Tuesday,
December 12, 2023
Market recap
Dow Jones
36,404.93
+157.06 (+0.43)
S&P 500
4,622.44
+18.07 (+0.39%)
Nasdaq
14,432.49
+28.51 (+0.20%)
Top Story
Who doesnât like low oil prices? Oil companies and their investors
U.S. oil production is booming while other major oil players have announced production cuts. If this competition comes to a head next year, it could have meaningful repercussions for consumers, companies, and investors.
US stocks traded higher on Monday ahead of this morningâs key inflation report.
• Macyâs shares surged 19.5% after the department store received a $5.8 billion buyout offer valuing the company at $21 per share. The deal would take Macyâs private if accepted.
• Cigna stock jumped 16.7% after canceling its deal to buy competitor Humana, and increasing its share buyback program by $10 billion.
• Wells Fargo analysts upgraded Snap citing improving advertising trends, and sending the social media companyâs shares up 4.3% to their highest level since July 2022.
• Shares of Occidental Petroleum rose 1% after the company announced it will buy oil and gas producer CrownRock for $12 billion .
• Consumer inflation expectations fell to 3.4% in November, the lowest level since April 2021.
What to be on the lookout for today
• November consumer price inflation
Debt breakdown: Which generation owes the most?
Itâs a four-letter word that can keep you up at night worrying: debt.
Household debt swelled to $17.29 trillion in the third quarter of 2023, according to a report from the New York Federal Reserve , driven largely by mortgage, credit card and student loan balances.
Debt spans generations, but the type of debt most common in an age group varies depending on age.
Millennial and Gen Z debt: the good and bad
The total median debt per household for those ages 18-34 is some $40,000, with 81% of families having debt. This is a huge age group, spanning job-starting Gen Z, to Millennials who are more established in their careers. Even so, student loan debt tends to be the biggest debt burden of this age group of younger people.
The good news: Student loans are considered âgood debtâ, because further education may increase your earnings potential. Learn more here about ways to help relieve the financial burden of these loans.
On the other hand, credit card debt is also common with this age group: almost half of households in this demographic carry a balance on their cards. Thatâs considered âbad debtâ, because credit cards tend to have high interest rates. Here is how you can tackle your debts.
SoFi can help you track your money and take the first step to financial wellness.
Todayâs top stories
âTis the season: your year-end review is coming For some itâs an administrative hassle, for others a source of stress. Many people donât look forward to their year-end reviews. But this meeting with your manager can be a productive conversation to further your career. Hereâs how you get the most out of it. Read more >> Is it a good thing when airlines merge? Alaska wants to buy Hawaiian, but regulators have yet to decide whether further consolidation in the industry is whatâs best for American travelers. Read more >> Why it pays to know your net worth Being financially fit means knowing your net worth. But whatâs the difference between net income and net worth? Read more >>Other news that caught our eye
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Microsoft is giving labor leaders a seat at the table in discussion of the potential impact of AI on the future of work.
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Boeing appointed Stephanie Pope to the newly-created role of COO, making the head of its aftermarket business a potential candidate to take over as CEO down the line.
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The first EV charging station funded by the 2021 infrastructure bill has opened in Ohio.
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NVIDIA plans to turn Vietnam into a chip manufacturing hub to reduce its dependence on Taiwan.
Financial planner tip of the day
"It may be difficult to tackle your debt efficiently if you donât actually know how much you currently owe and what the terms are. The first recommended step is to track exactly what you need to pay back. You can start with a simple spreadsheet, or try a budgeting app like SoFi Relay to help track your spending."
Brian Walsh, CFPÂŽ at SoFi