Friday,
January 19, 2024
Market recap
Dow Jones
37,468.61
+201.94 (+0.54%)
S&P 500
4,780.94
+41.73 (+0.88%)
Nasdaq
15,055.65
+200.03 (+1.35%)
Top Story
Literal trillions could head for the stock market this year
Investors parked their money in places that made sense given the Fed’s interest rate policy. But as that’s set to change this year, portfolio allocation might too.
US stocks were stronger on Thursday thanks to a boost from select tech stocks
• In tech, shares of Taiwan Semiconductor rallied 9.8% after beating estimates and sharing a positive outlook for AI chip demand.
• Apple stock rose 3.3% after an upgrade from Bank of America, citing a strong iPhone upgrade cycle.
• Shares of cult shoemaker Birkenstock fell 7.7% after warning of modest headwinds in 2024.
• Shares of UnitedHealth, the Dow’s largest-weighted stock, slumped 1.6% after competitor Humana warned of higher-than-expected medical costs in 2024. Humana shares fell 8%.
• Spirit Airlines continued its nosedive for the third straight day, dropping another 7.2% following a report from the Wall Street Journal that the company is considering a restructuring after a federal judge blocked its merger with JetBlue.
• Stock of hydrogen fuel cell company Plug Plower fell 11.5% after announcing plans to raise up to $1 billion by selling shares, a move that would dilute existing investors.
• Homebuilding company M.D.C. Holdings’ stock jumped 18.4% after agreeing to sell the company to Japan’s Sekisui House for $4.9 billion.
• The number of Americans filing for unemployment benefits fell more than expected, hitting its lowest level since September 2022. Continuing claims for benefits also declined, reaching their lowest level since last October.
• Building permits rose more than expected in December, while housing starts declined for the first time in four months. Construction starts for single-family homes witnessed the biggest decline since July 2022.
What to be on the lookout for today
• January consumer sentiment from the University of Michigan and existing home sales for December.
• In company earnings, State Street and SLB will report.
This year’s big plans: Saving for a wedding
If your 2024 plans involve getting married, it’s also time to say “I do” to a wedding budget. Financial New Year’s resolutions can help you get on track with saving for big plans.
Create a savings plan
A wedding doesn’t need to cost the world. But knowing the ballpark number of what you want to spend will enable you to plan how much, and for how long, you will need to save.
Be realistic
Is your savings goal achievable? If it isn’t, it might be time to reassess your wedding day must-haves, or think about delaying the festivities until you can save enough. Comb through your budget that includes all your spending to look for areas to cut back on. You can also look for ways to increase your cash flow.
Automate savings
Automatically transferring money at a set time every month into a separate “wedding fund” savings account takes the hassle and decision making out of your savings.
Looking for a new savings account to house your wedding fund? SoFi Checking and Savings can help with that.
Today’s top stories
Could remote work hurt your career? Working from home has a lot of perks, but getting promoted more easily isn’t one of them. New data shows how remote workers fare compared to the in-office crowd, and it’s not pretty. Read more >> This EV startup wants its batteries to power your home life Electric bike startup Land Moto has raised $3 million to beef up its batteries so they can be used both on the road and in the home. Read more >> How much of your paycheck should you save? Most of us need to save money for something. But how much of your paycheck should you stash away? Here’s your guide. Read more >>Other news that caught our eye
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Apple will sell its latest Apple Watch model without blood oxygen sensors while battling out an intellectual property case with medical device company Masimo in court.
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Former Meta COO Sheryl Sandberg says she’s leaving the company’s board.
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Google warned of more layoffs later this year, though CEO Sundar Pichai said they will not be as extreme as last year’s 12,000 cuts.
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Indian airline Akasa Air is purchasing 150 737 MAX aircraft, Boeing’s first major order since the Alaska Airlines incident.
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Costco is testing a system that scans membership cards at the store entrance to crack down on non-member purchases.
Financial planner tip of the day
“Combat the urge to impulse spend by trying to institute a holding period on all purchases. Before hitting the buy button, wait 24-48 hours. After the holding period, come back to the shopping cart and reevaluate if you really need it. In some cases, you might not even remember why you wanted it in the first place.”
Brian Walsh, CFP® at SoFi