Tuesday,
July 11, 2023
Market recap
Dow Jones
33,944.40
+209.52 (+0.62%)
S&P 500
4,409.53
+10.58 (+0.24%)
Nasdaq
13,685.48
+24.77 (+0.18%)
Top Story
Sriracha sauce bottles are going for nearly $100 online.
The Southwest is experiencing a “megadrought” the likes of which haven’t been seen in 1,200 years. This is leading to a shortage of chilis and, if left unchanged, could lead to others as well…
Stocks move higher as Wall Street awaits inflation data
• US stocks rose Monday as Wall Street tried to regain ground after a down week. Most of the focus this week is on the consumer and producer price index reports, which will be released on Wednesday and Thursday, respectively. Both will highlight inflation trends in the US. These metrics, along with the labor market, strongly influence the future of rate hikes from the Federal Reserve. Last week, the job market was mixed.
• Carvana (CVNA) and Lucid (LCID) stocks made moves on Monday. As demand for EVs continues to accelerate, the former said it expected exponential growth within its used electric vehicle segment. The latter, which manufactures new EVs, also saw its shares rise higher.
• Meta Platforms (META) stock advanced yesterday, trading at levels last seen in February 2022. This likely has to do with the launch of Threads, its Twitter competitor, which officially claimed the title of the fastest growing consumer app in history.
What to be on the lookout for today
• The NFIB small business optimism index for June will be released. In May, this index indicated ongoing concerns among small business owners regarding future business conditions.
• On the earnings front, PriceSmart reports its latest results. PriceSmart operates membership warehouse clubs in Central America, the Caribbean, and South America. The company gets compared to Costco, and it's held up fairly well despite currency fluctuations in Latin America. Wall Street will want to hear more about its plans to expand into wealthier markets, which‌ have higher purchasing power.
Do you know where your employee benefits are? Checking in on retirement funds.
We’re halfway through 2023 already. Midyear is a great time to check on your employee benefits and make needed adjustments. First, assess your retirement account:
Assess your 401(k) contributions. Kick in at least enough to get your “free money” (aka the company match). Here are three common scenarios that could merit midyear changes:
• Got a raise? Consider increasing your retirement contribution by the same percentage.
• What about a bonus? If a piece went to your 401(k), you may actually need to scale back contributions for the second half of the year, or you’ll max out too early. Remember that you’re better off contributing a little from every paycheck — rather than frontloading — to optimize the company match.
• Is this your only investment account? Consider contributing the max amount you can. Here's a guide to mazing out your 401(k).
Roll over old 401(k)s. If you’ve got a 401(k) from an old job, you could roll it over into an IRA. Typically, investment options increase and fees are reduced. That can improve portfolio returns.
Ready to make the most of your investments? All-in-one investing starts here with SoFi Invest.
Today’s top stories
“Frustration” is on the menu at restaurants across America. Diners are growing increasingly impatient with the restaurant experience as eatery owners struggle with one major issue. But celebrity chef Rick Bayless might have a solution… Read more >> There’s a new refrain across corporate America: “Get back to work.” As perks lose their power to lure employees back to the office, companies pivot to a tougher stance. But are they prepared for the potential consequences? Read more >> Does staring at your outdated stairs make you want to climb the walls? You may consider a staircase remodel or replacement. Here are some stair makeover ideas big and small for a next-level staircase. Read more >>Not-so-breaking news
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Apple (AAPL) supplier Foxconn (FXCOF) pulled out of a $19.5 billion joint venture to produce semiconductors in India. The company didn’t provide a reason for the decision.
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A group of comedians and authors including Sarah Silverman sued ChatGPT creator OpenAI, as well as Meta Platforms (META). The suit claims these companies trained their AI algorithms on illegally-acquired datasets.
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BMW (BMWYY) released ConnectedRide Smartglasses for motorcyclists. The smart glasses display navigation data, speed, current gear, and other data for the rider’s convenience.
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The US Postal Service increased the price of stamps by three cents. This marks the third price hike in 12 months and the shortest time between stamp increases in USPS history.
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Bed Bath & Beyond canceled the auction for its baby merchandise retail store buybuy BABY. However, Dream On Me offered to buy the brand’s IP for $15.5 million.
Financial planner tip of the day
"Many people wonder whether they are diversified. If all of your investments are moving the same way at the same time, you are not diversified. With diversification, you will have some parts of your portfolio doing better or worse than others."
Brian Walsh, CFP® at SoFi