Monday,
December 4, 2023
Market recap
Dow Jones
36,245.50
+294.61 (+0.82%)
S&P 500
4,594.63
+26.83 (+0.59%)
Nasdaq
14,305.03
+78.81 (+0.55%)
Top Story
How this weekâs jobs report might steer the Fed
The Federal Reserve is at a crossroads: The market thinks it's done with rate hikes, but itâs reluctant to say so. Fridayâs jobs report might help frame expectations for whatâs next for Fed policy. Hereâs whatâs ahead on Wall Street this week.
US stocks rose on Friday as the Dow Jones Industrial Average notched its fifth week of gains, marking the longest win streak in two years
• Fed Chairman Jerome Powell said it was too early to speculate about interest rate cuts, but market expectations are still leaning toward rate cuts next year.
• The U.S. manufacturing sector contracted for the 13th consecutive month in November.
• Shares of retailer Ulta Beauty gained 10.9% after beating earnings expectations.
• Pfizer shares fell 5.2% after announcing that it will discontinue the twice-daily version of its experimental weight loss drug after users experienced adverse side effects.
• Paramount shares rose 9.9% following a Wall Street Journal report that it could bundle its streaming service Paramount+ with Apple TV+.
• Elasticâs stock jumped 37.1% after the data analytics firm beat expectations and raised guidance.
• Shares of Altimmune surged 13% after a study reported that its obesity drug reduced weight by more than 15% on average.
What to be on the lookout for today
• There are no major economic reports scheduled, but software company GitLab will report earnings.
Forget toys, give the gift of a 529 plan
Holiday season brings a question often dreaded by parents. What should relatives get the kids? So why not give the gift of education?
A 529 college savings plan is a tax-advantaged account to help families and individuals save for college or other qualified education expenses.
Money in these accounts can grow tax-deferred, and distributions arenât taxed as long as they are used on eligible expenses, including tuition, books, room and board, and apprenticeship programs. Bonus: Some states even offer a tax deduction on contributions.
What Parents Need to Know
Time is your friend when it comes to saving for college. Open a 529 plan as early as you can to take advantage of the tax savings, and compound returns.
Anyone can contribute to a 529 account, so if you have family or friends out of gift ideas, you can suggest helping ease the future tuition burden.
What Gift Givers Need to Know
You have two options when gifting to a 529 account: opening a new account, or contributing to an existing account. To open an account you will need details like the beneficiary's date of birth and Social Security number.
Gift givers can contribute up to $17,000 per 529 account this year without it having to be reported to the IRS.
Todayâs top stories
Donât settle for a discount rate less than this. Retailers are offering holiday discounts at higher rates than ever, and experts say shoppers shouldnât settle for less than a certain percentage off. Read more >> Which foods will fly off the shelves in 2024? Food industry experts are attempting to predict which food trends weâll see in 2024. Read more >> What happened in the markets in November? Euphoria about the prospect of a âsoft landingâ inspired a rally in November. But can this continue? Read more >>Other news that caught our eye
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Neiman Marcus declined a $3 billion acquisition offer from Saks Fifth Avenue over the deal structure.
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Tesla launched its Cybertruck with a starting price of $60,990 before federal tax credits.
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The Biden administration proposed new rules that would make it harder for electric vehicles to qualify for the full $7,500 federal tax credit, if they contain battery materials from China.
Financial planner tip of the day
âYou may not be able to completely reform an overspending habit overnight. But by tracking your spending, setting up a basic budget, and altering some of your everyday habits, you may soon be able to gain control over your financial life, and start reaching your short- and long-term savings goals.â
Brian Walsh, CFPÂŽ at SoFi