Friday,
March 8, 2024
Market recap
Dow Jones
38,791.35
+130.30 (+0.34%)
S&P 500
5,157.36
+52.60 (+1.03%)
Nasdaq
16,273.38
241.83 (+1.51%)
Top Story
Even Cookie Monster hates shrinkflation
Everyone is tired of high prices – even Sesame Street characters, one of which posted on X, formerly Twitter, about the post-pandemic phenomenon just to get a response from the White House.
A rally in tech stocks boosted the S&P 500 to a fresh record high
• Social media stocks, including Meta and Snap, rose as the House Energy and Commerce Committee advanced a new bill that could ban TikTok in the U.S.
What to be on the lookout for today
• The February’s jobs report
Finding your financial footing early in your career
So you’ve landed a job and are entering the working world.
Getting your first real paycheck is exciting, but the steps you take in your career can be key to building good financial habits.
Setting a foundation
Get your budget in place: What’s your take home pay? Your paycheck could be smaller than you were anticipating after taxes, health insurance costs, and any other pre-tax spending. Create a budget for the remaining amount to pay for housing, food, and any discretionary spending (i.e. fun stuff!).
Know your benefits: Take your time learning about any benefits your new job might come with. These may range from health and mental health care to gym memberships or reimbursements, to financial planning help and discounts.
Start planning your retirement: You might be new to the job market, but the earlier you start saving for your exit, the better. That’s due to the power of compound interest. If your employer offers a 401(k), consider enrolling and find out if there’s an employer match.
Today’s top stories
What we learned from Jerome Powell’s time on Capitol Hill this week The Fed isn’t ready to cut interest rates yet, and other things we heard in the central bank chair’s two-day testimony before Congress. Read more >> Remote work reshaped where Americans live Workers lived nearly three times farther from their offices in 2023 than before the pandemic. Read more >> How to tackle credit card debt The average American has some debt. But making a plan and drawing up a budget can help you manage down what you owe. Read more >>Not-so-breaking news
- Major retailers including Walmart and Target are upgrading their same-day delivery services to rival Amazon Prime.
- Jeff Bezos was surpassed as the world’s richest person (again), this time by LVMH CEO Bernard Arnault, whose fortune amounts to $197 billion.
- Chinese e-commerce platform Temu was the number one advertiser by revenue on Meta, and a top advertiser for Google.
- The TSA is experimenting with a new self-service screening system at the Las Vegas airport to streamline security lines.
- Salesforce announced new AI healthcare tools for doctors using its Einstein 1 Platform.
Financial planner tip of the day
“If you’re looking to pay off your debt faster, it’s a good idea to take a look at your spending and income, find some ways to reduce your non essential spending, and then funnel any money you free up toward your debt repayment plan.”
Brian Walsh, CFP® at SoFi