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The housing market could serve up some treats this Halloween
The share of home listings with a price cut climbed to 9.2% in mid September, the highest since November 2022. This could open a window of opportunity for determined buyers.
US stocks fell on Tuesday as Treasury yields pushed to new highs once again
• The U.S. 10-year yield neared 4.8%, its highest level since August 2007, adding more pressure to stock valuations.
• The number of job openings in the U.S. increased more than expected in August to more than 9.6 million, the first increase of available jobs since April. However, July marked the lowest level of job openings since spring 2021, suggesting the labor market continues to cool off slowly.
• General Motors reported a 21.4% rise in U.S. vehicle sales and a 28% increase in electric vehicle sales in the third quarter, despite ongoing strikes by the United Auto Workers union. Nevertheless, concerns over the strike’s potential effects on specific vehicle supplies remain.
• WeWork announced it will miss $95 million in interest payments, raising fresh doubts about its financial health, and sending its shares lower. The coworking company reported $205 million in cash reserves in August, but issued a going concern warning over its financial health in the same month. Its stock has declined 95% in the year so far, and dropped 14% Tuesday. The company now has a 30-day grace period to make the payments.
• Shares of spice brand McCormick fell more than 8% following the company’s earnings.
What to be on the lookout for today
• ADP will publish its monthly employment report ahead of the government’s jobs report on Friday.
• We will also see an update to the 30-year fixed-rate mortgage. Last week, the rate pushed to a two-decade high at 7.41%.
• Later in the morning, ISM data will give us a look at the services sector.
Your repayment strategy for student loans matters
Know your options
There are several repayment options, but whether you have federal or private student loans will determine how you tackle your repayments:
• Standard repayment plan: The default plan. You take up to 10 years to repay federal loans with monthly, fixed payments (though consolidation loans could take up to 30 years).
• Extended repayment plan: You pay your federal student loans back over 25 years with lower monthly payments than the Standard plan.
• Graduated repayment plan: You pay your federal student loans back over a 10-year period, with lower payments at the beginning of the term, and a gradual increase (consolidation loans could take up to 20 years).
• Income-driven repayment plan: The amount you pay depends on your income and family size in this type of federal loan repayment.
You can also refinance your student loans with a private lender to consolidate (combine) your loans to ensure you have just one monthly payment.
The most important thing to remember is this: Your loan servicer can help you find the right plan. Find out more about what repayment option might be right for you by taking our quiz. Trust us, you've got this!
Today’s top stories
Shop smarter, not harder Retail sales have risen for five consecutive months — but not all retailers have benefited equally. Read more >> Are you “Team Office” or “Team Remote”? The modern U.S. workplace looks a lot different than in years past. This generational divide is playing out within companies and families alike. Read more >> What you should know about inflation and student loans Pandemic-era inflation has been higher than normal. Here’s what this means for your student loans. Read more >>Other news that caught our eye
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Macy’s is going beyond the mall: The company plans to open 30 more stores in strip centers. These locations will only be one-fifth the size of a traditional store.
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GM and Stellantis could face over $9 billion in fines if the Biden Administration hikes fuel efficiency standards. The American Automotive Policy Council called these fines “alarming.”
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Starbucks is tackling climate change with a new coffee plant that can thrive in warmer temperatures.
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Elon Musk’s social media platform X is being sued by the ad agency X Social Media. The company formerly known as Twitter is being accused of “unfair competition and trademark and service mark infringement.”
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Your phone might alarm you Wednesday afternoon. Don’t worry, it’s just the Federal Emergency Management Agency testing out its national system.
Financial planner tip of the day
"Saving money in college can feel like an impossible task, but having an effective budget in place can help. Starting the college experience with a budget in place can help curb impulse purchases, and can actually relieve some of the pressure around spending. If a student knows how much money they can allocate for, say, going out, it could be easier to say no to the pressure of a spendy night out with friends."
Brian Walsh, CFP® at SoFi