Friday,
January 5, 2024
Market recap
Dow Jones
37,440.34
+10.15 (+0.03%)
S&P 500
4,688.68
-16.13 (-0.34%)
Nasdaq
14,510.30
-81.91 (-0.56%)
Top Story
Americans aren’t alone in their quest for an affordable place to live
Cities across the world are in an affordability crisis, with costs outpacing average workers’ paychecks. If you want a high quality of life at a reasonable cost, the places you can go seem few and far between.
US stocks were mostly lower on Thursday ahead of today’s jobs report
• Shares of Walgreens fell 5.1% after the company announced it would slash its quarterly dividend by nearly half to strengthen its balance sheet.
• Disney-owned ESPN and the NCAA announced a $920 million, 8-year media rights deal. ESPN will now hold the streaming rights to 40 NCAA championships, including March Madness, effective September 1st. Disney shares slid 1.2% Thursday.
• Shares of self-driving car company Mobileye Global plummeted 24.6% after the company slashed its 2024 revenue guidance and warned of inventory glut.
• Peloton shares jumped 13.9% on news it will partner with TikTok to offer short-form workout videos through a fitness hub called #TikTokFitness.
• Oil producer APA agreed to acquire oil and natural gas extraction company Callon Petroleum for $4.5 billion. APA stock fell 7.4% in response.
• The ADP employment report showed the U.S. added 164,000 private sector jobs in December, topping consensus estimates as well as the previous month’s number.
• Initial claims for unemployment benefits declined to the lowest level since October.
What to be on the lookout for today
• The December jobs report and an update on the services sector with the Institute of Supply Management’s PMI.
3 money moves to kick off the new year
If your new year’s resolution is managing your money better, there’s no time like the present to get started.
Let’s get fiscal
We don’t want to sound like a broken record, but it all starts with your budget. And if you don’t have one, here’s how you make one.
Got any big plans for the year? Make sure you budget accounts for big expenses or other plans you may have.
Where can you cut?
Review the last six months of your spending and highlight any recurring charges to make sure you are actually using the product or service. Do you really need all those subscription services?
Check your credit score
A good credit score can save you a lot of money. Lenders use your credit score to help determine your creditworthiness. Generally, the higher a score, the better your lending terms. SoFi can help you track your credit score and help you take the first step to financial wellness.
Today’s top stories
A look back at a wild December for stocks December was a wild month for the markets, with the Dow hitting record high after record high. Here’s a closer look at what happened last month. Read more >>
DEI and ESG are under attack Companies are facing criticism over diversity, equity, and inclusion initiatives, and that could have major implications for companies, workers, and investors. Read more >>
How to build generational wealth If you’re thinking about building wealth to pass down to the next generation, it’s generational wealth that’s on your mind. So what’s the first step? Read more >>
Other news that caught our eye
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A U.S. labor agency accused Elon Musk’s SpaceX of illegally firing eight employees over a letter calling Musk a “distraction and embarrassment”.
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Eli Lilly launched a website enabling patients to get weight loss drug prescriptions from telehealth providers.
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Microsoft will add an AI Copilot key to the Windows keyboard to help users answer general questions, summarize web content, or change system settings.
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U.S. flight cancellation rates fell below 1.2% in 2023, the lowest level in 10 years.
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Apple received its second analyst downgrade this week over iPhone sales concerns. The company has lost more than $150 billion in market value so far this year.
Financial planner tip of the day
"If it works with your income, the 50/30/20 budget is one simple method for people starting to reorganize their finances. This budget allocates 50% of your income for essentials, like rent and bills, 30% toward personal day-to-day spending, and 20% for savings or financial goals."
Brian Walsh, CFP® at SoFi