 1.5%. This marked the longest stretch of declining sales since 1999, at 11 months in a row. The real estate sector has a broad impact on the overall economy and individuals’ net worth, leading Wall Street to pay close attention to data points and trends in the space.
• In earnings news, it’s a massive day for the retail industry as both Home Depot (HD) and Walmart (WMT) will report their earnings from the past quarter and year. In Q3 2022, Walmart posted revenue of $152.8 billion, up 8.7%, and raised its guidance for the remainder of the year. Investors will look to see if Walmart’s strong predictions hold true.
With wind energy becoming a vital power source worldwide, investors are increasingly looking to invest in companies in this industry.
Wind energy is a renewable resource that is becoming increasingly popular and is expected to grow significantly in the coming years. This makes it a potential growth investment for those looking to diversify their portfolios and reduce their reliance on traditional energy sources.
While the outlook for wind energy is promising, investments in wind energy may not always produce positive returns. When considering a wind energy investment, it is important to do your research and understand the risks and rewards involved with this nascent industry. Here’s a beginner’s guide to investing in wind energy.
Today’s top stories
After a record 2021, Moderna’s (MRNA) revenue declined for three straight quarters in 2022, falling from $6.07 billion in Q1 to $3.36 in Q3. With COVID in the rearview mirror, does Moderna have a plan to stay relevant? Watch out for its earnings announcement this week, along with reports from Home Depot (HD), Walmart (WMT), Block Inc (SQ), and more. Read more >> It could cost a lot more to insure your car this year. Premiums are expected to swell by 8.4%. Here’s how to put a dent in your rate. Read more >> Don’t let missing tax documents make you miss the tax deadline. If you’re missing a few tax forms, now’s a great time to start investigating where they might be in order to file your taxes on time. Read more >>Not-So-Breaking News
- DoorDash (DASH) impressed investors by posting better than expected fourth quarter revenue, raising guidance, and approving a $750 million stock buyback. In Q4 2022, the delivery company completed 467 million deliveries, an increase of 27%
- In an upcoming hearing before Congress, TikTok’s CEO will testify to US lawmakers that the Chinese-owned app poses no security threat. CEO Shou Zi Chew will field questions about TikTok’s consumer privacy and data security practices in the hopes of assuaging regulators.
- Hasbro (HAS) reported disappointing sales for the fourth quarter and will keep its guidance low for 2023. Despite this, the toymaker still feels optimistic about its Transformers and Wizards of the Coast brands.
- YouTube (GOOGL) CEO Susan Wojcicki is stepping down from her role to “start a new chapter focused on family, health, and personal projects.” Wojcicki was Google’s 16th employee and has been with the company for nearly 25 years.
- Construction of new US homes is at its lowest level since 2020. This low demand is the result of elevated mortgage rates and persistent inflation.
Financial planner tip of the day
"The 70-20-10 rule is a way to allocate your monthly income into three categories — living expenses, saving and investing, and debt repayment and donations. Using these categories can help organize the way you think about your income — how it comes in, and importantly, how it goes out. It’s a simple and often very successful way to get a personal budget in place."
Brian Walsh, CFP® at SoFi