Tuesday,
April 11, 2023
Market recap
Dow Jones
33,586.52
+101.23 (+0.30%)
S&P 500
4,109.11
+4.09 (+0.10%)
Nasdaq
12,084.36
-3.60 (-0.03%)
Top Story
Although it’s all the rage, “rage applying” to open positions probably isn’t the best way to find your next job.
Rage applying is when disgruntled employees apply to new jobs in bulk — but it might not be the best way to find a new job. Experts recommend these three strategies instead.
US stocks were mixed Monday as weakening demand and economic data added to Wall Street’s uncertainty
• The US economy added 236,000 jobs, the least since December 2020 and slightly below forecasts of 239,000. Meanwhile, the unemployment rate declined to 3.5% compared to expectations that it would hold flat at the previous month’s 3.6%.
• Wholesale inventories, which measures the stock of unsold goods held by wholesalers, increased by 0.1%. The slight month-over-month gain was largely driven by a 0.5% increase in stocks of durable goods.
• The Wall Street Journal reported that ExxonMobil (XOM) held preliminary talks with the US fracking giant Pioneer Natural Resources (PXD) about a potential acquisition. After a record-breaking year of profits, Exxon has been exploring options to put its cash to work. This $49 billion buyout could help push the company deeper into West Texas shale.
What to be on the lookout for today
• The release of the API crude oil stock will give investors a closer look at the supply situation in the US after OPEC's decision to cut production by roughly 1 million barrels per day. Last week, oil stocks fell by 4.3 million barrels, the second sharpest decline since December.
• Albertsons (ACI) and CarMax (KMX) will join the first wave of companies reporting first-quarter results for 2023. Analysts are expecting earnings per share of $0.67 and $0.20, respectively.
4 Ways to Use Your Tax Refund That’ll Boost Your Bottom Line
In 2022, about two-thirds of individual taxpayers were entitled to refunds, and the average refund amount was nearly $3,200, according to the IRS.
Before you immediately purchase that fancy new cold brew coffee maker, consider these four ways to use your tax refund that’ll boost your bottom line:
1. Pay Down Debt: This is a great moment to make a dent in your credit card or loan balances. If you’re consistently only paying the minimum amount, you could be paying significantly in interest.
2. Start Investing: Even if you have debt to pay down, consider investing some of your refund for your future. Let’s say, hypothetically, you invest a $3,000 refund in a tax-deferred account each year for the next 10 years and your account makes a 7% average annual return, after 10 years you’d have over $40,000. Oh and, obviously, check out how to invest with SoFi.
3. Spend Strategically: If you’re in a good place with your debt load and have already dipped your toe into investing, it could be time to invest in your home or career (aka spending strategically). Consider a home improvement project or public speaking course — something that will pay dividends in other ways!
4. Withhold Less: Getting a tax return might feel like a windfall, but it’s really an interest-free loan to the government. It’s money you could be saving, investing, or using to pay down debt. Work with your tax professional to adjust your withholding or estimated tax payments to ensure your money is working for you — without underpaying this year’s taxes.
If you’re still wrapping your head around the topic of taxes more generally, check out this guide to understanding your taxes.
Today’s top stories
Looking to save on groceries? You might want to pass on the dollar stores. Knowing where the best value can be found could help stretch your dollars further. Several other stores offer better prices for groceries, including Walmart (WMT), Target (TGT), and Aldi. Many shoppers are becoming more price-sensitive as food costs have risen over 10% for the 12-month period ended February 2023. Read more >> The cost of maintaining a used car is getting pricier, leading more Americans to default on their auto loan payments. As the cost of car ownership rises, it’s important to be strategic with your financing. Here’s one strategy. Read more >> Not sure if you need to make estimated tax payments or how much to pay? Here’s a closer look at how they work. If you are self-employed or receive some other forms of income, you may owe estimated taxes. Read on to learn who needs to make these payments, when, and how. Read more >>Not-so-breaking news
-
TikTok will be banned on all school-owned devices at Florida state universities. The State University System of Florida cited a “continued and increasing landscape of cyber threats.”
-
Tesla (TSLA) is building a new factory in Shanghai to produce Megapack batteries. It will be capable of producing 10,000 Megapack energy products per year.
-
Apple’s (AAPL) laptop shipments dropped 40% in the first quarter of 2023. This is an industry-wide decline based on falling consumer demand — but, Apple’s drop was bigger than its competitors.
-
Tupperware (TUP) stated there is “substantial doubt about the company’s ability to continue as a going concern”. The 77-year-old container company said it won’t have enough money to fund its operations if it can’t secure additional funding.
-
Target (TGT) announced three new partnerships with three women-owned brands: Agua Bendita, Fe Noel, and RHODE. This is an effort by Target to bring more equity to the retail fashion market.
Financial planner tip of the day
“You may not be able to completely reform an overspending habit overnight. But by tracking your spending, setting up a basic budget, and altering some of your everyday habits, you may soon be able to gain control over your financial life, and start reaching your short- and long-term savings goals.”
Brian Walsh, CFP® at SoFi