Tuesday,
March 7, 2023
Market recap
Dow Jones
33,431.44
+40.47 (+0.12%)
S&P 500
4,048.42
+2.78 (+0.069%)
Nasdaq
11,675.74
-13.27 (-0.11%)
Top Story
As mortgage rates skyrocket, the median sale price for a typical home decreased for the first time in a decade.
While this is just one metric, it could mean that home prices are set to come down over the coming months – which could offer relief to prospective homebuyers. If you’re one, read on.
US stocks were mixed Monday as bond yields crawled higher and Wall Street looked ahead to Fed Chair Powell’s testimony before Congress
• New factory orders were down 1.6% month-over-month, though still slightly higher than market forecasts of -1.8%. The decline was largely driven by a 13% slump in orders for transportation and a steep drop of 54% in orders for nondefense aircraft and parts.
• Iran says it has discovered what could be the second-largest lithium deposit in the world. As a key element in battery devices, the posited 8.5 million tons of lithium could have meaningful implications for the rapidly growing electric vehicle market.
• Sirius XM (SIRI) announced it would be cutting 8% of its workforce, or 475 roles. The decision is said to be part of a broader reorganization of the company as it balances its investments in the business and the uncertain economic road ahead.
What to be on the lookout for today
• Investors will get a closer look at Jerome Powell’s decision to raise interest rates, as the Fed Chair testifies before the House Financial Services Committee. The Fed raised rates to 4.5%-4.75% at its February meeting, pushing the cost of borrowing to its highest point since 2007.
• In earnings news, Dick’s Sporting Goods (DKS) will drop its Q4 report. For the previous quarter, Dick’s reported same-store sales growth of 6.5% and raised its full-year guidance. Investors will be eager to see if the retailer’s holiday season lived up to the hype.
These tips can help you figure out how to save money in your 30s, even if you’re starting from zero.
Even if you spent your 20s with a cavalier attitude toward finances, it’s not too late to shore up your long-term financial goals. Your 30s are a great opportunity to learn new money skills and establish better money habits. Once you’ve done that, you’ll be one step closer to reaching your retirement goals.
Recommended reading: ​​Building Wealth in Your 30s
Today’s top stories
Air fryers are trending – and food companies are scrambling to target this growing market. As major food companies join forces with air fryer manufacturers to grow profits, home cooks could see their menus expanding. Read more >> In the face of economic uncertainty, investors are piling into cash funds at the fastest rate since the pandemic. Many investors prefer cash over other assets like stocks and gold right now. Here’s what you need to know. Read more >> We’ve rounded up 27 fulfilling jobs that pay well and welcome extroverts. The most fulfilling jobs for extroverts show off their people skills and positive attitude. Learn about 27 well-paid jobs, in medicine, business, engineering, & more. Read more >>Not-so-breaking news
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Lordstown Motors (RIDE) reportedly still sits on $220 million in cash as it struggles with performance and quality issues. The EV automaker halted production of its electric pickup model after delivering just six vehicles.
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Several Chinese phone makers have launched foldable phones to challenge Samsung (SSNLF). However, experts question the size of the foldable phone market, due to the higher price point and lack of a clear advantage over regular smartphones.
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Tesla (TSLA) just cut prices for two of its most expensive EVs in an effort to stoke demand and drive sales. The Tesla Model S will now start at $89,990 – the Tesla Model X, at $99,990.
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Blue Apron (APRN) will launch its new Brunch Box, available between April 3rd and May 14th. This box will provide enough food to feed six and will be made available to non-subscribers.
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US lawmakers are set to introduce a bill that will ban foreign technology on US phones. This comes after the House Foreign Affairs Committee voted to advance legislation granting the President authority to ban TikTok nationwide.
Financial planner tip of the day
“Whether you rent or own, housing is the largest expense the average US consumer must deal with every month. And if you can reduce your payment, you’ll likely have a bit more flexibility in choosing where to allocate your money — whether that’s spending it, paying down debt, or saving for a future goal. Along with reducing small indulgences, cutting your rent can be an effective way to free up more cash in your budget.”
Brian Walsh, CFP® at SoFi