Thursday,
April 18, 2024
Market recap
Dow Jones
37,753.31
-45.66 (-0.12%)
S&P 500
5,022.21
-29.20 (-0.58%)
Nasdaq
15,683.37
-181.88 (-1.15%)
Top Story
Why are fewer Americans receiving tax refunds?
Changes in the labor market may be at play when it comes to fewer workers receiving refund checks from the government.
The S&P 500 and Nasdaq Composite logged their fourth consecutive losing day Wednesday
• The tech-heavy Nasdaq Composite saw the steepest drop among major indexes, led by declines from chipmakers NVIDIA, Broadcom, and AMD.
• Oil prices fell 3% after crude inventories rose for a fourth-straight week in the U.S.
• The 30-year mortgage rate climbed to 7.13% last week, its highest level since early December. However, mortgage applications still rose 3.3%.
What to be on the lookout for today
• The weekly update to unemployment claims.
• In earnings, Alaska Airlines, Blackstone, and Nokia will report.
Unleashing the power of female investors
In a recent SoFi survey, 48% of female investors said their biggest financial regret was not investing sooner. And perhaps this isn’t surprising, considering how well women’s portfolios tend to perform when they do invest. So what’s keeping women from starting sooner?
Despite the fact that women have more financial power than ever before, 64% have never invested. When asked what’s stopping them, many women (43%) reported feeling a lack of confidence to “do it right.”
On the latest episode of The Important Part podcast, Unleashing the Power of Female Investors, SoFi’s Head of Investment Strategy, Liz Young, sat down with bestselling author and financial advisor, Cary Carbonaro (aka “The Money Queen”) to uncover some of the most important things women need to know about investing, including
• what it takes to get started
• three pitfalls to avoid
• the unique traits that can give women investors their edge
Tune in to this eye-opening episode of The Important Part on Apple, Spotify, or wherever you get your podcasts.
Today’s top stories
Gen Z has a new career path in mindEnrollments in vocational programs are surging as many younger Americans turn away from the high cost of college toward trade jobs left open by retiring boomers.
Read more >> Following your dream career means making smart decisionsA dream career doesn’t build itself. It’s a matter of smart choices, staying flexible, and keeping your eye on the ball, according to Peloton instructor and multi-hyphenate Ally Love.
Read more >> If rate cuts are on the backburner, what will happen to the market?The Federal Reserve is expected to cut policy rates much later than the market hoped for, and this won’t go unnoticed in the different asset classes. SoFi’s Head of Investment Strategy Liz Young looks into it.
Read more >>Other news that caught our eye
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Tesla’s board asked shareholders to reapprove CEO Elon Musk’s $56 billion compensation package after it was struck down by a Delaware court.
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Ford recalled more than 450,000 SUVs and pickup trucks that could lose power due to a battery issue.
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Former President Donald Trump has lost more than $3.3 billion from his stake in Trump Media dropping in value.
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United Airlines reported $200 million in losses in the first quarter after grounding its 737 MAX 9 jets for three weeks because of Boeing’s quality concerns.
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Governors of six Southern states issued a joint statement cautioning their constituents that joining the United Auto Workers union would threaten jobs.
Financial planner tip of the day
“Mutual funds combine a variety of different assets. Buying into a mutual fund means purchasing a small share of the combination. It can be a very economic way to invest, because it pulls a bunch of people together to buy a large collection of investments. Most mutual funds are actively managed by a professional, who decides when to buy, sell, and hold the portfolio of assets. However, they can be passively managed as well.”
Brian Walsh, CFP® at SoFi