Thursday,
September 7, 2023
Market recap
Dow Jones
34,443.19
-198.78 (-0.57%)
S&P 500
4,465.48
-31.35 (-0.70%)
Nasdaq
13,872.47
-148.48 (-1.06%)
Top Story
This is why a promotion might mean it’s time to quit
Nearly a third of employees quit within one month of getting promoted. Here’s what managers need to look out for.
US stocks fell on Wednesday as the 10-Year Treasury yield pushed to 4.3% amid concerns the Federal Reserve could leave interest rates higher for longer
• The ISM services PMI unexpectedly jumped in August. This marked the strongest growth in the services sector in six months, exceeding expectations with faster growth in business activity, new orders, employment, and inventories.
• Streaming platform Roku (ROKU) announced plans to lay off 10% of its workforce to lower expenses. The company previously cut jobs in March, as well as November of last year.
• The NFL is shifting away from traditional TV and toward streaming services, with more football games being exclusively streamed this season. Peacock (CMCSA), Amazon (AMZN), and Disney’s (DIS) ESPN+ will air streaming-exclusive games this season.
• Airlines Southwest (LUV), Alaska (ALK), and United (UAL) have all reported higher fuel costs this summer, with prices spiking around 30% between early July and Labor Day weekend. Fuel and labor are the biggest costs for airlines. The question is how much of these costs airlines were able to pass onto customers, as fares have fallen from last year’s levels.
What to be on the lookout for today
• The Labor Department will report how many Americans filed for unemployment benefits last week. Investors will also get an update on labor costs and productivity. The latter increased 3.7% in the second quarter, marking the biggest increase in 3 years.
• DocuSign (DOCU) will report earnings. The company will potentially discuss its newest competitor, Google (GOOGL), which just added functionality to accept e-signatures within Google Docs.
Liz looks at: September markets
Summer is over, and with U.S. stocks up double digits year-to-date, some investors are hoping the rally continues even after some weakness in August. But not so fast: The Treasury yield curve continues to be inverted and it’s about time that the Fed’s hawkish monetary policies come home to roost.
Today’s top stories
What to know about surging oil prices and how they might affect your travel costs Jitters in the global oil market and already high jet fuel prices could soon hurt your wallet as well. Read more >> Pickleball-mania is changing American retail The nation’s fastest-growing sport is lending its momentum to retailers and an unlikely American institution. Read more >> Here’s what you need to know about emergency financial grants for college students If you’re experiencing financial hardship in college — or you’re just worried about how to prepare for a rainy day — rest assured that help is available to students in need. Emergency financial aid grants are designed to keep students in college through financial setbacks. Here’s all you need to know. Read more >>Not-so-breaking news
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Amazon (AMZN), Microsoft (MSFT), Google (GOOGL), Apple (AAPL), Meta Platforms (META), and TikTok parent ByteDance are facing the latest round of EU crackdowns on big tech. Brussels also labeled Google, Meta and ByteDance as “gatekeepers”, subjecting them to the Union’s strictest regulations.
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General Motors (GM) alleged the United Auto Workers union’s demands could threaten manufacturing momentum. Still, executives at the legacy automaker reiterated their intent to reach a “fair” agreement without a strike.
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Elon Musk borrowed $1 billion from SpaceX in the same month he bought Twitter. No reasoning for the loan was given, and Musk repaid with interest last November.
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Soccer legend Lionel Messi’s debut for Inter Miami inspired the largest single-day subscription jump ever for Apple’s MLS Season Pass. AppleTV+ owns exclusive rights to stream Major League Soccer games.
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As many as 52 million air-bag inflators could be recalled by the National Highway Traffic Safety Administration. The risk is that they explode and propel metal debris into the car, potentially injuring passengers.
Financial planner tip of the day
“As the famous axiom goes, “buy low, sell high.” A stock market decline may present long-term opportunities to buy stocks at a lower, more attractive share price.”
Brian Walsh, CFP® at SoFi