Monday,
January 22, 2024
Market recap
Dow Jones
37,863.80
+395.19 (+1.05%)
S&P 500
4,839.81
+58.87 (+1.23%)
Nasdaq
15,310.97
+255.32 (+1.70%)
Top Story
The $9 billion market you’ve never heard of
Clean energy tax credits transfers have created a multi billion dollar market that has attracted the likes of JPMorgan and Bank of America. Here’s what’s making it so appealing.
US stocks rose on Friday and the S&P 500 finished at a record high, as the market was buoyed by a positive consumer sentiment report
• Consumer sentiment index for January surged well above expectations to its highest level since July 2021, boosted by expectations for falling inflation and higher incomes.
• Existing home sales fell to their lowest level in decades, down 1% in December.
• Earnings boosted certain stocks Friday: Shares of State Street rose 2.1%, while shares of oil and gas driller Schlumberger added 2.2% after the company also raised its quarterly dividend.
• Shares of computer server manufacturer Supermicro soared 35.9% after the company said it expects more than 100% year-over-year revenue growth in the next quarter.
• Spirit Airlines stock bounced back by 17.2% after raising its fourth-quarter forecast, ending three straight days of sharp losses following the breakdown of its JetBlue merger.
• Shares of furniture retailer Wayfair jumped 10.3% after reporting it will lay off 13% of its global workforce, which is expected to save about $280 million. In similar news, shares of Macy’s fell 1.8% after announcing it will cut roughly 3.5% of its employees and close five stores.
• Roomba-maker iRobot’s shares plummeted 26.9% after a report that the E.U. plans to block Amazon’s $1.7 billion acquisition of the company.
• Wendy’s stock fell slightly after announcing the current head of PepsiCo’s North American beverage business Kirk Tanner will be its new CEO.
What to be on the lookout for today
• United Airlines will report earnings.
Do you really need insurance?
Life doesn’t always go as planned. Unexpected events can happen, but having the right insurance can offer protection and give you peace of mind.
Insurance should be part of your financial planning. After all, it takes time to build wealth, so you should protect it.
For many people, an unexpected cost like an expensive medical procedure or sudden home repairs can pose a financial challenge – especially if they don’t have enough in their emergency savings.
Different parts of your life might need different types of insurance covering things like your health, car home, disability, and life. To make sense of it, it helps to know your way around some key terms.
Speak the lingo
Premium: This is the cost of the insurance policy. The charges may be monthly, or in other intervals, depending on your plan.
Deductible: This is how much money you have to pay before your insurance steps in. For instance, a plan with a $1,000 deductible means you would pay the first $1,000 out of pocket, and then the insurer covers the rest. Typically, the higher the deductible, the lower the premium.
Claim: This is your request to an insurer to pay for an expense that’s covered under your insurance plan.
Limit: This is the maximum amount an insurer will pay for a claim.
Did you know that SoFi teamed up with top companies to offer you insurance options? Check out SoFi Protect.
Coverage and pricing is subject to eligibility and underwriting criteria. See terms and conditions at SoFi.com/online-insurance.
Today’s top stories
The economy’s report card After fretting over consumer spending and the resurfacing of recession fears, the first look at Q4 U.S. GDP growth will tell us how the economy fared at the end of last year. This is what’s ahead on Wall Street. Read more >> Loud budgeting is here to encourage you to take control of your finances This TikTok trend wants you to achieve your financial ambitions, and who doesn’t love that? Read more >> Making sense of health insurance: What is an HMO plan? Finding your path through health insurance options can be confusing. Here’s what you need to know about one type of plan. Read more >>Other news that caught our eye
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The Biden administration announced $5 billion in student loan forgiveness for select borrowers, primarily teachers, nurses, firefighters, and other public service professionals, as well as borrowers who have been repaying their loans for at least 20 years but didn’t receive relief they were entitled to under income-driven repayment plans. The relief comes from the administration's previously announced Public Service Loan Forgiveness program.
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Home game ticket prices for the Detroit Lions soared to an average of $1,097, nearly doubling the previous record, as the team makes a rare NFL playoff run.
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Ford will cut production of its all-electric F-150 Lightning and increase production of its Bronco SUV and Ranger pickup.
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Apple has promised to give third-party payment services access to its contactless payment function to resolve an antitrust case and avoid a fine that could potentially cost the company billions.
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Citigroup laid off managers in its markets, risk, and investment banking divisions after the bank announced its plans to cut 20,000 jobs over the next two years.
Financial planner tip of the day
“Consider using budgeting apps to help you keep track of your spending and savings. Your time is likely better spent planning and monitoring your budget than it is manually entering your purchases and transactions.”
Brian Walsh, CFP® at SoFi