Tuesday,
April 23, 2024
Market recap
Dow Jones
38,239.98
+253.58 (+0.67%)
S&P 500
5,010.60
+43.37 (+0.87%)
Nasdaq
15,451.31
+169.30 (+1.11%)
Top Story
What’s the latest on TikTok?
The proposed TikTok ban is dominating headlines. We break down what’s going on, and who the winners and losers of the forced sale might be.
The S&P 500 and Nasdaq Composite snapped a six-day losing streak
• The Nasdaq was boosted by a 4.4% rebound from chip maker NVIDIA.
• Overall economic activity rose more than expected in March, reaching its highest level since November, according to the Chicago Fed.
What to be on the lookout for today
• An update to manufacturing and services sector activity in April. We’ll also get new home sales for March.
• In earnings, it’ll be a busy day with General Motors, PepsiCo, JetBlue, Spotify, Tesla, UPS, and Visa due to report.
Why you should open a 529-plan for your summer baby
If you’re about to welcome a family member, you’ve likely got a lot on your mind. Between the diaper buying, bottle washing, and trying to find the right stroller, planning for college might seem too far off to worry about.
But saving for college early — even just in small amounts — can bring big benefits come college years.
Learning your 529s
A 529 plan, also known as a qualified tuition plan, can help parents contribute to an educational savings plan. These tax-advantaged accounts are sponsored by states, and the benefits vary by state too.
These plans tend to offer multiple investment options, and money can be withdrawn tax free for qualified expenses, such as tuition, books and room and board. Parents may also use up to $10,000 a year to pay for K-12 tuition.
You are also able to change the beneficiary of a 529 account if a child decides not to go to college.
Today’s top stories
The U.S. dollar is rallying. What does this mean for other countries?The U.S. currency has been climbing higher on the back of strong economic growth stateside. But as the world’s premier reserve currency, the rally isn’t without ripple effects.
Read more >> How to get paid your worthSalary negotiations can be stressful. Advocating for yourself is key to getting paid what you should. Here are three guidelines to keep in mind for your negotiation.
Read more >> What to keep in mind when you lend money to family membersBeing able to help out family members is a blessing. But when it comes to loaning money to relatives there are risks.
Read more >>Other news that caught our eye
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The House of Representatives passed a bill that could ban TikTok stateside if China-based parent company ByteDance doesn’t sell to a new owner within the year.
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Tesla cut the price of its Full Self Driving system from $12,000 to $8,000 and cut the starting price of its Model 3 in China to $32,000.
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Regulators are aiming to block Coach-parent Tapestry from acquiring Michael Kors-owner Capri Holdings, per a New York Times report.
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Commerce Secretary Gina Raimondo says the U.S. semiconductor industry has “out-innovated” China, citing export controls and the billions invested through the CHIPS Act.
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A Volkswagen plant in Tennessee unionized with nearly three-quarters (73%) of workers voting to join the United Auto Workers, marking the union’s first major victory in the U.S. South.
Financial planner tip of the day
“One way to build credit is to display a history of responsible borrowing. For that reason, you may want to place monthly bills and other expenses on your credit card — being sure to pay the bill in full each month by the due date.”
Brian Walsh, CFP® at SoFi