Friday,
March 1, 2024
Market recap
Dow Jones
38,996.39
+47.37 (+0.12%)
S&P 500
5,096.27
+26.51 (+0.52%)
Nasdaq
16,091.92
+144.18 (+0.90%)
Top Story
These companies want a stake in your home equity
Home equity investments have been growing in popularity as a way to help homeowners tap into their wealth theyâre building by owning a home but canât access unless theyâre selling it. There are a few things you should know before diving in.
The S&P 500 and Nasdaq Composite hit record closing highs Thursday
• The momentum was underpinned by inflation data matching expectations. The Federal Reserveâs preferred metric for measuring inflation, core PCE, showed prices increased 0.4% from the previous month in January, and 2.8% annually. And although inflation remains higher than desired, Atlanta Fed President Raphael Bostic said he expects the central bank to begin cutting rates this summer.
What to be on the lookout for today
• February ISM manufacturing PMI and January construction spending.
• In earnings, FuboTV will report.
Why women arenât saving enough for retirement
Many of us arenât saving enough for retirement. This is especially true for women and thatâs a problem.
The SoFi 2023 Ambitions Survey found men have median retirement savings that are about $40,000 to $60,000 higher than womenâs savings. And more women than men arenât saving for retirement at all.
Letâs break it down.
Wage gap: Overall, women still earn less than men, which also means they have less to funnel into retirement savings. And thatâs assuming both groups are prioritizing retirement in the same way.
In and out of the workforce: Investing in an employer-sponsored 401(k) is a top way to save for retirement. But women still leave the workforce due to caregiving responsibilities, which can mean missing out on years of contributions.
In addition, women are more likely to work part-time jobs, which often have limited access to retirement plans.
Lacking confidence: Investing and setting financial goals more broadly is a confidence game. And women often feel less confident in their money choices. This lack of confidence can cause women to be overly conservative with their investments, including holding more assets in cash rather than investing them where their funds have the potential to grow.
Todayâs top stories
The next ESG hurdle: The SEC is walking back on its plans The Securities and Exchange Commission was going to require companies to disclose emission and climate risks. But no more. Read more >> Companies are getting a lot of this particular type of financing. Learn why it matters Convertible bonds are all the rage among companies at the moment, with issuance hitting a six-month high. These are the implications. Read more >> Tips for saving for retirement in your 30s The earlier you start saving for retirement, the better. Here are six tips for how to get started. Read more >>Other news that caught our eye
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The FAA has given Boeing 90 days to come up with a plan to address quality control concerns.
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Ford is rolling out Tesla-compatible charging adapters for its electric vehicles. The change will more than double access to fast chargers for drivers of Ford EVs.
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Humanoid robot startup Figure AI raised $675 million from investors including NVIDIA, Microsoft, and Jeff Bezos, valuing the company at $2.6 billion.
Financial planner tip of the day
âItâs certainly not easy to prioritize investing for retirement. If youâre in your 20s or 30s, you might have student loans or other goals that seem more âimmediate,â such as saving for a down payment on a house or kidâs college. But setting aside a little every year starting in your 20s could make the difference between hundreds of thousands of dollars of accumulated investment earnings by retirement age. Thatâs one reason itâs important to begin planning for retirement early.â
Brian Walsh, CFPÂŽ at SoFi