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Dive deeper into the fascinating world of post-pandemic globalization (No really, it’s more fascinating than you’d think)
The pandemic has made governments reevaluate their reliance on global trade and interconnectedness. They're now prioritizing domestic production and reducing their dependence on foreign markets. It's a bold strategy that could reshape the global economic landscape as we know it.
US stocks rose on Friday after better-than-expected employment data
• The nonfarm payrolls report showed the U.S. added 199,000 jobs in November, more than expected. The unemployment rate also declined from 3.9% to 3.7%, indicating a strong and slowly moderating labor market.
• Shares of Lululemon rose 5.4% after beating revenue expectations with year-over-year growth of 19%.
• Shares of DocuSign added 4.8% after beating top- and bottom-line estimates.
• Shares of Paramount Global surged 12.1% following speculation production studio Skydance Media and private investment firm RedBird Capital may acquire a substantial stake in the company’s Class A voting shares, which would grant significant control over Paramount.
• Shares of the building automation company Carrier Global jumped 4.5% after agreeing to sell its Global Access Solutions business to Honeywell for $4.95 billion.
• The University of Michigan found consumer sentiment soared 13% in December to its highest level since August, well above expectations. The move was largely driven by a drop in inflation expectations.
What to be on the lookout for today
• U.S. consumer inflation expectations for November will be released.
• The database management company Oracle will report earnings.
Flying vs driving: which is cheaper
If you are planning on traveling for the holidays, you might wonder whether you should hit the road or take to the skies to get away cheaper.
If you have many people in your party, and therefore many plane tickets to buy, driving might be the cheaper option.
However, if it’s a long drive that requires an overnight stop at a hotel and dining out, those added costs could change the equation of which travel method is cheaper.
Driving also means you don’t have to worry about bag-checking fees or restrictions. But some driving routes could include tolls, which can quickly add up.
It’s not all about money
There are other non-financial considerations as well. For instance, your time. Flying across the country can be pricey, but takes half a day. Driving will take a far longer, and will likely include added hotel costs.
And while driving allows you to choose when you leave, and won’t include a long security line, you aren’t able to nap or read when you’re behind the wheel like you might on a plane.
Plan ahead if you can
If you plan to fly, planning ahead can save you money on tickets, as can be flexible with your schedule and traveling on non-peak dates.
If you’re opting to drive, be sure to review the best route before leaving, check the weather, and use an app to help find the cheapest gas prices on your journey.
Today’s top stories
The financial world is divided as the Fed gears up for a crucial interest rate decision. While traders bet on rate cuts in 2024, Chairman Powell's recent comments suggest a cautious path forward, leaving another hike on the table ahead of Wednesday's decision. Read more >> Hold onto your wallets, because this holiday season is about to break all spending records. While consumer sentiment may be down, it seems that the desire to spread holiday cheer through generous gift-giving is stronger than ever. Bucking the trend, shoppers are ready to open their wallets wide and make this season one to remember. Read more >> Looking to renew your passport quickly? We've got you covered. Find out about expedited options that can help you get your passport in a shorter timeframe. Read more >>Other news that caught our eye
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Tesla lost its legal battle in Sweden, as courts ruled the country’s postal workers would not be forced to deliver the company’s license plates. To make matters worse for the EV leader, Finnish transport workers plan to begin blockading Tesla vehicles on December 20th.
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The E.U. is considering reopening a case against the U.S. at the World Trade Organization regarding steel and aluminum tariffs.
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Honeywell agrees to acquire Carrier Global’s security division for $4.95 billion to strengthen its building technologies business.
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U.K. regulators announced plans to investigate the Microsoft-OpenAI partnership over potential competition concerns.
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Amazon is piloting its new grocery delivery subscription service. For an extra $9.99 per month, Prime members in Denver, Sacramento, and Columbus will get unlimited Whole Foods and Amazon Fresh deliveries.
Financial planner tip of the day
"Whether it’s in a wallet or bank account, cash money means something. It’s liquid, which means a person can get to it whenever they need to and the returns don’t fluctuate. That stability comes with the drawback of purchasing power. Cash investments don’t keep up with inflation."
Brian Walsh, CFP® at SoFi