Thursday,
May 9, 2024
Market recap
Dow Jones
39,056.39
+172.13 (+0.44%)
S&P 500
5,187.67
-0.03 (-0.00%)
Nasdaq
16,302.76
-29.80 (-0.18%)
Top Story
In the housing market, the balance of power is shifting back toward buyers
Home sellers appear poised to lose some of the negotiating power they’ve had in recent years, thanks to these factors.
US stocks were mixed on Wednesday after another busy day of first-quarter earnings
• In earnings, shares of Uber skidded on an unexpected loss, while Lyft put the pedal to the metal after beating estimates. Elsewhere, Shopify and Tripadvisor plunged, while Roomba-maker iRobot soared.
• In economic data, the 30-year mortgage rate fell to 7.18% last week, its first decline in five weeks.
What to be on the lookout for today
• Weekly unemployment claims.
• In earnings, H&R Block, Krispy Kreme, Papa John, Roblox, Warner Bros. Discovery, Yelp, and ZipRecruiter will report.
The debate about rates: Higher rates aren’t all bad news.
With inflation still hovering at about 2.7%, the Federal Reserve has indicated that interest rates are likely to remain as is — which is higher than some would like. But higher rates can be a mixed bag, and some suggest it’s actually good news for the economy.
After all, higher rates on Treasuries and other savings instruments can boost consumer income, even though higher rates on loans increase expenditures. “It’s possible that the ability to generate attractive interest on relatively risk-free assets has consumers feeling more positive about their cash flow and ability to spend,” writes SoFi Head of Investment Strategy Liz Young in this week’s column.
Learn more about both sides of this debate.
Today’s top stories
Laura Wasser, the famous divorce lawyer who worked with Angelina Jolie and Kim Kardashian, breaks down why prenups can be a good ideaPrenups aren't just for the rich and famous. They're a sign of financial responsibility and mutual respect.
Read more >> Let’s talk 401(k) contributions. How much should you really be putting aside for your future?The answer is different for everyone. Here are some basic ways to calculate what may be right for you.
Read more >>Other news that caught our eye
-
98% of FTX are expected to recover all their funds, according to the failed cryptocurrency exchange’s bankruptcy lawyers. They will be paid back the value of their assets at the time of the bankruptcy filing.
-
Apple announced the iPad Pro 6, powered by its latest M4 chip intended to improve AI performance. It also announced the iPad Air 6, available in two sizes for the first time.
-
20% of tickets for the Paris leg of Taylor Swift’s Eras Tour were purchased by Americans capitalizing on European regulators’ ticket price restrictions.
Financial planner tip of the day
“When people don’t know how much they spend and when, it can be difficult to stick to a savings plan. If you don’t know how much money hits the bank account each month and how much you spend, how do you know what’s a realistic amount to save? Before creating savings strategies, many people find it helpful to track their spending and expenses, organized by week, month, or year.”
Brian Walsh, CFP® at SoFi