Wednesday,
February 22, 2023
Market recap
Dow Jones
33,129.59
-697.10 (-2.06%)
S&P 500
3,997.34
-81.75 (-2.00%)
Nasdaq
11,492.30
-294.97 (-2.50%)
Top Story
COVID’s ripple effect has led to a weird job market. Companies are either hiring like crazy or doing large-scale layoffs.
Tech layoffs have dominated recent headlines, but companies that struggled during the pandemic are ramping up their workforces. Depending on your role, now could be the time to ask for a raise.
US stocks finished lower Tuesday after a series of quarterly results from some of Wall Street’s retail titans
• The Home Depot (HD) reported a slight beat on earnings, but missed revenue expectations for the first time since 2019. The home improvement retailer suggested falling lumber prices helped to bolster its earnings, despite record levels of inflation and a stagnating housing market. It offered lackluster guidance, projecting consumer spending to remain limited.
• Walmart (WMT) beat analyst earnings and revenue expectations as inflation-battered shoppers flocked to the retailer’s signature discount prices. Walmart’s CEO said consumers are still buying fewer discretionary items, and the company is taking a cautious outlook for the rest of the year as it expects same-store sales to hold flat.
• US Treasury yields hit their highest levels in three months as investors brace for more rate hikes and the increased likelihood of a higher-for-longer approach by the Fed. The benchmark 10-year note peaked at 3.95%, or about 16-basis-points shy of its November high of 4.11%.
What to be on the lookout for today
• Wall Street will get an update on the current 30-year mortgage rate. For the week ending February 10th, the average fixed-rate mortgage clocked in at 6.39%.
• Minutes from the FOMC meeting will be released, helping to guide investors as they anticipate the Fed’s next move. Last Thursday, non-voting Fed member James Bullard said he wouldn’t rule out the prospect of a 50-basis-point hike in March.
• TJX Companies (TJX), the owner of HomeGoods and TJMaxx, will announce earnings and expand on Walmart’s insights into consumer spending. Meanwhile, the electric vehicle company Lucid Group (LCID) will give investors an update as to the state of the EV market.
What does the average funeral cost? It pays to plan ahead.
Money is usually the last thing on your mind when a loved one passes away. That’s why it’s a good idea to know how to cover funeral costs, so that you’re not left financially scrambling while grieving.
Basic costs for a funeral include the service, burial or cremation, and a memorial gathering of friends and family. The average cost of a traditional funeral service with a burial is around $12,500 to $17,500, with caskets alone costing up to $10,000.
Many people have life insurance to cover their own funeral costs. If you have dependents who may suffer financially due to your passing, a life insurance policy may be worth considering.
But what if Mom, Dad, or Grandpa didn’t plan ahead? If the deceased did not plan appropriately to finance their death, and life insurance doesn’t cover the bill, a personal loan can be a quick, easy solution for the family.
While a personal loan is typically a better alternative to high-interest credit cards, going into debt should never be taken lightly. It’s important to set a realistic strategy to repay the debt.
SoFi’s personal loan calculator is one tool that might be helpful in determining how your interest rate can affect your monthly payments. A fixed low-interest loan for up to $100,000 can make budgeting and repayment a simple affair.
Today’s top stories
The quality of life on the internet will likely continue to improve – but only if you’re willing to pay for it. Even companies that used to be free are now offering paid plans. Here’s what to expect going forward — for both tech companies and your wallet. Read more >> Google is accused of violating anti-terrorism laws. The Supreme Court case could have implications across all social media platforms. When the case settles this summer, parents, consumers, and stockholders alike will be watching the outcome – albeit through many different lenses. Read more >> The average salary in the US is $60,575. How yours compares depends a lot on which state you live in. Let’s take a closer look at the average salary in the US and how income varies from state to state. Read more >>Not-so-breaking news
-
Walmart (WMT) topped Wall Street’s earnings expectations for Q4 2022 but lowered guidance for 2023. Walmart’s CFO attributed this to decreased discretionary consumer spending.
-
United Airlines (UAL) joined forces with five other companies in a push to develop sustainable fuel. Additionally, the major airline announced it will make it easier for parents to sit next to their kids without paying a fee.
-
HSBC (HSBC) beat analyst expectations for fourth-quarter earnings. Europe’s largest bank by assets also expects higher global interest rates to contribute to a profitable 2023.
-
Molson Coors (TAP) missed analyst expectations for revenue but beat on profit. The alcohol conglomerate attributed this to a boost in pricing, offsetting lower volume and cost inflation.
Financial planner tip of the day
“Setting aside a little every year starting in your 20s could make the difference of hundreds of thousands of dollars in accumulated investment earnings by retirement age. That’s one reason it’s important to begin planning for retirement early.”
Brian Walsh, CFP® at SoFi