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Struggling against the rising price of groceries, home goods retailers may give consumers some discounts to snack on.
The cost of groceries increased 11.3% in January. But these higher food prices could actually lead to discounts on electronics, home goods, and more.
US stocks finished higher Thursday on the back of Nvidia’s better-than-expected earnings, despite cautionary economic data.
• Nvidia (NVDA) slightly beat Wall Street’s estimates, but signaled to investors it could be better positioned to endure an economic slowdown than its competitors. In fact, the company’s CEO suggested AI was the inflection point pushing businesses to buy more of its chips as they look to develop machine-learning software.
• On the economic front, quarter-over-quarter GDP was revised down from 3.2% to 2.7%. The second estimate was slightly lower than analyst expectations of 2.9%, with the downward revision largely driven by adjusted consumer spending numbers.
• The US dollar index hit its highest level since the beginning of January. With an influx of hawkish rhetoric from Fed officials and stronger-than-expected economic data, the index has moved in lockstep with interest rate projections, which are now pricing a 27% chance of a 50-basis-point increase at the next Fed meeting.
What to be on the lookout for today
• Monthly numbers for personal spending and income are set to post. In December, personal spending dropped 0.2%, while income nudged up 0.2%. Additionally, the index of core PCE prices, a measure of inflation that excludes food and energy, will be released.
• On the earnings front, Cinemark (CNK) will give its latest financial update. In Q3, the theater chain posted revenue of $650 million, a yearly increase of 50%. Investors will look to hear how the company plans to adapt to a tricky modern landscape for movie theaters, particularly as its founder recently retired after almost 40 years.
Mounting medical bills can be a major stressor. Knowing these payment strategies may provide relief.
It’s no secret that the cost of medical care in America can be sky-high — especially for the large portion of Americans that have high-deductible health plans. The situation is even worse for those who don’t have health insurance coverage at all.
It’s easy to underestimate how much medical care can cost. According to Healthcare.gov:
• Fixing a broken leg can cost up to $7,500
• The average cost of a 3-day hospital stay is around $30,000
• Comprehensive cancer care can cost hundreds of thousands of dollars
When a medical emergency occurs, it’s important for your main focus to be on a healthy outcome. But the financial burden can’t be ignored. If you feel unable to afford medical bills, here are strategies to find relief.
Today’s top stories
The tight labor market puts workers in the catbird seat. With more jobs opening and workers striking, employees could be poised to win at the negotiating table. Read more >> Tome just raised $43 million for its push to dethrone PowerPoint (MSFT) and Google Slides (GOOGL) through the power of AI. The AI-powered storytelling startup has already passed 1 million users, becoming the fastest productivity app to do so. Here’s how it works. Read more >> Side jobs for teachers are plentiful online. Some gigs leverage teaching skills, such as tutoring or developing lesson plans, while others can prepare you for a second career. Here’s a look at the 24 best paying online side jobs for teachers in 2023. Read more >>Not-So-Breaking News
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Moderna (MRNA) disappointed on Wall Street’s fourth-quarter earnings projections, blaming surplus vaccine production and decreased demand. The pharmaceutical company still has contracts to deliver over $5 billion worth of COVID-19 vaccines in 2023.
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Alibaba (BABA) crushed earnings expectations for the quarter, mainly due to increased consumer sentiment and spending in China. Sales should continue to accelerate for the ecommerce giant as China phases out its COVID-19 restrictions.
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Nvidia (NVDA) beat analyst expectations for both earnings and revenue. These strong sales were driven by growth in its Data Center business, which is poised to benefit from the growth of AI.
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Lucid Group’s (LCID) revenue fell short of expectations after a quarter full of manufacturing challenges. The EV maker produced just 7,000 vehicles last year, but expects to make up to double that this year.
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Domino’s (DPZ) sales fell as customers were deterred by higher delivery prices. The pizza giant also faced a shortage of delivery drivers, which led to increased delivery times.
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