Wednesday,
November 8, 2023
Market recap
Dow Jones
34,152.60
+56.74 (+0.17%)
S&P 500
4,378.38
+12.40 (+0.28%)
Nasdaq
13,639.86
+121.08 (+0.90%)
Top Story
Will last week’s market rip continue through the rest of the year?
U.S. stocks posted their best weekly performances in over a year. This is what you should keep an eye out for in the remaining months of the year.
US stocks rose again on Tuesday, marking an 8-day winning streak for the Nasdaq Composite
• Planet Fitness shares surged 13.4% after beating expectations with a near-14% year-over-year increase in revenue, and a more than 45% increase in earnings.
• Shares of cloud monitoring company Datadog shot up 28.5% after reporting a 25% year-over-year jump in revenue, and raising its full-year forecast.
• Uber fell short of expectations but still reported an 11% year-over-year increase in revenue, sending its shares 3.7% higher.
• Oil prices fell more than 4% to their lowest level since August, after a larger-than-expected drop in Chinese exports signaled a softening of global energy demand.
• The U.S. trade deficit in September widened more than expected to nearly $62 billion.
What to be on the lookout for today
• It’s the busiest earnings day of the week, with Disney, The New York Times, Roblox, Warner Bros. Discovery, Lyft, and Instacart all set to report.
• The Mortgage Bankers Association will also update the 30-year fixed-rate mortgage. Last week, the average rate declined for the first time in two months to 7.86%.
Talk to your loved ones about wills, trusts, and estate planning
If talking about money makes you uncomfortable, you might not like the next topic: estate planning.
Estate planning is about making sure your assets go where you want them to go in the event of your death. This may involve documents like a will, health care proxy, or power of attorney.
Important Conversations
Nobody likes talking about death. But having a conversation about estate planning is important to make sure everyone is on the same page, and the right paperwork is in place well ahead of time. It’s not just about leaving money behind. You can make a lot of decisions in your end-of-life planning that may help take care of your loved ones, and can also involve minimizing taxes on the assets left behind.
Writing a Will
There are four different types of wills that can help ensure your plans are carried out after death.
• A simple will, which lets you have control over what happens to your assets
• A joint will, which is created by two people
• A testamentary trust will, which involves creating a trust
• A living will, which specifies your wishes if you were medically incapacitated
If you die without a will you risk having your property go to people you didn’t intend it to go. There are online templates to create a simple will or you can work with an attorney to put your end-of-life wishes in writing, and take care of your loved ones.
Learn more about estate planning with SoFi here.
Today’s top stories
‘Tis the season to treat yourself Get ready to buy yourself something pretty during the fall shopping holidays, as inflation-strapped consumers are looking for deals. Read more >> A workplace trend your mom can get behind: stability In today’s job market,workers are increasingly staying put in their roles. But for companies, that’s complicated news. Read more >> Here’s what determines the price of a stock Supply and demand affect how an asset trades in the market. But there are many factors at play. Learn more about what drives the prices of stocks. Read more >>Other news that caught our eye
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AI is coming for the professional services industry: For the first time ever, AI negotiated a legal contract autonomously.
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FedEx is encouraging its pilots to apply for jobs with American Airlines, amid cooling demand for air freight.
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Walmart is officially launching its “sensory-friendly” shopping hours, which cater to shoppers with autism, ADHD, PTSD, and other sensory processing issues. U.S. stores will feature dimmer lighting and no background music daily from 8am to 10am.
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WeWork filed Chapter 11 bankruptcy, listing nearly $19 billion in debts. However, the coworking company has reached a restructuring deal with Softbank and other creditors.
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IBM launched a $500 million generative AI venture fund. The fund targets enterprise startups and has no set number of annual investments or capital deployment timeline.
Financial planner tip of the day
"The primary advantage of buying a fractional share is that investors are able to buy part of a stock that may otherwise be too expensive. In this way, fractional shares dismantle a large barrier to entry for those who want to invest. Fractional share investing can also give young or new investors access to stock markets so that they can learn about them and investing firsthand. For some, this hands-on approach to learning may be a more effective form of education than thinking about investment ideas or concepts in theory."
Brian Walsh, CFP® at SoFi