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Housing leaders are concerned about rising rates too
Citing a slew of concerning data points, leading voices in the housing industry came together to criticize the Federal Reserve's rate hike policy in a direct letter to Chairman Jerome Powell.
US stocks rose on Tuesday as Treasury yields continued their decline after Atlanta Fed President Raphael Bostic said he didn’t think more interest rate hikes were necessary
• Rising geopolitical risks continue to drive investors to safe-haven assets, pushing prices higher and yields lower.
• PepsiCo (PEP) shares added 1.9% after beating earnings and revenue expectations and updating its full-year earnings growth forecast.
• AMD announced it will acquire AI startup Nod.AI, which builds open-source technologies to train AI systems through trial and error. AMD stock finished up 1.9%.
What to be on the lookout for today
• Look for an update on the 30-year mortgage rate, which reached a multi-decade high of 7.53% last week.
• Wholesale inflation numbers for September will be released. Last month, this index unexpectedly jumped 0.7%, the biggest monthly jump since June 2022.
• Wall Street will get a closer look at the Fed’s last policy decision with the release of the last meeting’s minutes.
What To Do If You've Been Hit By A Phishing Scam
Nobody wants to fall prey to a scam. But as the instances of cybercrime grow, it is becoming more and more likely that you will encounter them.
Phishing is a form of cybercrime where criminals send messages pretending to be a real company or individual, hoping to get personal or financial information from you. If you have fallen victim to a phishing scam, here are a few things you can do.
Don't Be Embarrassed and Act Fast
You might feel embarrassed if you find out that you've fallen victim to a phishing scam. But don't let that stop you from taking action to protect yourself. First steps may be getting in touch with your bank or financial service provider to ensure the security of your accounts or assets.
Change Your Passwords
One of the first things to consider doing is changing your passwords. If you have been reusing the same password across multiple websites, now could be a great time to use a password manager and set up multi-factor authentication.
You can also protect yourself against phishing scams and other cybercrime through cyber insurance. Learn more about SoFi’s cyber insurance from Blink℠by Chubb®.
Today’s top stories
Strikes are up. Why aren’t stock prices down? 450,000 U.S. workers have participated in strikes this year. But these labor disputes don’t appear to be striking fear in investors. Read more >> Consumers are tired of companies’ hot takes A new survey suggests Americans care more about what companies do, not what they say. Read more >> All you need to know about graduated loan repayment plans If you’re a recent graduate with a lower starting salary but expect it to grow substantially over your first working decade, using a graduated repayment plan for your student loans could be the right fit. Here’s what you need to know. Read more >>Other news that caught our eye
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Walmart, the nation’s largest employer, will offer access to online primary care doctors for 1 million of its employees in an effort to reduce costs. In 2022, the company spent $6 billion on health related costs.
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The IMF revised its growth projection for the U.S. due to stronger business investment and resilient consumption. The agency lowered its eurozone projection and left global growth unchanged.
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Google wants to make passwords a relic of the past, instead encouraging users to opt for passkeys as the go-to option for unlocking accounts and devices with a fingerprint, face scan, or pin number.
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General Motors and its Canadian union Unifor reached an agreement Tuesday, hours after 4,300 workers at three plants across the country went on strike. The new deal includes wage increases as high as 25%.
Financial planner tip of the day
“Review your bank account and other statements regularly to make sure everything is as it should be. You want to make sure you are not coming too close to a negative balance or leaving a nice sum of money in checking that could go towards a savings account or somewhere else.”
Brian Walsh, CFP® at SoFi