Friday,
August 18, 2023
Market recap
Dow Jones
34,473.90
-291.84 (-0.84%)
S&P 500
4,370.25
-34.08 (-0.77%)
Nasdaq
13,316.93
-157.70 (-1.17%)
Top Story
For many American families, childcare costs more than a mortgage.
Childcare costs keep rising, outpacing inflation and keeping parents stressed. Here are some strategies to keep in mind during your childcare quest.
US stocks fell again on Thursday as bond yield climbed and Wall Street continued to digest the the possibility of higher interest rates
• Walmart (WMT) raised its full-year earnings forecast after surpassing Wall Street's expectations for sales and profits. The company saw a 24% increase in US ecommerce sales and modest improvement in sales of big-ticket and discretionary items.
• America’s labor market remains relatively healthy, according to the latest look at weekly unemployment claims.
What to be on the lookout for today
• Deere & Company (DE) will report earnings. The equipment manufacturer may expand on its plan to cut carbon emissions by 30% by 2026. Cybersecurity company Palo Alto Networks (PANW) and the Chinese EV company Xpeng (XPEV) will turn in quarterly reports as well.
How to prepare for the end of federal student loan relief.
The pause on federal student loan payments ends on August 30, 2023. Interest resumes on September 1, and payments will be due beginning in October 2023.
The student loan repayment transition may not be easy for some borrowers. A survey ​conducted for Pew Charitable Trusts in 2021 found that 67% of borrowers said it would be difficult to afford their student loan payments if they resumed the next month.
Understanding the repayment options available and making a plan for repayment can help borrowers strategize the best way to manage their debt.
Looking for answers about the return of student loans? Join SoFi Financial Planner Brian Walsh to figure out how to incorporate student loan payments back into your budget.
Today’s top stories
Here’s how your next Zoom (ZM) call could save 12 liters of water. You can protect the planet (and your personal boundaries) with a single click. Read more >> Would you sell your personal data for cash? Companies are collecting your data anyway. You might as well get paid for it! At least, that’s the thinking that helped this startup raise $15 million… Read more >> Taking care of your furbabies can be expensive. Here are 19 tips to save money on pet care. Taking great care of your pets can come with a hefty price tag unless you're smart about budgeting. Here's how. Read more >>Not-so-breaking news
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Blue Shield of California announced a new partnership with Mark Cuban’s Cost Plus Drugs and Amazon Pharmacy (AMZN). By replacing traditional drug store chains including CVS (CVS) as its preferred pharmacy network, the insurer hopes to save $500 million on annual drug costs.
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New York City banned TikTok on government devices, citing security concerns. This decision brings NYC in line with Congress, which has also banned the video-sharing app.
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Dream on Me plans to reopen 11 buybuy BABY stores by fall, as well as an additional 100 to 120 stores over the next 1 to 3 years. Following Bed Bath & Beyond’s bankruptcy, Dream on Me bought the buybuy BABY trademark, data, and 11 stores for roughly $16.7 million.
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Stellantis (STLA) is investing $100 million in California’s lithium project, Controlled Thermal Resources. The news comes amid concerns supplies of lithium may fall short of demand forecasts.
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The Internet & Television Association and pharmaceutical company Gilead (GILD) have suspended ads on X. The decisions came after the companies’ ads were placed next to pro-Nazi content on the platform.
Financial planner tip of the day
"There are two well-known, go-to ways to pay off debt by focusing on one debt at a time. The snowball method is where you focus on paying off your debts in order from smallest balance owed to largest by allocating extra money to those smaller balances, while still keeping up with minimum payments on other debt. The main benefit is seeing some of your debt paid off sooner, because you started with the smallest debt."
Brian Walsh, CFP® at SoFi