Tuesday,
March 28, 2023
Market recap
Dow Jones
32,432.08
+194.55 (+0.60%)
S&P 500
3,977.53
+6.54 (+0.16%)
Nasdaq
11,768.84
-55.12 (-0.47%)
Top Story
Plan on catching a flight over the summer? These airport upgrades may come as a pleasant surprise.
We have a look at recent airport changes, and a sneak peek into other upgrades on the way.
US stocks were mixed Monday as concerns over regional banking continued.
• In an effort to help First Republic Bank (FRC), US authorities are considering expanding an emergency lending facility that would afford the bank more time to shore up its balance sheet. Officials say this is one of many options on the table. They have yet to decide on what support to provide, if any.
• First Citizens BancShares (FCNCA) announced that it will be buying Silicon Valley Bank’s deposits and loans. The deal includes roughly $72 billion of SVB assets at a $16.5 billion discount, sparking First Citizen shares to surge by more than 45%.
• The Dallas manufacturing index fell 5.1 points to -13.5 in February, marking the 10th-consecutive month of contraction. Given that Texas ranks second in the US for factory production, and first as an exporter of manufactured goods, prolonged contractions of its manufacturing sector may have a material impact on the broader economy.
What to be on the lookout for today
• Investors will get an update on the size of the trade deficit for February, which widened to $91.5 billion in January. Additionally, the home price index for January will be released. In December, this index fell 0.9% which marked the sixth consecutive month of decreasing home prices.
• Micron Technology (MU) and Lululemon (LULU) will both release earnings reports. Notably, Lulu’s belt bag, which has amassed a cult following on TikTok, was just restocked after six months of being sold out. Investors will be eager to see how this one product’s success impacts Lulu as a whole.
Procrastinating on your taxes? Let these penalties be your inspiration to git ‘er done.
There are various penalties involved when you do not file any tax returns, or miss the deadline. The IRS has procedures and regulations around missing any deadlines, and how penalties can impact future tax filings.
These penalties include:
• A $435 penalty for not filing a tax return as of 2020.
• A 5% levy on taxes owed per month for every month missed after the April 15th deadline for missing the tax deadline.
• A 0.5% levy on any taxes owed, if you fail to pay, even if you’ve filed before the initial deadline.
• A 25% penalty levy regulated by the IRS due to overdue taxes and filing.
To answer your tax questions, we’ve compiled a selection of informational articles on such key tax topics as capital gains, retirement savings, stock options, refunds, and more.
Today’s top stories
Waiting for used car prices to come down? Insiders say, “Don’t hold your breath.” In February, the average price of a used car was over $26,000. Here’s why and what you can expect in the short-term. Read more >> 1 in 2 US parents still pay their adult childrens’ bills. According to a recent survey, those parents are spending about $1,442 per month on average on their adult kids’ expenses. Read more >> A hardship loan is a loan that can help you get through unexpected financial challenges such as unemployment, medical bills, and caregiving responsibilities. If you are in need of a temporary financial cushion, there are a variety of hardship loans to consider, from personal loans to home equity borrowing. We’ll break down the options. Read more >>Not-so-breaking news
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Parts of Twitter’s source code leaked on the collaboration platform Github (MSFT). The social media company subpoenaed the code, leading to its removal.
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A few major updates are coming to Vegas. The former Bally’s casino — owned by Caesars (CZR), not Bally’s Corporation (BALY) — has been rebranded as Horseshoe and will serve as a host for the World Series of Poker. Meanwhile, MGM Resorts (MGM) sold Mirage to Hard Rock International.
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Amtrak is restoring its service after a string of cancellations, mainly in the Midwest. The train cancellations stemmed from a malfunctioning “rail-industry control system.”
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Saudi Aramco is doubling down on its relationship with China. The oil giant invested billions in upgrading a planned joint venture in northeast China, while also acquiring a stake in a private petrochemical firm.
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Apple (AAPL) CEO Tim Cook met with Chinese commerce minister Wang Wentao. They discussed stabilizing industry supply chains, as well as China’s willingness to accommodate US companies.
Financial planner tip of the day
“While saving an emergency fund is one of many competing financial priorities, having a cushion to catch you when you fall can prevent a minor calamity from spiraling into lasting debt. The toughest part may be getting started and staying motivated. Just remember, you walk 10 miles by walking 10 feet at a time.”
Brian Walsh, CFP® at SoFi