Friday,
June 28, 2024
Market recap
Dow Jones
39,164.06
+36.26 (+0.09%)
S&P 500
5,482.87
+4.97 (+0.09%)
Nasdaq
17,858.68
+53.53 (+0.30%)
Top Story
What to do when the savings run out?
Trillions of dollars in savings helped boost consumer spending and soften the inflation sticker price shock. But with those savings gone, there are questions about the health of the U.S. economy.
US stocks inched higher on Thursday ahead of today’s key inflation report
• Shares of Amazon pushed to a fresh record high, and software stocks rallied.
• Walgreens shares had their worst day on record, plummeting more than 22% after the company missed earnings expectations, announced plans to close stores, and cut its profit forecast, citing consumers resisting the current high prices.
What to be on the lookout for today
• The May PCE report measuring inflation, personal income, and personal spending.
How insurance fits into your financial wellness
Are you thinking of insurance when you think about financial planning?
Insurance can help manage risks and provide financial protection when unexpected events happen. In other words, it definitely plays a role in your overall financial health.
So what insurance are we talking about here? Health insurance, perhaps the first thing that came to your mind, is part of it. Finding the right policy for your, either through your employer or in the marketplace, is key given monthly costs and annual deductibles.
But what other types of insurance might you need?
Finding your safety nets
Life insurance. This coverage will give beneficiaries a sum of money upon the death of the insured. There’s a general suggestion that the benefit should be at least 10 times your annual salary.
Disability insurance. Your income powers your life and losing it could take a huge toll on your finances. That’s where disability insurance comes in. There are short-term and long-term options that provide supplemental income if you can’t work anymore.
Home insurance. To protect your home and everything in it, make sure you pick the right amount of coverage to insure against losses of your personal property and the home itself. Also keep in mind liability coverage for any injuries that may occur at your house.
Today’s top stories
American unions are booming. Here’s what that meansUnionization efforts are sweeping the nation. But are they good or bad for business? We’re taking a look.
Read more >> Do you need loan protection insurance?If the unexpected happens and gets in the way of your on-time debt repayments, loan protection insurance can help you find peace of mind. But do you really need it?
Read more >>Other news that caught our eye
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Instagram is taking a bit out of TikTok’s market share: 37% of Instagram users view reels every day and use TikTok less, according to a survey from Morgan Stanley.
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Uber will pay 175 people in the U.S. and Canada $1,000 per month to stop using their cars.
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Economic growth in the first quarter was revised up to 1.4% on an annualized basis from 1.3% previously, per the final estimate published by the Commerce Department.
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An independent watchdog within the IRS called the tax agency’s slow pace to resolve identity theft cases “unconscionable”. The IRS has a backlog of about half a million cases and has taken more than 22 months to resolve them as of April.
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The Federal Reserve reported that all 31 banks evaluated in its annual stress test could weather a severe hypothetical recession and absorb losses.
Financial planner tip of the day
“Many lenders will actually allow customization of due dates to line them up with pay dates. Most allow automatic payments from a checking or savings account. Take the time to find the mix that works and keeps accounts up-to-date.”
Brian Walsh, CFP® at SoFi