Monday,
October 9, 2023
Market recap
Dow Jones
33,407.58
+288.01 (+0.87%)
S&P 500
4,308.50
+50.31 (+1.18%)
Nasdaq
13,431.34
+211.51 (+1.60%)
Top Story
The Ozempic effect: Shrinking Americaâs appetite
Weight-loss drugs help users cut calories, so food manufacturers and fast-food chains may have to rethink their strategies.
US stocks rose on Friday after a better-than-expected jobs report
• The U.S. economy added 336,000 jobs in September, nearly double what economists had expected. It marked the strongest job growth in eight months, with the bulk coming from leisure and hospitality, government, and healthcare sectors. The unemployment rate remained unchanged at 3.8%.
• Wage inflation also slowed, with average hourly earnings rising only 7 cents or 0.2%. Even so, the labor market remains hotter than perhaps expected and that has an effect on the inflation the Fed is trying to get under control.
• The U.S. 10-year Treasury yield rose to just below 4.89%, but retreated later in the session.
• MGM Resorts (MGM) announced it faced a cyberattack last month that would lead to a $100 million loss in its third-quarter results. MGM said hackers did not obtain any customer bank or card information, but reported a personal data breach that potentially included Social Security numbers. MGM shares finished Friday up 4.9%.
What to be on the lookout for today
• The week will begin on a quiet note, with no significant economic or earnings reports expected today, but two speeches from Fed officials on bank regulation and the economic outlook.
Ways to Identify Phishing Scams
The costs of cybercrime are estimated to reach $10.5 trillion by 2025. Thatâs trillion with a âTâ, meaning that it's ever more important that you do everything you can to protect yourself from scams. Phishing is defined as sending messages pretending to be from a reputable source to get you to reveal personal information, such as passwords or credit card numbers. Here are a few things to look out for to help you identify phishing scams.
Look Out For Bad Grammar
Messages from scammers and cybercriminals are often riddled with poor grammar, misspellings or just feel "off". This can be a red flag, especially if the message supposedly comes from a major corporation. You can also check the email address the message comes from to make sure it's from the registered domain of the company it says it's coming from.
Be Careful If It's "Urgent"
Scammers often prey on people's sense or urgency. Maybe it's a supposed friend or relative in a dangerous situation, or a special offer that will only be available for a limited time. Many phishing scams depend on this sense of urgency â if you get an email or text message that requires immediate action, make sure to confirm that it's real.
Another way to protect yourself against phishing scams and other cybercrime is through cyber insurance. Learn more about SoFiâs cyber insurance from Blinkâ by ChubbÂź.
Todayâs top stories
In a big week of earnings, will Dominoâs (DPZ) deliver? Dominoâs announced a blockbuster AI partnership with Microsoft (MSFT). In an earnings week dominated by reports from some of the biggest banks in the country, can the pizza chain stand out? Read more >> The great resignation is no more Something is afoot in the tech world, where hiring and quitting is slowing. Read more >> Tips to help pay your student loans off quickly Life is expensive but donât let your loans hold you back. Here are 6 strategies to help pay down your debt faster. Read more >>Other news that caught our eye
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EV shoppers will be able to take the federal tax credit off the sticker price starting January, rather than waiting for their tax return. Shoppers can take $7,500 off the price of a new EV or $4,000 off the cost of a used EV.
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UPS and FedEx are offering discounts on pricing in anticipation of a weak holiday shopping season. The carriers are expected to deliver 82 million parcels per day during the period between Thanksgiving and mid-January, down from 90 million last year.
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Tesla announced price cuts for the Tesla Model 3 and Model Y as the EV giant pushes to meet its delivery goal.
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After receiving approval last month from the FTC, Amgen announced the completion of its $27.8 billion acquisition of Horizon Therapeutics.
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The NBAâs TV rights will be up for grabs following the 2024-25 season. YouTube, Amazon, Apple, and Netflix are all contenders to stream NBA games for the next decade.
Financial planner tip of the day
âNo matter how you prefer to pay for purchases, checking your bank and credit card statements regularly for suspicious or erroneous charges can help you spot fraudulent activity right away. You may want to do this daily during periods of high usage, like around the holidays when itâs easier for fraudulent charges to slip through.â
Brian Walsh, CFPÂź at SoFi