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Liz Looks at: The Start of the Year
A new year is upon us, and after the year-end stock market rally, there are a lot of questions about what this year will hold for stocks and bonds. Hereâs what SoFi Head of Investment Strategy Liz Young sees ahead.
US stocks traded lower on Wednesday after Fed minutes showed uncertainty over potential rate cuts
• Rate cuts are anything but a done deal in 2024 the December Fed meeting minutes showed, knocking the marketâs confidence a little.
• Shares of Xerox fell 12.2% after announcing plans to cut 15% of its workforce this quarter as part of a new organizational structure and operating model designed to simplify its products and increase efficiency.
• U.S. oil prices rose more than 3% amid ongoing tensions in the Middle East, and OPECâs pledge to support prices.
• The 30-year mortgage rate rose to 6.76%, its first increase in nearly two months.
• Job openings dipped to their lowest level since March 2021 at 8.8 million. Job openings are still much higher than the pre-pandemic average, but have been coming down from the peak.
• The U.S. manufacturing sector contracted again in December, even as business activity increased, according to the ISM Manufacturing PMI.
What to be on the lookout for today
• The ADP employment report will show how many private sector jobs were added in the U.S. in December. Weâll also get the weekly unemployment claims.
• Walgreens is set to report before the opening bell.
New year, new you ⌠new investment goals?
For many of us, January means a time to reflect, reset, and (re)commit to our goals. If achieving financial wellness and building wealth tops your list, you might already be thinking about how youâll approach your investments in 2024.
The Important Part podcast, hosted by SoFi Head of Investment Strategy Liz Young, takes listeners through top-of-mind themes in investing with actionable insights and takeaways you can use as you work toward your financial goals.
ICYMI: In the latest episode, Retail Recap of the 2023 Holidays, Liz sat down with Courtney Reagan, CNBC Senior Retail Reporter, to talk about retail spending and consumer trends.
Next Up: Liz will share her outlook for 2024 and answer investing questions submitted by listeners in a special bonus episode.
Listen and subscribe to The Important Part on Apple, Spotify, or wherever you get your podcasts.
Todayâs top stories
Will 2024 finally be the year of the âsoft landingâ? Fed officials are being cautiously optimistic but there are four major risks in landing the U.S. economy in its post-inflation reality. Read more >> Americans are tired of paying up for premium options Everything has gotten more expensive over the past years, from your grocery bill to your streaming service. Consumers are tired of it, and paying up for a premium service is increasingly unpopular. Read more >> How did last yearâs IPO market stack up against the past? How many companies went public last year and what does a typical year look like? Read more >>Other news that caught our eye
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Disney entered an âinformation-sharingâ agreement with activist investor ValueAct, which will reportedly support Disney at its next shareholder meeting and in the fight against another activist.
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A consumer protection coalition issued a complaint over the Starbucks app, arguing its money reloading rules trap users into spending.
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Elon Muskâs SpaceX launched its first six satellites designed to provide mobile phone services.
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General Motors will offer a $7,500 incentive to buyers of electric vehicles that do not qualify for the federal EV tax credit.
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Ford recalled more than 112,000 F-150 pickup trucks due to a rear axle bolt that could create a roll-away risk if damaged.
Financial planner tip of the day
"It is common to be tempted to time the market. The simple fact is timing the market is a bad idea for the average investor and actually leads to lower returns than the broader market."
Brian Walsh, CFPÂŽ at SoFi