Top Story
The stock market is soaring — but not all companies have bounced back from the pandemic
The success of major public companies masks underlying struggles in smaller companies that could jeopardize the Fed’s soft landing.
US stocks rose sharply on Monday after a strong rebound in tech stocks and retreating Treasury yields
• Boeing shares fell 8% after the Federal Aviation Administration grounded more than 100 aircraft after a panel of an Alaska Airlines flight blew off mid-flight. Shares of Alaska Airlines were down 0.2%.
• Shares of NVIDIA jumped 6.4% to an all-time high after announcing three new graphics cards designed to run generative AI applications.
• Apple stock rose 2.4% after announcing a release date for its Apple Vision Pro. The mixed reality headset will officially hit stores in February.
• Shares of medical device company Axonics soared 20.5% after entering a definitive agreement to be acquired by biotech firm Boston Scientific for $3.7 billion.
• Shares of cancer drug developer Ambrx Biopharma surged 101.5% after Johnson & Johnson agreed to acquire it for $2 billion.
• U.S. oil prices fell more than 4% after Saudi Aramco cut prices for Asian customers by $2 per barrel, stoking concerns about oversupply and weakening demand.
• Consumer inflation expectations for the year ahead fell to 3%, the lowest level since January 2021.
What to be on the lookout for today
• November’s balance of trade numbers will be released.
• In company earnings, Albertsons, Tilray, and PriceSmart will report.
Big plans for 2024? Here’s how to make them happen
This is going to be your year. Let’s plan accordingly.
Whether it’s a big trip, getting married, buying a home, or bulking up your retirement savings, the only way to get going is with good budgeting.
Identify how much you’ll need to save for your goals along with a timeline. For instance, if that August vacation is going to cost $3,000, you’ll need to save roughly $430 a month until then.
Assess your budget: How are you spending your money outside of necessities like housing, food, transportation, etc.
If you’re looking for guidance, the 50-30-20 budget suggests putting 50% of pay toward necessary spending, 30% to “wants” and 20% savings to reach your goals.
If you have some big-ticket purchases to make this year, you might have to cut back on your “want” spending and increase your savings. Automating the process can help. Some employers allow you to direct funds from your paycheck into different accounts which can take away the temptation to spend money as it comes in.
Stashing your savings
There are different options to store your savings: High-yield savings accounts can have higher interest rates than standard savings accounts, for example. If you’re looking to open one, SoFi can help you with that.
Today’s top stories
Millennials do the suburbs Driven out of cities by high housing costs and unable, or unwilling, to return due to high interest rates, millennials are doing up their new digs: the suburbs. Read more >> Do you know about phantom debt? Buy Now, Pay Later options are taking off across ecommerce checkouts. They’re great if you want to make a purchase but prefer, or are only able, to pay it off over time. But as with any debt, there are some important things to remember as well. Read more >> When is a good time to buy wedding bands? Popped a question during cuffing season? If so, this one's for you: A particularly good time to buy wedding bands is coming up. Read more >>Other news that caught our eye
-
SpaceX challenger United Launch Alliance successfully launched its Vulcan rocket and deployed a lunar cargo lander in advance of plans for a moon landing in late February.
-
Rubbermaid-owner Newell Brands will cut 7% of its office roles to downsize its office footprint.
-
Amazon is partnering with chronic disease management platform Omada Health to identify potential customers based on their recent purchases.
-
Pharma company Merck agreed to buy cancer-treatment developer Harpoon Therapeutics for $680 million, a premium of 118%.
-
Internet radio conglomerate Audacy filed for Chapter 11 bankruptcy protection due to high debt levels and a slowdown in advertising.
Financial planner tip of the day
“If you have savings that is not currently earmarked for a specific financial goal, take some time to think about what goal you’d like to apply it to. A great first saving goal is to have three to six months of living expenses in an emergency fund. After that, it might be good to turn your attention toward retirement savings and investing.”
Brian Walsh, CFP® at SoFi