Top Story
Budgets, deals, and timing: America shops for the holidays
The typical shopper will spend more than $1,000 on gifts this season — and that’s accounting for tighter budgets in the face of high inflation, and the fact that more than half of people don’t feel comfortable with the amount they have in savings. Find more insights in SoFi’s Spending & Savings Study.
US stocks rose on Thursday amid growing optimism the Federal Reserve is done raising rates, sending the 10-year Treasury yield lower
• It was an earnings bonanza, and companies including Shopify, Starbucks and Eli Lilly beat expectations. Shopify shares surged more than 22%, Starbucks stocks jumped 9.5%, and Eli Lilly shares rose 4.7%.
• Roku shares climbed 31% after announcing year-over-year revenue grew 20% and adding 2.3 million active accounts.
• Tesla shares rallied 6.3% following a confluence of factors including a report showing growth in China sales year-over-year.
• Weekly jobless claims rose to the highest level in nearly two months, while the number of continuing claims increased to its highest level since April.
What to be on the lookout for today
• We’ll close out the week with the October jobs report, the latter of which saw an unexpected addition of 336,000 jobs in September. ISM services data for October will also be released.
• Dominion Energy and Cinemark will report earnings.
How to save money when flying for the holidays
Traveling during the holidays is often expensive (not to mention crowded, but there’s not much we can do about that). Here are some tips to budget strain of holiday travel.
Don’t procrastinate
The closer we get to the holidays, the more demand is likely to increase, so don’t wait and book your itinerary earlier rather than later to help you get better prices.
Travel on off-peak days
You can save money on airfare depending on what day of the week you fly. For Thanksgiving, don’t wait to travel on the Wednesday prior when everyone rushes to the airport.
Similarly, Christmas falls on a Monday this year, so the weekend before will likely be busy — and therefore more expensive — for travelers.
Pay in a smart way
Some credit cards offer higher rewards for travel spending, so review your card choices to pick the most advantageous one to use to buy the tickets.
Learn more about how to budget better this holiday season with SoFi’s Holiday Spending Guide.
Today’s top stories
Winter months promise lower gas pricesThe average price of gas has come down more than $0.40 per gallon since the summer, relieving budget-stretched Americans who rely on cars. But this comes with a caveat.
Read more >> What happened in the market in October 2023SoFi’s Head of Investment Strategy Liz Young brings you the market lookback.
Read more >> Working remotely? Here’s how to save on electricity billsWorking from home has its benefits, including saving money on commuting, and lunches. But running your office from home also increases your electricity use. Learn more about saving on your energy bills.
Read more >>Other news that caught our eye
-
Amazon is rolling out its first buy now, pay later option in partnership with Affirm.
-
Toyota is recalling 1.4 million RAV4s over a battery issue that can cause fires, covering certain models produced between 2013 and 2018.
-
Uber and Lyft agreed to pay drivers a combined $324 million in withheld wages.
-
Cedar Fair and Six Flags are merging. The new entity will operate 27 amusement parks, 15 water parks, and nine resort properties across North America.
-
Disney is acquiring Comcast’s stake in Hulu for around $8.6 billion. The deal, which will give Disney full ownership of the streaming service, is expected to be completed in 2024.
Financial planner tip of the day
"If it works with your income, the 50/30/20 budget is one simple method for people starting to reorganize their finances. This budget allocates 50% of your income for essentials, like rent and bills, 30% toward personal day-to-day spending, and 20% for savings or financial goals."
Brian Walsh, CFP® at SoFi