Friday,
May 24, 2024
Market recap
Dow Jones
39,065.26
-605.78 (-1.53%)
S&P 500
5,267.84
-39.17 (-0.74%)
Nasdaq
16,736.03
-65.51 (-0.39%)
Top Story
How innovation in the shipping industry is using age-old technology
Huge container ships aren’t exactly the greenest way to transport things around the world. Yet, for many products, they’re the most economical way. To achieve emissions goals, the industry is setting sail… for innovation.
The Dow Jones Industrial Average to its worst day of the year Thursday
• The index was weighed down by a sharp loss by Boeing, which projected to burn through more cash this year. Meanwhile, shares of chip maker NVIDIA surged to a record high after beating earnings and announcing a 10-for-1 stock split, which makes the stock more affordable for investors.
• Industry gauges for both the services and manufacturing industries showed strength in May, and claims for unemployment benefits were lower than expected, showing the strength of the labor market. Strong economic data may change investors’ views on when the Federal Reserve could move to lower interest rates.
What to be on the lookout for today
• Durable goods orders for April.
Did you know some home renovations are tax deductible?
Home renovations aren’t cheap but sometimes necessary. Good thing some of them offer a tax break. Here’s what you need to know.
Tax deductions and credits can help reduce how much you’ll owe in taxes. While many home repairs and renovations aren’t tax deductible, upgrades that make a property more energy efficient can bring some tax benefits.
According to the IRS , qualified energy-efficient improvements made to your primary home after January 1, 2023 can qualify for a tax credit of up to $3,200.
For instance, you may qualify for a tax credit for energy-efficient improvements, like a home energy audit. Installing renewable energy systems like solar panels or geothermal heat pumps could also bring a tax break.
You may also be able to deduct costs for renovations made for medical reasons, such as adding ramps or widening doorways, installing lifts and adding railings and support bars.
Make sure you maintain records of any plans and expenses related to a project, including receipts, worker invoices, contracts and schedules.
Today’s top stories
You don’t take all your PTO? You’re not aloneAmericans blame a culture that values being busy over getting enough time to recharge for not taking their allotted time off. Here’s why you should anyway.
Read more >> What can the Class of 2024 expect after graduation?This year’s graduates are facing an ever-evolving economy. These are their challenges.
Read more >> Does it matter what you use a personal loan for?Lenders are interested in knowing how you’ll spend the money they’re about to give you. Here’s what to keep in mind.
Read more >>Other news that caught our eye
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The Justice Department sued Ticketmaster-parent Live Nation alleging abuse of its industry dominance.
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TikTok is planning layoffs in its operations and marketing divisions, which employ around 1,000 workers, according to a report by The Information.
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A Michigan farmer has been diagnosed with bird flu, the second known human case related to a recent outbreak in cows. The virus isn’t thought to be widespread in humans, but it’s expected that more cow herds are impacted.
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Some U.S. lawmakers have urged the DOJ to launch an investigation into major oil companies to probe whether the firms deceived the public about the environmental impact of fossil fuels.
Financial planner tip of the day
“Where you put your 20% savings can help you reach your goals. High-yield savings accounts, money market funds, certificates of deposit, and cash management accounts are all vehicles that may pay more interest than a traditional savings account, helping your savings grow.”
Brian Walsh, CFP® at SoFi