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Professor Swiftâs class has already started
You can hardly talk about the 2023 economy â or the NFL â without mentioning Taylor Swift. And thereâs a good reason for that. Introducing: Swiftynomics.
US stocks finished higher on Tuesday as markets tried to shake off the increasingly likely delay of interest rate cuts
• Shares of Spotify jumped 3.9% after beating subscriber growth estimates.
• Palantir stock soared 30.8% after reporting a 20% year-over-year increase in revenue.
• Oil giant BP beat earnings estimates, and said it was committed to announcing a $3.5 share buyback program in the first half of 2024, sending its shares 6.3% higher.
• Shares of the learning platform Chegg fell 6.1% after forecasting first-quarter sales below expectations.
• DocuSign stock fell 2% after Reuters reported acquisition talks with private equity firms Bain Capital and Hellman & Friedman had stalled, and the software company announced a restructuring plan that will include laying off some 6% of its workforce.
• Chinese stocks rose across the board as markets anticipate government stimulus, pushing the Shanghai Composite to log its biggest single-day gain since March 2022.
What to be on the lookout for today
• The weekly update to the 30-year mortgage rate, as well as the U.S. trade deficit for December.
• Itâs yet another packed day of company earnings, with Alibaba, CVS Health, Hilton, Mattel, The New York Times, PayPal, Roblox, Walt Disney, and Taco Bell-parent Yum! Brands reporting.
First tax season? Donât sweat it
Tax Day, April 15, is still more than two months away, but donât wait until the last minute to get your taxes in order.
If this is your first time filing taxes, take a deep breath, weâve got you covered.
Getting ready to pay Uncle Sam
Gather your documents: Keep track of tax documents you receive in the mail or digitally. You will need a W-2 form from your employer(s) or a 1099 if you are a contractor or freelancer to show how much you were paid and how much tax was withheld. If you have other sources of income, you might also need additional documents. You may also need documentation to claim tax credits and deductions.
How do you want to file: The government offers IRS Free File for eligible filers. You can also use tax software or hire professional help.
Donât wait: Typically, the earlier you file your tax return, the earlier you receive your refund check (if you are getting one). Plus, getting started on your taxes earlier, gives you wriggle room in case youâre missing a document or run into any issues.
Todayâs top stories
Thought the WeWork saga was over? Think again The companyâs co-founder and former CEO wants to buy the struggling company and raise it back from the ground. Read more >> Who are the âMagnificent Sevenâ? Only a handful of stocks drive the overall performance of the stock market. Get to know them. Read more >> Taxes and dividends â what you need to know Itâs tax season! Be sure you know how your investments â and dividends â will factor into your tax bill. Read more >>Other news that caught our eye
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Lyft announced a new minimum pay standard for its drivers, including at least 70% of rider payments after external fees.
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Meta will start detecting and labeling AI-generated images posted to Facebook, Instagram, and Threads.
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Basketball players at Dartmouth will vote to potentially become the first unionized college sports team.
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Union workers at Boeing are willing to go on strike if they donât receive a 40% pay raise over the next several years.
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Struggling trucking company Yellow fully repaid its $700 million COVID-19 loan plus interest to the U.S. Treasury Department after selling its real estate and shipping centers for nearly $1.9 billion.
Financial planner tip of the day
"A stock is essentially a small piece of a company. Investors can buy stock, and in doing so, become shareholders of that specific company. Money can be earned in two ways, through the stocks value growing over time, as well as dividends, if applicable. Investing in stocks can offer the potential to earn a high rate of return in the long term, but that potential comes with some risk. Theyâre one of the more volatile forms of investing for the short and medium term."
Brian Walsh, CFPÂŽ at SoFi