Tuesday,
December 19, 2023
Market recap
Dow Jones
37,306.02
+0.86 (+0.00%)
S&P 500
4,740.56
+21.37 (+0.45%)
Nasdaq
14,904.81
+90.89 (+0.61%)
Top Story
For Gen Z’s love life, money matters more than ever
Anxiety about the high cost of living is elevated among younger Americans, and their approach to romance has changed accordingly.
US stocks inched higher Monday and the Dow notched its fourth record close in a row
• Adobe shares rose 2.5% after calling off a proposed $20 billion merger with cloud-based design company Figma over regulatory challenges. Adobe will pay Figma a $1 billion termination fee.
• Shares of U.S. Steel surged 26.1% after the Japan-based Nippon Steel agreed to buy the company for $14.9 billion.
• In a knock-on effect, steel producer Cleveland-Cliffs stock rallied 9.6%. The company had a $7.3 billion buyout offer for U.S. Steel rejected, but its CEO said the Nippon deal valuation validates the view that the sector remains undervalued.
• Solar energy company SunPower’s stock plummeted 31.3% after warning it could face a potential default after breaching a credit agreement when it delayed its third-quarter results.
• The NAHB housing market index increased for the first time in five months, due to a decline in mortgage rates that is expected to drive greater interest from prospective homebuyers over the next six months.
• Oil prices rose 1.5% following an attack on a Norwegian-owned vessel in the Red Sea. BP paused all shipments through the region in response, driving concerns over supply disruptions from rerouting.
What to be on the lookout for today
• November building permits and housing starts will be released.
• Accenture, FuelCell Energy, and FedEx will report.
You went over budget, now what?
No matter how diligent you are in planning your spending, sometimes you end up running over your budget.
Take a deep breath, and let’s review what went wrong.
Sometimes, we aren’t realistic when making a budget. You can review and adjust your budget to more accurately reflect your financial situation to avoid overspending.
Take back control
Calculate your discretionary spending (money you want to spend like eating out, travel, or entertainment), and set a goal to cut it by half for a period of time to allow your bank account to build back up. Small things like “no spend days”, or delaying big purchases can also help keep you on track.
Where to start?
Facing multiple bills that you can’t afford can feel overwhelming. Try calling your credit card company to see if they can help create a repayment plan.
If you have many outstanding bills and aren’t sure where to start, one repayment strategy is to pay the minimum on all your cards and then direct any leftover funds to paying down the card with the highest interest rate first.
Today’s top stories
Here’s why fossil fuels won’t disappear any time soon Despite persistent calls that we’re near peak oil demand, estimates forecast record-breaking U.S. oil production in 2024. Read more >> How convenience stores might get more convenient Forget gas. Convenience stores have a new cash cow: Food. Read more >> How your holiday lights affect your energy bill Those sparkling lights sure are beautiful, but they also consume energy throughout the holiday season. Here’s what you need to know about how Christmas lights might affect your household budget. Read more >>Other things that caught our eye
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Southwest Airlines was fined $140 million by the U.S. Department of Transportation for last year’s system meltdown that resulted in nearly 17,000 flight cancellations.
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The Quaker Oats Company recalled dozens of granola and cereal products over potential salmonella contamination.
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Chinese tech company Tencent shut down its video game studio Team Kaiju.
Financial planner tip of the day
“Waiting until the end of the month to check in on accounts leaves consumers at risk for excess spending and potentially overdrawing a checking account or having a higher credit card bill than they anticipated. Checking in once a week leaves time to self correct and adjust the budget to help balance the numbers.”
Brian Walsh, CFP® at SoFi