Thursday,
November 30, 2023
Market recap
Dow Jones
35,430.42
+13.44 (+0.04%)
S&P 500
4,550.58
-4.31 (-0.09%)
Nasdaq
14,258.49
-23.27 (-0.16%)
Top Story
On the twelfth day of Christmas, my true love gave to me… a record high bill?
The Christmas Price Index is at an all-time high this year. But that hasn’t seemed to stop the spending.
US stocks were mixed Wednesday after the Federal Reserve’s Beige Book showed economic activity slowing
• The 10-year Treasury yield dipped below 4.3% for the first time in two months.
• U.S. GDP grew at a seasonally adjusted and annualized rate of 5.2% in Q3, faster than initially reported, marking the strongest growth since Q4 of 2021.
• The 30-year fixed-rate mortgage fell to the lowest level in over two months at 7.37%.
• Shares of General Motors jumped 9.4% after announcing a $10 billion share buyback program, and a 33% increase to its quarterly dividend in 2024.
• Shares of Foot Locker surged 16% after beating expectations and reporting strong sales over the Thanksgiving holiday period.
• Dollar Tree missed expectations, but its shares rose 4.4% after reporting an increase in sales.
• Cigna stock fell 8.1% after reports of a possible merger with competitor Humana. The merger could create one of the largest health insurers by market cap, at close to $150 billion.
What to be on the lookout for today
• It’s a busy day for economic news with the Fed’s preferred inflation gauge, personal income and spending numbers, and the weekly update to jobless claims.
• In company earnings, Kroger, Cracker Barrel, Dell, and Ulta Beauty will report results.
Liz Looks at: Treasury Auctions
The often dry topic of Treasury auctions is getting a lot of attention as the federal government is selling large chunks of debt into a market with waning demand.
Aside from what this means for the U.S. government’s ability to fund its increasingly chunky debt bills, SoFi Head of Investment Strategy Liz Young breaks down the implications for markets.
Today’s top stories
How China's economic struggles could affect the global economy China's once-thriving housing sector is posing a challenge for the world’s second-largest economy. Here’s why that matters. Read more >> A growing economy? In this economy? Despite elevated inflation and uncomfortably high borrowing costs, the U.S. economy had a strong performance in Q3. But the outlook doesn’t seem quite so peachy. Read more >> Looking to buy a home? Here’s where your money will go further America’s housing market is still tough to navigate for a lot of prospective buyers. If you’re looking to get more bang for your buck, these are the 10 most affordable cities by cost per square foot. Read more >>Other news that caught our eye
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Google Maps updated its color scheme, much to the dismay of its former designers and some users.
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Okta users had their data exposed to hackers in a recent breach.
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Apple is walking away from its credit card partnership with Goldman Sachs.
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Walmart plans to source more goods from India to further reduce its reliance on China. In 2023, 60% of the retail giant’s shipments came from China, down from 80% in 2018.
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Kraft launched a plant-based Mac & Cheese variant called Kraft NotMac&Cheese.
Financial planner tip of the day
“One way to build credit is to display a history of responsible borrowing. For that reason, you may want to place monthly bills and other expenses on your credit card — being sure to pay the bill in full each month by the due date.”