Wednesday,
January 17, 2024
Market recap
Dow Jones
37,361.12
-231.86 (-0.62%)
S&P 500
4,765.98
-17.85 (-0.37%)
Nasdaq
14,944.35
-28.41 (-0.19%)
Top Story
Worried about becoming like your parents? You might already invest like them
The pandemic, inflation, high interest rates, and more risks ahead for 2024 have millennial and Gen Z investors reconsider their investing strategies. Are you investing like your parents too?
US stocks fell on Tuesday after some doubt about the urgency for interest rate cuts and the latest batch of earnings
• Fed Governor Christopher Waller said while rate cuts are likely this year, there was no rush. Even so, the market still sees a high chance of a March rate cut, according to the CME FedWatch tool.
• Shares of Morgan Stanley dropped 4.2% after warning geopolitical conflicts and the state of the U.S. economy posed major downside risks.
• AMD stock jumped 8.3% after announcing it could reach $4 billion in AI chip sales in 2024.
• Spirit Airlines shares plummeted 47.1% after a judge blocked its merger with JetBlue, citing antitrust laws. JetBlue shares rose 4.9%.
• Shares of semiconductor firm Synopsys climbed 3.1% after the company announced it would acquire engineering simulation software and services company Ansys for roughly $35 billion. Ansys shares fell 5.5%.
• The stock of Burger King owner Restaurant Brands International fell 3.3% after the company said it would spend about $1 billion to buy Carrols Restaurant Group, America’s largest Burger King franchisee. Carrols shares jumped 12.5% on the news.
• The Empire State Manufacturing Index dropped to its lowest level since May 2020 in January.
What to be on the lookout for today
• December retail sales will be released. We’ll also get the weekly update to the 30-year mortgage rate.
• In company earnings, the financial sector will stay in the spotlight, as Charles Schwab and U.S. Bancorp report.
When you want to travel, but your budget is limited
Now’s about the time when the urge to travel to a warm beach sets in… But your bank account might not feel the same way.
We all have a lot of demands on our paycheck, and inflation is making it harder to make ends meet.
While rainy day savings, paying down debt, and saving for retirement should take priority when it comes to your budget, you can still make room to have some fun.
If you’re itching to get away this spring, determine how much it will cost and how much you will need to save each month to hit your goal. Also review your overall budget to determine if you can cut back elsewhere.
Traveling without busting your budget
Be flexible
Traveling off peak — whether it’s in the middle of the week or during the off season — can bring significant savings.
Track and be early
Waiting until the last minute often means paying higher prices. Use apps to track airfare and hotel prices to find deals. Become a frequent visitor or sign up for alerts from discount travel sites that can help find cheap trips.
Maximize your credit rewards
Not all credit cards are the same when it comes to travel-related purchases. Some offer better rewards and cash back when used to buy airline tickets and book hotels.
Find more travel tips and hacks here.
Today’s top stories
Return-to-office? Nah. Hybrid schedules are king, and CEOs say they’ll embrace it, according to recent data. Read more >> Davos digest: What global leaders think of the U.S. economy going into 2024 With an election year ahead and geopolitical tensions rising, CEOs discussed the U.S. economy at the World Economic Forum in Davos, Switzerland. Read more >> What to do if illness strikes on vacation Nobody wants to get sick on vacation, but illness while traveling can and does happen, especially in the winter. Here’s what you need to know. Read more >>Other news that caught our eye
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Uber will shut down its alcohol delivery service Drizly after buying it for $1.1 billion three years ago.
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Elon Musk said he wants 25% voting control of Tesla in exchange for growing the EV company to be a “leader in AI & robotics.” He currently owns 13% of Tesla stock.
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Lawmakers announced a bipartisan $78 billion deal to expand the child tax credit and provide business tax breaks through 2025. The package would still have to be approved by Congress.
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Microsoft signed a $1.5 billion, 10-year partnership with Vodafone to expand its generative AI and cloud services across Europe and Africa.
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The state of Washington sued to block the $25 billion Kroger-Albertsons merger, arguing the grocery deal would harm consumers and raise prices.
Financial planner tip of the day
"Automating finances can not only be a smart money move, it could also help alleviate some of the stress surrounding payment deadlines."
Brian Walsh, CFP® at SoFi