Monday,
March 6, 2023
Market recap
Dow Jones
33,390.97
+387.40 (1.17%)
S&P 500
4,045.64
+64.29 (1.61%)
Nasdaq
11,689.01
+226.02 (+1.97%)
Top Story
“Are you watching the game tonight?” “Wait – where is it streaming again?”
The ever-growing number of streamers is making it a pain to find out which sporting events are streaming where. ESPN wants to change this by becoming a central hub for sports – even if it means driving traffic to competitors.
US stocks finished higher Friday after another meaningful influx of quarterly results and economic data
• Wholesale titan Costco (COST) reported a beat on earnings estimates at $3.30 per share compared to $2.92 a year ago. However, the company missed revenue estimates and highlighted inflation’s toll on demand for big-ticket discretionary items.
• The ISM non-manufacturing PMI, which measures the health of the services industry, declined to 55.1. This beat analyst expectations of 54.5 and pointed to a relatively robust and still-expanding services economy.
• Amazon (AMZN) paused construction of its second headquarters in Virginia. The first phase of the project, two office buildings known as Metropolitan Park, will still wrap this June, but CEO Andy Jassy has decided to curtail company expenses in the face of slowing revenue and a tepid economic outlook.
What to be on the lookout for today
• The monthly factory orders report will be released. In December, new orders for US manufactured goods jumped 1.8%, correcting a decrease in November.
Let’s take a closer look at how to manage money in your 20s.
Why is financial planning for 20-year-olds so important? Learning to adopt healthy financial habits when you’re young can help create a strong foundation for your financial future. The sooner you master and deploy these habits, the better off you’ll be now and in the long term.
Recommended reading: Financial Tips for People in Their 20s
Today’s top stories
DocuSign (DOCU) becomes the latest tech company to announce layoffs, firing 700 employees despite 18% revenue growth last quarter. Plus, job data and an update from the Federal Reserve, all coming up this week on Wall Street. Read more >> Mortgage rates are back up near a 20-year high. Rates increased by 100-basis-points in February as data suggests inflation will be harder to tame than hoped for. Here’s how that’s impacted the housing market. Read more >> Establishing a credit history from scratch isn’t as difficult as it seems. It’s well known that the world revolves around credit, and not having any credit history can limit your financial opportunities. Knowing how to build your credit and where to start can help you get ahead. Read more >>Not-so-breaking news
-
Nordstrom (JWN) beat on earnings despite lower holiday season sales and profit. The luxury retailer expects sales to continue to diminish this year, as it exits the market in Canada.
-
Following Target’s (TGT) decision to invest billions in online delivery, the megastore revealed how it goes toe-to-toe with Walmart (WMT) and Amazon (AMZN) despite a smaller budget. The key is investing in owned brands. 3 of the 10 fastest-growing private-label brands in 2022 were Target’s.
-
British chip manufacturer Arm will pursue a US-only IPO this year, stoking concerns that the UK stock market is losing influence. Arm traded publicly in London until 2016, when it was purchased by Japan’s SoftBank.
-
The National Labor Relations Board found Starbucks (SBUX) guilty of “widespread misconduct” in its response to last year’s union campaigns. As a result of the ruling, the coffee chain must rehire laid-off workers in Buffalo, NY, among other stipulations.
-
AI software provider C3.ai (AI) posted strong guidance for the fiscal year, triggering a surge across the sector. The AI space has gained steam lately, powered by buzzy products like ChatGPT.
Financial planner tip of the day
"Retirement plans are tax-advantaged, meaning that you won’t pay capital gains taxes as the money grows. This is the primary benefit of using a retirement account to invest in your 20s or at any age. You can prepare for retirement with an IRA from SoFi Invest."
Brian Walsh, CFP® at SoFi