Friday,
September 22, 2023
Market recap
Dow Jones
34,070.42
-370.46 (-1.08%)
S&P 500
4,330.00
-72.20 (-1.64%)
Nasdaq
13,223.99
-245.14 (-1.82%)
Top Story
Here’s a surprising way to get ahead financially
Young adults are finding it increasingly difficult to reach common financial milestones. But a last resort to save money might help them lay a solid foundation.
US stocks fell sharply on Thursday, marking their third straight day of losses as Wall Street continued to digest the Federal Reserve’s hawkish tone following Wednesday’s FOMC meeting, including suggestions that interest rates are likely to remain higher for longer.
• Treasury yields traded at their highest level since 2007, with the U.S. 10-year yield just below 4.5%.
• FedEx (FDX) stock closed 4.5% higher after the package company reported earnings, and raised its full-year outlook .
• Olive Garden-owner Darden Restaurants (DRI) reported better-than-expected earnings and revenue, but a decline in its fine dining segment. The company’s shares dropped more than 2.5%
• The number of Americans filing for unemployment benefits fell to the lowest level since January, declined by 20,000 to just over 200,000 for the week ended September 16. Continuing jobless claims, which count benefit applications for at least two weeks, also fell, hitting the lowest level since the start of the year.
What to be on the lookout for today
• FOMC member and Fed Governor Lisa D. Cook will give a keynote address at the National Bureau of Economic Research Economics of Artificial Intelligence Conference.
The homebuyer's checklist
Buying a home is a big deal. As one of the biggest purchases you’re likely to make in life, you want to have your proverbial ducks in a row when you take this step. Here are a few things to look out for before you sign on the dotted line.
The financials
In one way, buying a house is just like buying anything else: You need to know how much you can spend. Drawing up a budget can help you with that. Keep in mind how much you want to spend on your mortgage per month, as well as any other monthly expenses that may be linked to the home in question. On top of that, be aware that there are closing costs associated with buying real estate, so factor them into your plan.
The asset
Once you know your budget, and may even be pre-approved for a loan, there’s still plenty to look out for. Inspect the exterior of the home in question for roof damage and obvious cracks in the foundation. Also be sure to ask questions about heating and cooling systems, which can add a lot of costs on a monthly basis, while an insufficient electrical or plumbing system can leave you with big surprise costs if work is needed.
If you’re getting ready to buy a place, check out SoFi’s First Time Homebuyer Guide as your first step, and check out how a SoFi home loan can fit into your plan.
Today’s top stories
The beauty industry is adding a new shade: green Companies like Nordstrom (JWN) and Sephora (LVMUY) are taking on plastic packaging. Here’s what you need to know. Read more >> Investing in VC funds is getting easier Allocate raised $10 million to help clients of wealth advisors and family offices invest in venture capital funds. Find out how the startup plans to make this high-risk, high-reward asset class more accessible. Read more >> What to know if you want to save money by buying in bulk Shopping in bulk can help you meet your budget in the long run, but there are pros and cons to consider. Read more >>Other news that caught our eye
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Russia is temporarily banning diesel exports, adding more turmoil to the already stretched energy market ahead of the winter. Moscow had been exporting more than 1 million barrels of diesel fuel per day this year so far.
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Rupert Murdoch is stepping down as chair of Fox News at age 92 after running the company for seven decades. His eldest son Lachlan Murdoch will take over as chair of the company.
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FedEx executives noted the company is profiting from UPS’s union negotiations and Yellow Corp’s bankruptcy.
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Cisco will buy cybersecurity firm Splunk for $28 billion in cash, the largest acquisition in the tech conglomerate’s history and the latest in its 2023 buying spree.
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McDonald’s is being sued after serving a customer a scalding cup of coffee with an improperly attached lid, mirroring a similar case from the 1990s, when a plaintiff won $480,000 for a similar claim.
Financial planner tip of the day
“If you see that your bank is hitting you with one or more monthly fees, you may be able to cut your monthly spending by switching to a less expensive bank, or going with an online-only financial institution, which tend to offer low or no fees.”
Brian Walsh, CFP® at SoFi