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The government announced they will provide assets to cover all depositors from recently closed Silicon Valley Bank and Signature Bank.
In an effort to shore up the public’s confidence in the US banking system after two bank closures, the US Treasury, Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) made a joint announcement Sunday evening.
US stocks finished lower Friday after the release of stronger-than-expected jobs numbers and a bank closure in Silicon Valley.
• The nonfarm payrolls report showed that the US added 311,000 new jobs in the month of February, compared to the 205,000 estimate. Despite the Federal Reserve’s tightening efforts, the latest reading points to a still-tight labor market adding an average of 343,000 jobs per month. That said, the unemployment rate jumped to 3.6% in February from its 50-year low of 3.4% the month prior.
• Meta Platforms (META) is exploring a new social network to compete with Twitter. The platform, codenamed P92, would be a decentralized, text-based app users could log into using their Instagram credentials.
What to be on the lookout for today
• The earnings week will start off with a report from digital media publisher BuzzFeed (BZFD). The news company made headlines recently for using AI chatbot ChatGPT to generate content. With the AI sector experiencing rapid growth, investors will be interested to hear how that’s impacting the media industry.
There would be an extra $3.22 trillion in assets under management if women invested at the same rate as men.
The goal of investing is to grow your wealth over time by taking advantage of capital appreciation and compound interest. This strategy is typically used to reach long-term goals like building generational wealth, planning for retirement, or saving for a child’s college fund.
Any gender differences in this area would have massive implications for equality and financial security, especially since women tend to live longer than men.
The key factors for this investment gap are the gender pay gap and a lack of engagement among women.
And the racial wealth gap created by historical inequalities and injustices make it even harder for women of color.
This Women’s History Month, SoFi is hosting a Women’s Financial Empowerment Webinar Series. Join SoFi’s Head of Investment Strategy, Liz Young to learn the basic principles for building an investment strategy before you enter the market.
Today’s top stories
Investors will find out how the Fed’s stance is impacting the economy on Tuesday, when the latest inflation data gets released. With major economic activity metrics and earnings from discount retailers Dollar General (DG) and Five Below (FIVE) releasing as well, this week will surely impact the next interest rate decision. Read more >> Here’s how women tend to think about wealth and inheritance. Many women feel uncertain about how to approach leaving a legacy. But the best practices for doing so play to their strengths. Here’s what they are. Read more >> A college degree isn’t the only path to a good paying job. Many jobs offering competitive pay don’t actually require college degrees. Take a look at these industries that you can enter with little to no experience or education. Read more >>Not-so-breaking news
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Allbirds (BIRD) missed earnings expectations for both revenue and profit. The sneaker maker blamed its poor performance on a decision to pivot away from its core consumer, a move it plans to correct in 2023.
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Uber (UBER) could potentially spin off Uber Freight as a standalone business. Uber’s shipping division posted a fourth-quarter loss and reported revenue that was down 43% year-over-year.
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The Food and Drug Administration approved the nasal spray drug Zavzpret. The Pfizer-owned (PFE) drug provides fast-acting pain relief to patients with migraines.
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Apple (AAPL) has reportedly marked India as its own sales region. The iPhone maker views the country as a potential source of growth after demand for Apple products has spiked among its residents.
Financial planner tip of the day
“It’s recommended that a credit report be checked yearly from the three major credit bureaus. Reviewing them on a yearly basis is a good way to understand and monitor overall credit health.”
Brian Walsh, CFP® at SoFi