Thursday,
April 4, 2024
Market recap
Dow Jones
39,127.14
-43.10 (-0.11%)
S&P 500
5,211.49
+5.68 (+0.11%)
Nasdaq
16,277.46
+37.01 (+0.23%)
Top Story
Renting is cheaper than buying again. But thatâs not the whole story
Rents prices declined for the seventh straight month in February. While thatâs good news for renters, prospective homebuyers might be looking at this development with different eyes.
US stocks were mixed Wednesday after Federal Reserve Chair Jerome Powell emphasized the need for more evidence that inflation is easing
• Powell noted that policymakers are in no rush to cut rates and the recent data proves it is too soon to confidently say inflation is heading back to 2%. Atlanta Fed President Raphael Bostic also shared remarks on monetary policy, saying if the economyâs strength continues as he expects, the Fed should wait for the fourth quarter to cut rates.
• The ADP employment report showed the private sector added more jobs than expected in March at 184,000 positions. It marked the fastest month of job growth since July 2023, led by the leisure and hospitality sectors.
• Ulta Beauty shares tumbled 15.3% after executives warned that the beauty retailerâs sales growth was slowing faster than expected.
What to be on the lookout for today
• The total number of job cuts for March.
• Weekly update to unemployment claims.
Whatâs going on with Treasury yields?
U.S. Treasury yields have been on the rise and as an investor you may be wondering whatâs behind this. Usually, stocks fall if yields rise, but over the past quarter this relationship has been challenged again and again.
Hereâs what we know: The Federal Reserve still says it wants to cut interest rates a few times this year. So far so good. But some measures of inflation are showing that prices ticked back up in the first quarter of 2024.
This leads to the question whether the Fedâs fight against inflation either hasnât been successful, or is simply not over yet. Time will tell. One way or another, the market is digesting that many investors now expect rates to stay higher for a little longer.
Todayâs top stories
The number of 401(k) millionaires is risingKeeping your eye on the ball when youâre saving for retirement.
Read more >> What can âSelling Sunsetâ teach you about real estate investing?Ask questions and donât spend beyond your means, says Chrishell Stause on SoFiâs YouTube series Richer Live$.
Read more >> Tax day is coming. But when and how do you pay taxes on stocks you own?Capital gains taxes are usually due when investors sell stocks, assuming they have made a profit. Hereâs what you need to know before Tax Day.
Read more >>Other news that caught our eye
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Amazon will remove its âJust Walk Outâ checkout technology at its Amazon Fresh grocery stores in the U.S.
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Costco will offer members access to weight-loss programs and prescription drugs like Ozempic and Wegovy through healthcare provider Sesame.
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The FDA authorized the first AI tool to diagnose sepsis. The tool was developed by the health technology company Prenosis.
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A bill was introduced in California that would give some employees the right to disconnect from employer communications during non-working hours.
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U.S. regulators blocked potential rules for banks to disclose climate risk strategies, saying the Basel Committee was overstepping its purpose.
Financial planner tip of the day
âWhile saving an emergency fund is one of many competing financial priorities, having a cushion to catch you when you fall can prevent a minor calamity from spiraling into lasting debt. The toughest part may be getting started and staying motivated. Just remember, you walk 10 miles by walking 10 feet at a time.â
Brian Walsh, CFPÂŽ at SoFi