Tuesday,
April 9, 2024
Market recap
Dow Jones
38,892.80
-11.24 (-0.03%)
S&P 500
5,202.39
-1.95 (-0.04%)
Nasdaq
16,253.96
+5.43 (+0.03%)
Top Story
Everyoneâs over spending big on streaming
Gen Z and Millennials donât like how much theyâre spending on their streaming services, and thatâs a real issue for Netflix and its competitors.
US stocks were little changed ahead of this weekâs high-profile inflation data
• Oil prices fell 0.9% after Israel withdrew troops from southern Gaza, easing some of last weekâs escalations.
• The New York Fed released data showing consumers expect inflation to rise over the next three years. The next question is what this means for their spending.
What to be on the lookout for today
• The small business optimism index.
• In earnings, Tilray will report.
Thereâs a retirement savings deadline coming
April 15 is the day you need to file your taxes (or an extension request), but thereâs another deadline you should know about.
Tax Day is also the last day you can make 2023 contributions for your Roth or traditional IRA.
Putting away money into individual retirement accounts can help increase the size of your nest egg, and may also help reduce your tax bill.
How much you can contribute to an IRA changes every year. For the 2023 tax year, you can contribute up to $6,500 to an IRA if youâre younger than 50, and up to $7,500 if youâre older than 50. For 2024, those numbers increase to $7,000 and $8,000, respectively.
There are different types of IRAs, two common ones are the traditional and Roth IRA. IRAs can have potential tax benefits depending on the type and eligibility requirements. For instance, contributions to a traditional IRA may be tax-deductible in certain circumstances.
Contributions and earnings to a Roth IRA grow tax-free, and qualified withdrawals can be taken out tax-free.
Todayâs top stories
Would you go into the office more if your commute was free?Most people say they would be more likely to be enticed to go back in if their employers paid for their commutes, per this survey.
Read more >> Major food brands pivot towards more economical, protein-packed optionsLow-income consumers are reining in their spending on food, forcing food makers to rethink their strategy.
Read more >> Are you on time to file your taxes? Else, file an extensionTax Day is around the corner, but if youâre not ready to file just yet, donât forget to get your extension in on time. Hereâs what you need to know.
Read more >>Other news that caught our eye
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Spirit Airlines said it will defer plane deliveries from an Airbus order to 2030 and 2031 to shore up its liquidity. The aircraft were originally set to be delivered in 2025 and 2026.
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President Biden proposed new student debt relief measures for certain borrowers.
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Spotify is launching AI-generated playlists users can build on their own with written prompts.
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A Tesla robotaxi is coming, according to CEO Elon Musk who said it will be unveiled on August 8.
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The Arizona-based subsidiary of chipmaker Taiwan Semiconductor Manufacturing Company is being offered up to $6.6 billion in grants and $5 billion in loans as the Biden administration seeks to build out the domestic chips industry.
Financial planner tip of the day
"First-time home buyers can be bamboozled by the true cost of buying a home because thereâs a lot more to consider than just principal and interest. Before buying a home, you should crunch and become familiar with the numbers for the total cost of your mortgage, including insurance, taxes, fees, bills, furniture, and so on. Only with a good grasp of what each line item will run can you make an estimate about the size of the mortgage, and therefore the home you can afford to buy.â
Brian Walsh, CFPÂŽ at SoFi