Wednesday,
May 1, 2024
Market recap
Dow Jones
37,815.92
-570.17 (-1.49%)
S&P 500
5,035.69
-80.48 (-1.57%)
Nasdaq
15,657.82
-325.26 (-2.04%)
Top Story
Inflation isnât stopping these Americans from treating themselves
Despite years of rising prices, spending on luxury goods has skyrocketed since 2021. But only some are driving this surge.
The S&P 500 snapped a five-month win streak after a rocky April
• U.S. stocks finished sharply lower Tuesday after data showed paychecks rose more than expected in the first quarter. This also sent the U.S. 10-year yield back toward 4.7%.
• The Federal Reserve kicked off its policy setting meeting, ahead of tomorrowâs interest rate announcement.
• Home prices rose at the fastest pace since November 2022 in February, according to the Case-Shiller home price index, which jumped 6.4% year-over-year.
What to be on the lookout for today
• The Fed interest rate decision and accompanying speech from Chairman Jerome Powell. Weâll also get the ADP employment report, job openings data, ISM manufacturing data, and quarterly refunding announcement from the Treasury.
• In earnings, CVS, Pfizer, Mastercard, Kraft Heinz, and KFC- and Taco Bell-parent Yum! Brands will report.
Why does two-factor authentication matter for my money?
To say banking online is convenient would be an understatement. We all love doing things quickly and effectively on our phones. But staying safe while doing so is key.
Enter two-factor authentication. You know it, itâs an account security method that requires two types of identification, such as a password, and a one-time numeric code to make sure only you can log into your accounts. Thatâs especially vital when it comes to your financial accounts.
Earlier this year, SoFi launched a new two-factor authentication method using Authenticator Apps (TOTP). This means you can use any app, such as Okta Verify, or Google Authenticator, to receive an identification code to securely log into your SoFi account. TOTP is the most secure two-factor authentication method for your SoFi account.
Navigate to your SoFi account profile settings online or on the app, to update your two-factor authentication to your preferred method.
Todayâs top stories
Institutional landlords are in the hot seatLawmakers want to crack down on Wall Street firms buying up single-family homes amid Americaâs housing affordability crisis.
Read more >> Thinking about going electric? This may be the timeElectric vehicles, or EVs, are having a moment. But not like you think⌠the price of used EVs is dropping dramatically.
Read more >> How much should you put into your 401(k) every month?Saving for retirement can be stressful. For example, how much exactly should you contribute to your 401(k)? Here are a few things to keep in mind as youâre making your decision.
Read more >>Other news that caught our eye
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Walmart is launching a new in-store AI to help employees reduce waste. The retail giant is also introducing a new private-label line of premium food called Bettergoods to compete with Trader Joeâs and Whole Foods.
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Burger King-owner Restaurant Brands is investing $300 million to remodel the chainâs U.S. locations, with plans to spend some $2.2 billion total revitalizing its U.S. business.
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Paychecks grew by 1.2% in the first quarter, which could keep inflation elevated and complicate the Federal Reserveâs policy path.
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The eurozone officially emerged from a recession. The currency unionâs collective economies expanded by 0.3% in the first quarter, but inflation held steady at 2.4% in April.
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More than $38 billion of U.S. office building loans face defaults and foreclosures as interest rates remain at a multi-decade high.
Financial planner tip of the day
âWaiting until the end of the month to check in on accounts leaves consumers at risk for excess spending and potentially overdrawing a checking account or having a higher credit card bill than they anticipated. Checking in once a week leaves time to self correct and adjust the budget to help balance the numbers.â
Brian Walsh, CFPÂŽ at SoFi