Thursday,
January 11, 2024
Market recap
Dow Jones
37,695.73
+170.57 (+0.45%)
S&P 500
4,783.45
+26.95 (+0.57%)
Nasdaq
14,969.65
+111.94 (+0.75%)
Top Story
Consumer spending defied expectations in 2023. Can it last?
Despite a backdrop of high inflation and interest rates, consumer spending remained strong last year. However, early signs suggest the trend may not be sustainable in 2024. And that’s bad news for the economy.
US stocks traded higher on Wednesday ahead of today’s key CPI inflation data for December
• U.S. regulators approved a new type of crypto ETF that will track bitcoin prices.
• Amazon stock rose 1.6% after it cut hundreds of employees in its Prime Video, Twitch, and MGM Studios divisions.
• Shares of the homebuilder Lennar rose 3.5% after its board approved a $0.50 increase to its annual dividend.
• Shares of household manufacturing company WD-40 soared 15.2% after the company topped expectations with a 12% year-over-year increase in revenue.
• Medical device maker Intuitive Surgical’s stock gained 10.3% after providing a stronger-than-expected sales outlook.
• Shares of membership warehouse club PriceSmart jumped 4.9% after topping expectations and reporting a 10.6% year-over-year increase in revenue.
• The average 30-year mortgage rate rose to 6.81%, the second consecutive increase after hitting a low of 6.71% in mid-December. Applications to refinance a home increased 19% week-over-week and 30% year-over-year.
What to be on the lookout for today
• December consumer price inflation and the weekly update on unemployment claims will be released.
Market watch 2024: Our Head of Investment Strategy decodes signals and shares insights
U.S. stocks ended last year near record highs, but it’s been a bumpier ride since we rang in the New Year. Dive into the intricate world of market signals for 2024 with Liz Young, as she offers an exploration of what could lie ahead.
Also check out Liz’s 2024 outlook, as well as answers to investing questions submitted by listeners in a special bonus episode of The Important Part.
Listen and subscribe to The Important Part on Apple, Spotify, or wherever you get your podcasts.
Today’s top stories
What America’s warehouses are telling us about the economy Warehouse vacancies are at a multi-year high, underscoring that something may be afoot in the U.S. economy. Read more >> Pension plans are looking like a good idea again After decades of declining popularity, pension plans are looking better than they have in a while — thanks to higher interest rates, and a strong stock market. Read more >> Financial New Year’s resolutions for 2024 Don’t believe in New Year’s resolutions? How about plans to get your money right this year. Here are 37 financial resolutions for 2024. Read more >>Other news that caught our eye
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Boeing CEO Dave Calhoun acknowledged “quality control problems” following the Alaska Air incident involving its 737 Max 9 aircraft.
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OpenAI debuted two new services: ChatGPT Team for businesses, aimed at building GPTs in a shared workspace, and GPT Store for users to download personalized chatbots.
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Walmart unveiled new AI features, including an AI-powered search in its app and an in-home delivery feature.
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Honda announced a new series of electric vehicles, Honda 0, starting in 2026.
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Planet-warming pollution in the U.S. reportedly fell almost 2% in 2023, largely driven by the retirements of coal-fired power plants.
Financial planner tip of the day
"It can be a good idea to save money right after getting paid — before the cash sits in checking accounts long enough to spark the urge to spend it. So, why not save automatically upfront? Automating can make saving money less of a chore."
Brian Walsh, CFP® at SoFi