Tuesday,
July 16, 2024
Market recap
Dow Jones
40,211.72
+210.82 (+0.53%)
S&P 500
5,631.22
+15.87 (+0.28%)
Nasdaq
18,472.57
+74.12 (+0.40%)
Top Story
Why are evictions so high in the booming Sunbelt?
Southern cities have higher eviction rates than the rest of the nation. A closer look at what’s going on tells a story of the two-speed economy that is tough to navigate for lower earners.
The Dow Jones Industrial Average hit a record high Monday
• Federal Reserve Chair Jerome Powell spoke at the Economic Club of Washington, where he suggested the central bank won’t wait for inflation to fall to its 2% target to start cutting rates.
What to be on the lookout for today
• June retail sales and the NAHB housing market index for July.
• In earnings, Bank of America, Charles Schwab, Morgan Stanley, State Street, and UnitedHealth will report.
Are you thinking of becoming a landlord?
If you’re thinking about additional ways to make an income, you’re not alone. But if you aspire to become a landlord to get extra dollars in the door on a continuous basis, there are a few things you should know.
Work with what you gotYou may consider renting out a room, or part of your home, to generate income.
You may offer a furnished or unfurnished dwelling, but remember to draw up a rental agreement, and that there may be tax implications.
Investing in real estateIf you’re looking to invest on a larger scale, you may consider buying and renting out a whole property. While this can bring in a steady cash flow, it also comes with large upfront costs and ongoing expenses.
Pick a property where location, building condition, and financial considerations, such as renovation costs, make sense.
Plus, can the property you have in mind be cash flow positive? In other words, make sure the income it could generate would exceed expenses.
Today’s top stories
Think about your energy bill when you use ChatGPTThe rise of AI of mass use is an exciting next frontier for the tech world. But the vast amount of energy it needs could weigh on your utility bills down the line.
Read more >> How the Supreme Court just changed the game for small businessesA recent ruling is changing a commonly used succession tactic in the small business world.
Read more >> Just bought a house? Here’s what else you need to budget forFrom moving costs, to property taxes and set-up costs, keep an eye on the expenses that could crop up after you sign on the dotted line.
Read more >>Other news that caught our eye
-
U.S. consumers are expected to spend as much as $14 billion during the two-day Amazon Prime Day event, according to Adobe.
-
Texas utility CenterPoint Energy is under mounting scrutiny with around 270,000 households still without power after Hurricane Beryl hit the state.
-
Macy’s ended its buyout talks with investors Arkhouse and Brigade, which were looking to take the retailer private for nearly $7 billion. Macy’s stock tumbled nearly 12% on the news.
-
Stop & Shop is closing 32 underperforming locations as the company is aiming to boost its financial performance.
Financial planner tip of the day
“If you have access to a workplace retirement account and your employer provides a match, contribute at least enough to get your full employer match. That’s a return that you can’t beat anywhere else in the market, and it’s part of your compensation that you should not leave on the table.”
Brian Walsh, CFP® at SoFi