Friday,
March 17, 2023
Market recap
Dow Jones
32,246.55
+371.98 (+1.17%)
S&P 500
3,960.28
+68.35 (+1.76%)
Nasdaq
11,717.28
+283.22 (+2.48%)
Top Story
A viral TikTok video contributed to thousands of thefts of Hyundai (HYMTF) and Kia (KIMTF) vehicles.
The viral video exposed a security gap in the two companies’ vehicles. We’ll share the models at risk, and how to protect them.
US stocks finished higher Thursday as swings in regional bank stocks continued.
• A late-day announcement meant First Republic Bank (FRC) ended in the green after shares fell 20% earlier in the day. Concerns that FRC has the third highest rate of uninsured deposits in the US were tempered by reports that a number of large financial institutions were in talks to potentially offer $30 billion in deposits.
• Credit Suisse (CS) saw its shares rebound nearly 20% after the Swiss National Bank announced it would extend the company a loan of up to $54 billion. The stock still closed flat for the day.
• The European Central Bank went forward with a 50-basis-point hike. Its benchmark rate now sits at 3.5%.
What to be on the lookout for today
• Investors will gain insight into industrial production in the US. In January, industrial production increased 0.8% on an annual basis. This was the smallest increase since the COVID recovery began, halfway through 2020.
• Chinese electric vehicle maker XPeng (XPEV) will report earnings. This will give investors more information regarding the Asian nation’s post-COVID reopening and the state of the EV industry overseas.
Women are 17.5% more likely to carry student loan debt than men.
Student loans are often necessary to cover college expenses. But this debt is not distributed equally.
• Young Black women are the most likely to have student debt, with an average balance of $11,000.
• Women are more likely than men to hold debt. And since men typically have higher incomes, it allows them to pay off debt faster than women.
• Black borrowers accumulate more student debt than white borrowers on average. And the racial wealth gap created by historical inequalities and injustices make it harder for Black students to pay off student loans.
Gender and racial disparities in student debt thus grow over time.
This Women’s History Month, SoFi is hosting a Women’s Financial Empowerment Webinar Series. Join SoFi’s very own Melissa Bassett in breaking down what the future of your education looks like. Whether in school now or still scoping things out, learn how to conquer the costs of college and set yourself up for the financial future you envision.
Today’s top stories
Only some remote workers are eligible to take the home office deduction on their taxes. The home office deduction may help you take home more, but it comes with ample fine print. If you’re thinking about writing off this expense, here’s what you should consider. Read more >> Wingspan just raised $14 million and aims to make freelancing easier. Wingspan is taking on startups like Deel and tech giants like Square (SQ) to create a one-stop shop for contractors and freelancers. Here’s why Andreessen Horowitz and others are buying in. Read more >> If your credit score is less than stellar but you’re ready to buy a home, it’s important to pause and take stock of your finances. Here’s 8 tips for securing a mortgage and buying a home when you have subprime credit. Read more >>Not-so-breaking news
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T-Mobile (TMUS) acquired Ryan Reynolds’ discount wireless carrier Mint Mobile for $1.35 billion. The major telecommunications giant plans to use its resources to “supercharge” Mint Mobile.
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The Biden administration told ByteDance to sell its position in TikTok or risk getting banned in the US. This is the US government’s latest attempt to regulate the Chinese-owned social media app.
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Volkswagen (VWAGY) released a new low-cost electric vehicle priced at around $26,000. This new EV, called the ID. 2all, will be available starting in 2025 and could serve as one of Tesla’s (TSLA) main competitors.
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Kellogg (K) will separate into three different companies, calling the two spinoffs Kellanova and WK Kellogg Co. Kellanova will house most of Kellogg’s snack brands, while WK Kellogg Co will oversee Kellogg’s cereal brands.
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Dunkin’ has officially retired the Dunkaccino, ending the popular drink’s two-decade run. The coffee and donut chain has not commented on why it made this decision.
Financial planner tip of the day
“If you see that your bank is hitting you with one or more monthly fees, you may be able to cut your monthly spending by switching to a less expensive bank, or going with an online-only financial institution, which tends to offer low or no fees.”
Brian Walsh, CFP® at SoFi