Friday,
November 10, 2023
Market recap
Dow Jones
33,891.94
-220.33 (-0.65%)
S&P 500
4,347.35
-35.43 (-0.81%)
Nasdaq
13,521.45
-128.97 (-0.94%)
Top Story
Inflation nation: Where is the cost of living low?
Prices are high but the cost of living varies from city to city. With some predictable places ranking high, you may be surprised to see the destination at the top.
US stocks fell on Thursday, ending the S&P 500 and Nasdaq Composite’s longest winning streaks since 2021
• Stocks weakened following remarks by Federal Reserve Chairman Jerome Powell, who said the door for additional interest rate increases remained open, if inflation stayed elevated and economic growth strong.
• Disney shares jumped 6.9% after topping expectations, announcing more cost cutting, and added 7 million in Disney+ subscribers.
• Virgin Galactic shares skyrocketed 19.2% after the space tourism company announced it will pause spaceflight operations in 2024 to focus on developing its Delta-class spacecraft.
• In food earnings, shares of Oatly dropped 8.1% after missing analyst projections. Krispy Kreme shares also declined 6.6% after falling short of expectations.
What to be on the lookout for today
• We will get an early look at consumer sentiment in November.
A salute to veterans
With home prices as high as they are, saving up for a down payment can seem like an insurmountable task.
If you are an active-duty service member, veteran, or reservist, you could be eligible for a more affordable financing option: a VA loan.
These loans are backed by the Department of Veterans Affairs, and often have lower interest rates and closing costs. Importantly, they also have no down payment, or private mortgage insurance requirements.
What to knowProspective borrowers need to request a Certificate of Eligibility through the VA to demonstrate they qualify for one of these government-backed loans.
They can only be used on a property that will serve as your primary residence, including a single-family home with up to four units, a condo in a VA-approved project, or a manufactured home.
While a VA loan offers competitive terms, you should still assess your financial health before making a purchase, and learn more about what kind of a home you can comfortably afford.
Today’s top stories
Does college prepare you for the workforce? Nearly half of employees say no A college education could still leave you feeling ill-equipped on the job. This is what employers are doing to help. Read more >> This AI startup aims to advance women’s health Backed by former Meta COO Sheryl Sandberg, health tech startup Cercle hopes AI holds the key to advancing women’s health and fertility. Read more >> 27 tips for frugal travelers Whether you’re dreaming of a tropical vacay, a trip to a European city, or just getting home to see your family for the holidays, here are some strategies to try. Read more >>Other news that caught our eye
-
SoftBank posted a $6.2 billion quarterly loss following the collapse of WeWork. The Japanese investment giant owned a majority stake in the coworking company. Its cumulative losses from the investment totaled $14.3 billion.
-
China slipped back into deflation after the country’s consumer price index fell 0.2% year-over-year in October mainly due to falling food prices, particularly pork.
-
Oil and gas company Shell is suing Greenpeace for $2.1 million after activists boarded one of its oil production vessels to protest oil drilling.
-
Hollywood actors union SAG-AFTRA reached an agreement with major studios following a 118-day strike. The deal includes protections against AI and a “streaming participation bonus”.
Financial planner tip of the day
“Setting a financial goal is all about having your money serve you. When a budget is too harsh and punitive, you might wind up making impulse buys or otherwise overspending. If you know you have some cash stashed for mood-lifting purposes, you can stay on track.”
Brian Walsh, CFP® at SoFi