Tuesday,
September 19, 2023
Market recap
Dow Jones
34,624.30
+6.06 (+0.02%)
S&P 500
4,453.53
+3.21 (+0.07%)
Nasdaq
13,710.24
+1.90 (+0.01%)
Top Story
The rental market is changing again as landlords are bringing back sweeteners
While U.S. rents are near record highs, growing vacancies are forcing landlords to offer more enticing deals.
U.S. stocks rose slightly on Monday as Wall Street prepares for Wednesday’s interest rate decision
• The Federal Reserve’s policy meeting kicks off today. Markets are currently pricing a near 100% certainty the central bank will keep rates as they are. However, the market is pricing in a roughly 30% chance for another rate hike at the Fed’s November meeting. Investors will look to Chairman Jerome Powell’s speech and the committee’s updated economic projections this week for more insight into how the committee is viewing its progress on inflation, and the future of interest rates.
• The NAHB Housing Marking Index declined to its lowest level in five months. The gauges for single-family home sales, prospective buyers, and sales over the next six months all decreased, showing the impact high mortgage rates are having on demand and homebuilder confidence.
• Stellantis (STLA) — one of the Big Three automakers — proposed a contract to the UAW union that could result in the shutdown of 18 U.S. facilities and shrink the automaker’s footprint, likely affecting thousands of union members and the company's North American activities.
What to be on the lookout for today
• Building permits for August will be released. In July, the number of building permits inched up 0.1% to an annual rate of 1.44 million. Investors should also look out for a report on the number of new houses under construction.
• Auto parts seller Autozone (AZO) will announce its latest quarterly earnings.
Thinking about a loan to start a business? Here’s what you need to know
It’s a big decision to start your own business and become your own boss. It also comes with a lot of financial responsibility. To fund your venture, you may need to take out a loan. There are different types that may be appropriate for you depending on your circumstances.
Business versus personal loans
A business loan is just what it sounds like — a loan intended to pay for business expenses. There are many different types, including Small Business Administration (SBA) loans or equipment loans. These loans seem like the natural path to take when you’re starting a business. So why might you want to opt for a personal loan to back your business? For one, it will keep your company’s potential credit lines open for any future needs. But there are also drawbacks. The kind of personal loan you may be eligible for will be based on your personal finances rather than on your company’s finances and business plan. Personal loans also tend to have higher interest rates than business loans.
Learn more about business and personal loans to help decide which type may be right for you.
Today’s top stories
Government hiring is through the roof, and it’s offering better money, too Jobs in government traditionally came with more stability and less money. But as the public sector is stepping up hiring in a changed job market, that could change. Read more >> Love locked down: Engagements set to soar after a pandemic lull The pandemic weighed on the engagement industry. But that’s about to reverse. Read more >> Here’s how and why you freeze your credit Freezing your credit report can block a scammer and help if you credit cards have been lost or stolen. Here’s what you need to know. Read more >>Other news that caught our eye
-
Oil prices are rising amid supply concerns over output cuts by Saudi Arabia and Russia, as well as weak shale production.
-
DirecTV and Nextstar have reached a multiyear distribution agreement, ending a two-month blackout period for Nexstar stations on DirecTV customers. The deal will restore more than 170 Nexstar-owned stations across 120 metro areas.
-
The U.S. lost 4.1 million days of work due to strikes in August, the largest total in over twenty years, according to the Labor Department. This was fueled by the Hollywood actors and writers’ unions’ strikes that began over the summer.
-
Certain Clorox products are in short supply following a cyber attack. The cleaning supply company said the attack will hurt its upcoming quarterly financial report but that it was ultimately contained. Clorox shares closed more than 2% lower on Monday.
-
Novo Nordisk has been accused of having quality control lapses. U.S. drug regulators have been investigating the company’s Clayton, North Carolina plant.
Financial planner tip of the day
“Your credit score is based on factors such as how often you pay your bills on time, how many loans and credit cards you have, what your debt is relative to your credit limits, and the average age of your accounts. It also considers negative financial events, such as judgments, collections actions, or bankruptcies.”
Brian Walsh, CFP® at SoFi