Thursday,
March 9, 2023
Market recap
Dow Jones
32,798.40
-58.06 (-0.18%)
S&P 500
3,992.01
+5.64 (+0.14%)
Nasdaq
11,576.00
+45.67 (+0.40%)
Top Story
Women are returning to the workforce post-pandemic at a faster rate than men.
For the past four months, women have outpaced men in job attainment. We’ll take a closer look at the trend and some of the motivating factors.
US stocks were mixed Wednesday following the second round of Jerome Powell’s testimony on Capitol Hill.
• Jerome Powell continued to discuss monetary policy on Capitol Hill. The Fed Chair highlighted that the committee would be prepared to increase the pace of rate hikes, if data were to indicate faster tightening was warranted.
• United Natural Foods (UNFI) slashed its 2023 earnings outlook in half compared to previous estimates. The grocery wholesaler slightly beat on revenue projections, but, at $0.78 per share, fell short on quarterly earnings by 43%.
• The number of job openings in the US declined by 410,000 to 10.82 million. The headline figure came in above market expectations of 10.5 million.
What to be on the lookout for today
• The release of the initial jobless claims report will offer more insight into the job market. The number of Americans filing for unemployment is hovering close to a 9-month low, signaling a stubbornly tight labor market.
• In earnings news, reports will come in from BJ’s Wholesale Club (BJ), Gap (GPS), Allbirds (BIRD), and DocuSign (DOCU). DocuSign’s earnings will provide continuing insight into the turbulent tech sector. The company posted 18% revenue growth last quarter, but announced it will be laying off 10% of its workforce.
Whatever age you expect to retire, having a plan can work in your favor.
As retirement age approaches, and the point at which you’ll need to tap your savings draws near, you may want to shift your allocation into less risky assets like bonds and cash equivalents to help protect your money from downturns.
Recommended reading: Explaining Asset Allocation by Age
Today’s top stories
Could the future of meal delivery be in question? These companies were popular during the pandemic, but are now showing signs of slowing growth. We’ll examine the contributing factors. Read more >> As markets digest Powell’s remarks, 3 data points stand out. Data watching is commonplace by now, but three new data points are raising concerns: A jump in fed funds rate expectations; a deeper inversion of the 2-year/10-year yield curve; and a steep drop in construction job openings. Read more >> Two major companies are responsible for billions of credit scores provided to lenders and consumers. We’ll break down the differences between VantageScore and FICO credit scores and explain how score calculation impacts you. Read more >>Not-so-breaking news
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Sales and marketing professionals are using ChatGPT to write automated, personalized emails, and now companies are hopping on the trend. Salesforce (CRM) and Microsoft (MSFT) are both integrating AI email generation into their business tools.
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American Airlines’ (AAL) CEO has agreed to match Delta Air Lines’ (DAL) pilot pay increases. Last week, Delta’s pilot union ratified a deal that included 40% cumulative raises over four years.
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Berkshire Hathaway (BRK.A) just bought another 5.8 million shares of Occidental Petroleum (OXY). Warren Buffet’s conglomerate now owns over 200 million shares of the energy company, which is approximately 22% of its outstanding shares.
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Instagram (META) is the app Americans want to delete the most. A recent six-month study found 900,000 searches for how to “delete” or “deactivate” Instagram, the most of any app by far.
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Campbell Soup (CPB) beat analyst expectations for earnings, thanks to higher prices for its food products. The food conglomerate also raised the low end of its guidance for 2023.
Financial planner tip of the day
“Not all investment types generate the same type of taxation. When deploying a tax-efficient investment strategy, it’s crucial to know how an investment is going to be taxed.”
Brian Walsh, CFP® at SoFi