Monday,
July 1, 2024
Market recap
Dow Jones
39,118.86
-45.20 (-0.12%)
S&P 500
5,460.48
-22.39 (-0.41%)
Nasdaq
17,732.60
-126.08 (-0.71%)
Top Story
Hosting a 4th of July BBQ this year? Expect to spend more
The price increase of hosting an Independence Day BBQ is outpacing inflation.
US stocks finished lower on Friday as investors digested fresh inflation numbers ahead of a shortened trading week next week
• For the week, the Nasdaq Composite finished slightly higher, while the S&P 500 and Dow Jones saw small declines.
• Investors digested fresh inflation data, as the Fedâs preferred price gauge â the Commerce Departmentâs PCE measure excluding food and energy â rose at the slowest pace since March 2021. American incomes rose more than expected in May at 0.5%, while consumer spending rose less than expected at 0.2%.
• Itâs a shortened trading week with an early close on Wednesday and markets closed for Independence Day on Thursday.
What to be on the lookout for today
• The ISM manufacturing PMI for June.
Do you have enough insurance coverage?
Having insurance can prevent an unexpected event from wreaking havoc in your finances. Thatâs why itâs important to include insurance in your financial planning.
Knowing what exactly your policies do and do not cover is key here.
Letâs talk about what commonly falls into the insurance gap for homeowners.
Flooding. Water can cause a lot of damage. While an unexpected leak from a pipe bursting is often covered under a homeownerâs policy, flood damage is often excluded. That means you may need separate flood insurance.
Earthquakes. Damages or losses from an earthquake also tend to be excluded from homeownerâs policies. So if you live in an earthquake-prone area, consider getting a separate policy.
Jewelry. While personal items like jewelry could be covered by your homeownerâs policy, there may be a cap. You may be able to increase your coverage limit, or take out additional policies to make sure high-value items are fully covered.
Todayâs top stories
A holiday and a jobs report. Hereâs whatâs ahead on Wall StreetItâs a shortened trading week in the markets with Independence Day on Thursday. While many people will likely take Friday off as well, the governmentâs June jobs report could shake things up.
Read more >> Falling birth rates and an aging population are a problem for the global economyWhat happens when populations age and fewer babies are born? A new study points to slower economic growth and higher inflation.
Read more >> How much does it cost to get a will?So you want to get your will sorted. Writing a will can give people peace of mind when it comes to their estate planning. And it doesnât have to be expensive either.
Read more >>Other news that caught our eye
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PokeĚmon cards are making a comeback, with more collectors getting them professionally graded per year.
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Cell phones could get unlocked from service carriers after 60 days, if a new rule proposed by the Federal Communications Commission comes into effect. Phones are typically locked until the end of a contract or after theyâre fully paid off.
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Warren Buffet announced donations of more than $5 billion in Berkshire Hathaway shares to five different charities. More than $4 billion will go to the Gates Foundation.
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Nike says it's entering a âtransitional yearâ as consumer behavior is shifting and the company slashed its outlook.
Financial planner tip of the day
âReview your bank account and other statements regularly to make sure everything is as it should be. You want to make sure you are not coming too close to a negative balance or leaving a nice sum of money in checking that could go towards a savings account somewhere else.â
Brian Walsh, CFPÂŽ at SoFi