Tuesday,
October 31, 2023
Market recap
Dow Jones
32,928.96
+511.37 (+1.58%)
S&P 500
4,166.82
+49.45 (+1.20%)
Nasdaq
12,789.48
+146.47 (+1.16%)
Top Story
Did inflation steal your raise?
Inflation is outpacing wage growth. Now, even with inflation slowing, new data suggests the trend wonât change in 2024. Hereâs what you need to know.
US stocks jumped sharply on Monday, after both the S&P 500 and Nasdaq slipped into correction territory last week
• McDonaldâs shares rose 1.7% after beating estimates. The company saw a 14% year-over-year increase in revenues, and an 8.8% boost to same-store sales, driven by strategic price increases, marketing campaigns, and digital and delivery orders as consumers flock to its cheaper menu items.
• Shares of ON Semiconductor plummeted nearly 22% after the company announced weaker-than-expected guidance, even though it reported a near-90% year-over-year increase in net income.
• The Dallas Fed Manufacturing Index for October registered its 18th consecutive month in negative territory, highlighting a sustained decline in business conditions across Texas. Texas is the second-ranked state by factory production and responsible for almost 10% of manufacturing output in the U.S.
What to be on the lookout for today
• Weâll get earnings reports from BP, Pfizer, and the world's largest broadline food distributor, Sysco. Pfizer recently lowered its earnings and revenue guidance for the year as demand for its Covid products wanes.
• Weâll also get a look at the housing market with the Case-Shiller Home Price Index. Last month, this 20-city index showed the first year-over-year increase in housing prices in five months.
đThereâs nothing scary about home insurance
Itâs Halloween! There are all sorts of scary things that can happen to your home â and weâre not talking about a toilet-papered tree in your front yard.
Life happens, and something breaks. Thatâs why itâs important to have home or renters insurance, to provide coverage to address damage, or theft to your home, or belongings.
How to pick a policy
If you are taking out a mortgage to buy a house, your lenders may require proof of home insurance.
Policies differ so be sure to understand what exactly will be covered. Itâs a good idea to compare coverages to find a plan that best fits your needs.
Take inventory.
Personal property coverage can help cover the cost of your personal belongings, including items like electronics, appliances, and furniture when they are damaged, destroyed or stolen. Make sure the coverage limit is high enough to cover your possessions.
What is the deductible?
Your policyâs deductible is how much you have to cover out of pocket before your insurance kicks in to cover a claim. The deductible amount can vary â make sure you are financially comfortable with it before deciding on a plan. Higher deductible plans tend to be less expensive, but youâll face higher upfront costs when filing a claim.
Know whatâs not covered.
There are some things that a standard policy might not cover, such as flooding. Some lenders require flood insurance if you live in a high-risk area. Review your options, and stay protected!
If youâre a new homebuyer, SoFi Protect can help you look into your insurance options.
Todayâs top stories
The economy is doing great â so why doesnât it feel like it? GDP is growing, the job market is strong, but this group is still feeling the pinch. Read more >> The new best way to travel Forget first class. Forget business. Flyers are finding premium economy plane seats provide support for your back and bang for your buck. Read more >> You have home insurance â but do you need home warranties? A home warranty can ease the headaches and financial strain of fixing or replacing appliances and home systems, but any contract will require much more than a glance. Hereâs what you need to know. Read more >>Other news that caught our eye
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General Motors and the UAW reached a tentative four-and-a-half-year labor deal. GM is the last of the Big Three automakers to reach an agreement with the trade union after six weeks of historic strikes. The tentative agreements must still be ratified by union members.
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President Joe Biden signed an executive order to regulate generative AI, and set security and privacy standards.
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Google CEO Sundar Pichai took the stand to defend the search giant in the largest antitrust trial in decades. Pichai argued that Google simply became so popular by providing a superior service.
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Germanyâs GDP contracted by 0.1% in Q3, driven by a decline in consumer spending. This is a troubling sign that Europeâs biggest economy could be slipping into a recession.
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Facebook and Instagram users in Europe can now pay a monthly subscription to remove ads. This update is designed to address data privacy concerns from EU regulators.
Financial planner tip of the day
"First-time home buyers can be bamboozled by the true cost of buying a home because thereâs a lot more to consider than just principal and interest. Before buying a home, you should crunch and become familiar with the numbers for the total cost of your mortgage, including insurance, taxes, fees, bills, furniture, and so on. Only with a good grasp of what each line item will run can you make an estimate about the size of the mortgage, and therefore the home you can afford to buy.â
Brian Walsh, CFPÂŽ at SoFi