Thursday,
November 9, 2023
Market recap
Dow Jones
34,112.27
-40.33 (-0.12%)
S&P 500
4,382.78
+4.40 (+0.10%)
Nasdaq
13,650.41
+10.56 (+0.08%)
Top Story
What does commodity trading have to do with your wallet?
From oil to orange juice, volatile price swings in commodity futures are becoming more frequent as climate conditions and global conflict take their toll. Here’s what this may mean for your household budget.
US stocks ended mixed on Wednesday, but the S&P 500 and Nasdaq Composite both added another day to their winning streak
• The S&P 500 has logged gains for eight straight days, while the Nasdaq has risen for 9 days in a row, their longest winning streaks in two years.
• Warner Bros. Discovery shares fell 19% after missing expectations and reporting a 12% year-over-year decline in advertising revenue. The media giant, which owns HBO and CNN, also lost 700,000 Max subscribers.
• Shares of Roblox surged 11.9% after beating expectations. The company also reported a 20% year-over-year increase in bookings and daily active users, pushing the latter above 70 million.
• Robinhood stock dropped 14.3% after reporting a decline in stock trading revenue and monthly active users.
• Shares of The New York Times rose 6% after beating expectations. The newspaper also surpassed the 10 million subscriber mark.
• The average fixed-rate 30-year mortgage fell more than 20 basis points to 7.61% in the week ended November 3rd, marking the lowest reading in over a month, and the biggest decline since July of last year.
What to be on the lookout for today
• It’s all about food day as Oatly and Krispy Kreme both hand in reports.
• We’ll also get weekly claims for unemployment benefits.
What’s the secret to building a successful investment portfolio?
You’re ready to invest, and you’ve got a lump sum waiting to be put to use. What do you do next? How do you buy individual stocks — and should you?
In the latest episode of The Important Part podcast, SoFi’s Head of Investment Strategy Liz Young sat down with Shannon Saccocia, CFA and Chief Investment Officer of NB Private Wealth to talk strategies for navigating the market. Tune in for insights on ways to build a portfolio that’s a fit for your goals.
New to the podcast? The Important Part takes listeners through top-of-mind trends in investing and breaks them down into digestible and actionable pieces. Listen and subscribe on Apple, Spotify, or wherever you get your podcasts.
Today’s top stories
Here’s why you should care about WeWork’s bankruptcy The coworking company’s bankruptcy comes at an inopportune time for American office real estate, which is already in hot water. Read more >> Commutes are finally getting shorter, and not just because you work from home… The pandemic has changed commutes for many Americans, even those who are still heading out every morning, and the average time spent getting to work is finally coming down. Read more >> Liz Looks at: the Recent Rally Is the market getting ahead of itself in celebrating a potential end to Fed interest rate hikes? Read more >>Other news that caught our eye
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Amazon Prime members will get discounted access to primary care provider One Medical for $99/year, instead of the standard $199/year.
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The FDA approved Eli Lilly’s Type 2 diabetes drug tirzepatide for weight loss. It will be sold as Zepbound, as Eli Lilly tries to compete with Novo Nordisk’s popular Ozempic and Wegovy treatments.
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Regional American Airlines subsidiary PSA Airlines is offering $250,000 bonuses to lure pilots from UPS and FedEx. With major airlines on a hiring spree, regional carriers like PSA face a shortage of qualified pilots.
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Nintendo is developing a live-action Legend of Zelda film, to add onto into success with The Super Mario Bros. Movie, which has become the second-highest-grossing animated film ever. The most recent Zelda game, released in May, was the fastest-selling title of the series.
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Facebook and Instagram will require political advertisers to disclose any use of AI in their ads. This rule will go into effect next year ahead of the 2024 U.S. election.
Financial planner tip of the day
“If you have access to a workplace retirement account and your employer provides a match, contribute at least enough to get your full employer match. That’s a return that you can’t beat anywhere else in the market, and it’s part of your compensation that you should not leave on the table.”
Brian Walsh, CFP® at SoFi