Thursday,
March 2, 2023
Market recap
Dow Jones
32,661.84
+5.14 (0.02%)
S&P 500
3,951.39
-18.76 (-0.47%)
Nasdaq
11,379.48
-76.06 (-0.66%)
Top Story
Oddity, the company behind the Il Makiage ads, believes AI is the key to selling beauty.
Oddity’s AI tech maps face tone and even blood flow to provide customers with the “perfect” makeup for their face.
US stocks were mixed Wednesday as rising yields continued to put pressure on Wall Street’s bulls.
• After a slew of hotter-than-expected inflation numbers, the benchmark 10-year yield has now reached its highest level since November, just shy of 4%. The move higher is a note of caution for bulls as Fed tightening continues to act as a major headwind for equities.
• The average contract for 30-year fixed-rate mortgages increased to 6.71% in the week ending February 24th. This marked the third-straight increase and the highest reading since November, as the Fed’s fight against inflation continues to drive interest rates higher. On a related note, demand for mortgage applications dropped 6% last week to a 28-year low.
• Kohl’s (KSS) reported a huge quarterly loss of $2.49 per share, compared to a 98 cent analyst estimate. The retailer saw a decline of roughly 7% in sales, while sharing a lackluster outlook for the year ahead. Meanwhile, Rivian (RIVN) delivered mixed quarterly results with lower-than-expected revenue, but a slight beat on earnings.
What to be on the lookout for today
• The number of Americans filing for unemployment benefits will be announced. Claims have been consistently low for the past few weeks, signaling a very tight labor market.
• Costco’s (COST) earnings announcement will show how inflation is impacting its customers. The CFO recently hinted the wholesaler might increase the price of its membership in 2023. Best Buy (BBY) and cloud security firm Zscaler (ZS) will also report.
In a world where more and more information lives on the internet, it is increasingly important to protect your identity online.
Phishing scams are ever more prevalent and sophisticated. These scams trick you into providing your personal and banking information that can then be used for fraudulent activity.
For example, you could receive an email, supposedly from your bank, saying there’s been a problem with your account and sharing a link where you are asked to login and update your information. The website you are led to could look just like your bank’s website — but if you input your details, hackers now have your login information. A couple of ways to avoid these scams:
• If you get a suspicious communication that says it’s from your bank and asks you to click a link, don’t. Log into your banking website or app, and check messages there to see what’s going on. Or call your bank to ask if the message is legitimate.
• Hover over the email sender’s address. You may be surprised to see the message is coming from a different identity than the one it’s pretending to be. If that’s the case, don’t click on anything; mark the email as spam.
SoFi takes the privacy and security of our members’ financial and personal information very seriously. Here is how you can tell a SoFi email is legit.
Plus, you can take additional steps to further ensure mobile banking security, such as creating a strong password, using your bank’s official app, and keeping an eye out for any phishing attempts.
Unfortunately, even people who do everything right and take all of the proper precautions still find themselves the victims of some kind of bank fraud. Sometimes, it can only be attributed to bad luck. Protect your digital-footprint with SoFi’s cyber insurance offering, which covers online threats like phishing scams, identity theft, cyber extortion, and more.
Today’s top stories
Need tips to stay in shape without breaking the bank? We’ve got you covered. More Americans are hitting the gym now than before the pandemic. With this in mind, here are some cost-effective ways to keep your waist slim and wallet thick. Read more >> Money market funds and short-term “cash” instruments are back in style. While investors can get the highest yield since 2007 on 3-month Treasury Bills, the yield curve inversion is the deepest it’s been since the early 80’s. SoFi’s Head of Investment Strategy explains the broader economic implications. Read more >> Whether you’re building your emergency fund or saving for a big purchase, like the down payment on a home, there are some things you can do to make the task less tedious. Learn 15 creative ways to save money towards your financial goals — and perhaps even have a little fun along the way. Read more >>Not-So-Breaking News
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Motorola (LNVGY) confirmed that a smartphone version of its classic Razr will be coming this year. This new take on the iconic flip phone will feature a foldable screen.
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The White House TikTok ban will take effect this month and the app must be removed from all government devices within 30 days. House Republicans have put forth a bill to give the President power to ban apps owned by Chinese companies nationwide.
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KFC (YUM) will relaunch the “KFC Double Down” for a limited time, starting March 6th. The famous bacon and cheese sandwich uses two pieces of fried chicken as the bun.
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McDonald’s (MCD) is rolling out a new partnership with Krispy Kreme (DNUT) to enhance its breakfast menu. Three types of Krispy Kreme donuts will join the menu at select McDonald’s locations, starting in Kentucky.
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DoorDash (DASH) and Chase (JPM) teamed up to launch the ​​DoorDash Rewards Mastercard. The no-fee credit card offers unlimited cash back on DoorDash and Caviar orders, among other rewards.
Financial planner tip of the day
“If your income is not keeping you from qualifying for a loan, but you lack a credit history, a guarantor added to the loan agreement might be an option to consider. A guarantor is legally responsible for the repayment of the loan if the borrower defaults, but has no legal claim to any property the funds were used to purchase.”
Brian Walsh, CFP® at SoFi