Tuesday,
February 13, 2024
Market recap
Dow Jones
38,797.38
+125.69 (0.33%)
S&P 500
5,021.84
-4.77 (0.09%)
Nasdaq
15,942.54
-48.12 (-0.30%)
Top Story
Cocoa prices are surging and Valentine’s Day chocolates have nothing to do with it
Get ready for pricier chocolate as extreme weather is weighing on crop yields.
The Dow closed at a record high ahead of new inflation data
• In earnings news, geospatial technology company Trimble saw its shares jump 4.2% after topping revenue estimates. Shares of task management company Monday.com tumbled 10.1% on a weak income forecast, despite better-than-expected earnings.
• Shares of JetBlue rose 2.2% as incoming CEO Joanna Geraghty looks to address the airline’s reliability and cost-control issues.
• Shares of chip designer Arm continued their rally, adding another 29.3% after an upbeat outlook last week pointing to high demand.
• Chip maker NVIDIA briefly surpassed Amazon in market value, reaching a record high of more than $1.8 trillion.
• Diamondback Energy announced it would acquire privately-held oil and gas producer Endeavor Energy Partners for roughly $26 billion, sending Diamondback’s stock 9.4% higher. It was the latest in a slew of M&A deals in the energy sector.
• Gilead Sciences agreed to pay $4.3 billion to acquire CymaBay Therapeutics, largely for its experimental liver disease drug. CymaBay Therapeutics stock surged 25.4% in response.
What to be on the lookout for today
• The January consumer price index, plus the NFIB’s survey of optimism among small business owners.
• In earnings, Airbnb, Coca-Cola, Hasbro, Marriott, Moody’s, MGM Resorts, Molson Coors, Burger King-owner Restaurant Brands International, Shopify, and Zillow will report.
Taxes got you going 🤔? Read on
Filing your taxes can leave you confused, so let us break down some big questions for you.
What if I can’t pay my taxes? The IRS suggests paying what you can by the deadline and applying for a payment plan. If you aren’t eligible for a payment plan, you can request an installment agreement.
Tax credits versus deductions: What’s the difference? Both can lower your tax bill, but they’re different. A tax credit lowers your tax liability, while a deduction reduces the amount of income you have to pay taxes on.
Should I itemize or take the standard deduction? The standard deduction is a set amount (determined by the IRS and dependent on your filing status) that is subtracted from your taxable income. For tax year 2023, it’s $13,850 for those filing single or married filing separately .
Itemized deductions adjust your gross income by subtracting all your eligible deductions , such as home mortgage interest, charitable gifts, and unreimbursed medical bills. It makes sense to go for whichever results in the lower taxable income.
How can I file an extension? The tax filing deadline is April 15, 2024. You can file an extension, which gives you until October 15 to file. BUT — you are still expected to pay an estimate of your taxes by the April deadline to avoid penalties.
Today’s top stories
Lower mortgage rates aren’t the silver bullet the housing market needs The Federal Reserve is expected to cut interest rates this year, which could lead to cheaper mortgages — but probably not cheaper homes. Read more >> Your mechanic isn’t overcharging you. Car repair costs are just that high The cost of auto repairs has outpaced overall inflation. Read more >> How to financially survive a layoff Losing your job can be challenging, even traumatic. Here is what you need to know to financially arm yourself for this situation. Read more >>Other news that caught our eye
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Drivers for Uber, Lyft, and DoorDash are planning to strike on Valentine’s Day seeking fair pay.
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Jeff Bezos sold nearly 12 million Amazon shares, worth more than $2 billion. In a separate SEC filing earlier this month, Bezos listed the proposed sale of 50 million Amazon shares.
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Sony agreed to acquire half of Michael Jackson’s music catalog for about $600 million, the largest single-musician music rights deal ever.
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Bob Moore, the founder of cereal and grains brand Bob’s Red Mill, has died.
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Frigidaire recalled more than 380,000 refrigerators following reports of plastic pieces in the ice bucket.
Financial planner tip of the day
“It can be incredibly tempting to use a tax refund or a work bonus to buy something fabulous. And there’s nothing wrong with an occasional splurge. But you may also want to consider using that money to pay down a high-interest credit card, make an extra payment on a loan, or start (or add to) a high-yield savings vehicle or other investment.”
Brian Walsh, CFP® at SoFi