Wednesday,
February 14, 2024
Market recap
Dow Jones
38,272.75
-524.63 (-1.35%)
S&P 500
4,953.17
-68.67 (-1.37%)
Nasdaq
15,655.60
-286.95 (-1.80%)
Top Story
Treat yourself, itās Valentineās Day!
February 14 is no longer just for couples. Retailers from Target to De Beers have rolled out V-Day campaigns geared toward families and single adults looking to treat themselves.
The Dow tumbled more than 500 points as US stock finished sharply lower after hotter-than-expected January inflation numbers
• The Consumer Price Index for January ticked up unexpectedly, rising 0.3% month-over-month, and 3.1% year-over-year. Without more volatile food and energy costs, prices increased 0.4% from December, and 3.9% year-over-year. With the Fedās inflation target at 2%, the data is calling into question when the central bank may begin to cut interest rates.
• In earnings news, shares of Shopify tumbled 13.4% after projecting higher expenses and lower margins. Moodyās saw its shares drop 7.9% after missing earnings estimates due to poor performance from its credit ratings and assessment unit.
• In the travel and leisure sector, shares of Marriott International fell 5.6% after missing revenue estimates and forecasting first-quarter earnings below expectations. TripAdvisor shares surged 13.8% after announcing its board formed a special committee to explore a potential sale. Shares of JetBlue jumped 21.6% after activist investor Carl Icahn reported a near-10% stake in the company and called the stock undervalued.
• Paramount Global announced it is laying off about 800 employees in a push to return to earnings growth. Its stock fell 3.1% on the news.
• In other economic news, the NFIB Small Business Optimism Index fell in January, marking the 25th straight month below its 50-year average. Small business owners reported inflation and labor quality as the biggest problems facing their businesses.
What to be on the lookout for today
• 2023 producer price index revisions and weekly mortgage applications.
• In earnings, Cisco, HubSpot, Kraft Heinz, Occidental Petroleum, and Sony will report.
Love and money: How to talk about it
How often are you talking about money with your partner? Hint: probably not often enough.
People have different views when it comes to spending, savings, and debt, so itās important to understand where your partner is standing ā even if you have separate accounts!
Many couples argue about money. Thatās why being able to talk about the topic in a productive manner is helpful.
Talk isnāt cheap
Start early: Donāt worry, we donāt want you to break out spreadsheets on the first date. But having general conversations about money habits early in a relationship can help build a better foundation.
Be respectful: Money values may differ person to person, and not everyone is comfortable talking about their financial health. Listen and be respectful of each otherās financial plans.
Set goals: Being on the same page when it comes to your finances might make it easier to stay on track and achieve your goals.
Go on money dates: We get it. Youāre busy. Checking in regularly to talk about money can make it less stressful to talk about the family budget, savings plans, and upcoming expenses. These conversations donāt have to be long and can be followed up by a movie or dinner night.
Todayās top stories
Workplace mental health stigma has handed in its resignation The majority of employers now identify mental health as a workplace concern. Hereās what theyāre doing to address it. Read more >> America is having a train renaissance Rail travel may prove more comfortable, eco-friendly, cheaper, and perhaps even faster compared to planes. Read more >> Got married last year? Congratulations! Hereās what that means for your taxes Tax benefits may not have been at the top of your list of reasons why to get married, but that doesnāt mean you shouldnāt know about them. Read more >>Other news that caught our eye
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Tiger Woods signed an apparel deal with TaylorMade Golf following a 27-year partnership with Nike.
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Japanās Nikkei index hit a 34-year high Tuesday buoyed by the strength of tech stocks and promising company earnings.
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Three separate unions representing flight attendants picketed at major airports for better pay and working conditions.
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Paramount+, Microsoftās Copilot, and Chinese shopping app Temu topped the App Store download charts after airing Super Bowl commercials.
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Major grocery stores including Costco, Walmart, Trader Joeās, and Amazon recalled dozens of dairy products due to a listeria outbreak.
Financial planner tip of the day
āTurning to a spouse or parent for a joint account or co-signer, can be a valuable way to build credit for someone who does not have a credit history of their own (think joint credit cards or parents co-signing on student loans). In the long run, however, a person will be in a much stronger position if they borrow in their name alone.ā
Brian Walsh, CFPĀ® at SoFi