Friday,
April 19, 2024
Market recap
Dow Jones
37,775.38
+22.07 (+0.06%)
S&P 500
5,011.12
-11.09 (-0.22%)
Nasdaq
15,601.50
-81.87 (-0.52%)
Top Story
Climate change is haunting this sector
Utility companies used to be thought of as safe and boring investments. But they have shouldered the blame for several fires, leading to billions of losses and even bankruptcy, changing the risk profile of a once-stable sector.
The S&P 500 and Nasdaq Composite logged their fifth losing day in a row
• Itâs the longest losing streak since October for the S&P.
• The Dow climbed higher, buoyed by a 3% gain in UnitedHealth, its highest weighted stock.
• Social media stocks including Meta and Snap both rallied 1.5% and 6.7%, respectively, after U.S. House Speaker Mike Johnson indicated he would introduce a group of bills including a forced sale of Chinese-owned social media rival TikTok.
• Key data: The median existing home price increased 4.8% to $393,500 in March, a record high for the particular month.
What to be on the lookout for today
• Procter & Gamble, American Express, and the worldâs largest offshore drilling company, Schlumberger, will report earnings.
Everything is shrinking â what now?
You arenât imagining things. Some products are looking smaller these days even though their price tags have stayed the same.
So what gives?
This is called shrinkflation, a phenomenon when companies reduce the size or quantity of a product while keeping the price the same (and in some cases, raising it).
This is especially frustrating given Americans have just gone through a period of historically high inflation. But the downsizing can be harder to spot than a straight price increase, so shrinkflation can fly under the radar.
According to the Labor Department, itâs common in a variety of products, including paper towels, cereal, candy and cleaning supplies.
What to do
Ditch the loyalty. Choosing a less-expensive store brand over your go-to name brand can help reduce your grocery bill.
Bulk up. Buying products in bulk often means paying less per unit. Just be mindful of the shelf life of the products you buy.
Todayâs top stories
Yuppies, Dinks, ALICEs?Thereâs another socioeconomic acronym worth knowing as nearly a third of American households are thought to be asset-limited, income-constrained, but employed. A growing number of people who earn too much to qualify for government assistance, but not enough to afford essentials.
Read more >> Why Americans arenât that into EVs anymoreIf you look at EV sales growth, Americans seem to have lost all interest in driving electric. But digging deeper, itâs not the âEâ that people donât want.
Read more >> What do loans look like for young people without credit history?Younger prospective borrowers may have less or no credit history, which can make it harder to get a loan. Hereâs what to keep in mind.
Read more >>Other news that caught our eye
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Tesla said some laid-off employees received âincorrectly lowâ severance packages.
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Online furniture retailer Wayfair is opening its first brick and mortar store in Illinois.
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President Joe Biden said he would block Nippon Steelâs acquisition of U.S. Steel and called for tariffs on Chinese imports to support the domestic industry and union jobs.
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Starbucks is redesigning its cold drink cups to use up to 20% less plastic.
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Like the Pixar lamp, but make it a robot. Meet Boston Dynamicsâs latest humanoid robot.
Financial planner tip of the day
âWhile not everyone loves the idea of budgeting, taking a moment to assess and prioritize your spending can yield some real rewards. Even a basic monthly budget can help you reach your financial goals, whether itâs to have a financial cushion, put a downpayment on a new home, go on your dream vacation, or all of the above.â
Brian Walsh, CFPÂź at SoFi