Thursday,
July 18, 2024
Market recap
Dow Jones
41,198.08
+243.60 (+0.59%)
S&P 500
5,588.27
-78.93 (-1.39%)
Nasdaq
17,996.92
-512.42 (-2.77%)
Top Story
Wage growth has slowed, dividing American consumers further
While overall consumer spending remains strong in America, reassuring economists, recent data stress that this economy isnāt feeling the same for everyone.
US stocks were mixed on Wednesday as tech stocks declined
• Still, the Dow Jones Industrial Average notched another record close.
• Tech and semiconductor stocks all came under pressure Wednesday.
• Fed Governor Christopher Waller suggested interest rate cuts are likely coming soon, assuming the labor market and inflation continue their recent trends.
• Economic data showed an increase in housing starts and building permits in June, and the 30-year mortgage rate fell to 6.87%, its biggest decline in roughly four months.
What to be on the lookout for today
• The weekly update to unemployment claims.
• In earnings, Alaska Airlines, Dominoās Pizza, Netflix, Novartis, and TSMC will report.
The recent magic of small-cap stocks
Small-cap stocks, defined as public companies with a market capitalization between $250 million and $2 billion, have been on quite the rally in the past few days.
Even though the S&P 500, the broadest measure of the U.S. stock market, which is composed of larger companies, is still outperforming the small-cap index, the gap has significantly narrowed recently.SoFiās Head of Investment Strategy Liz Young Thomas is breaking down whatās going on.
Todayās top stories
ESG backlash may be grabbing headlines, but behind the scenes, itās gaining momentumA new report shows the majority of business leaders consider ESG when evaluating potential M&A moves.
Read more >> Dynamic pricing: When you donāt know what things cost anymoreWe all know āsurge pricingā from our ride-hailing apps, but now that the concept has crept into other areas, itās making tracking your spending harder.
Read more >> Whatās the difference between FINRA and the SEC?The Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) both regulate the financial services industry in the U.S. But what exactly do they do?
Read more >>Other news that caught our eye
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Discover Financial Services is planning to sell a portfolio of student loans to private equity firms KKR and Carlyle for as much as $10.8 billion, months after first announcing their intentions of a sale.
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Apple will make a $50 million contribution to launch a fund supporting affordable housing in the San Francisco Bay area.
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Disney CEO Bob Iger and his wife Willow Bay will acquire a controlling interest in L.A.-based Angel City FC. The deal values the soccer club at $250 million, making it the worldās most valuable womenās sports team.
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Trader Joeās restocked its mini insulated tote bag six weeks after selling out.
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Disney is developing new features to its suite of streaming platforms in an attempt to increase the time subscribers spend watching, boost ad sales, and limit subscriber churn.
Financial planner tip of the day
"With pre-tax contributions to an IRA or 401(k), you pay taxes when you withdraw your money in retirement, but get a tax break now. When you make Roth contributions, you pay do not get a tax break now, but do not have to pay taxes on the money upon withdrawal."
Brian Walsh, CFPĀ® at SoFi