Friday,
July 26, 2024
Market recap
Dow Jones
39,935.07
+81.20 (+0.20%)
S&P 500
5,399.22
-27.91 (-0.51%)
Nasdaq
17,181.72
-160.69 (-0.93%)
Top Story
The economy is stronger than anyone thought
The U.S. economy was far stronger in the second quarter than analysts predicted. But a look at the details is telling some uncomfortable truths.
U.S. stocks were mixed on Thursday after a busy day of earnings and economic data
• The Dow Jones Industrial Average rose, buoyed by strong earnings from IBM, but the S&P 500 and Nasdaq Composite continued to decline after both indexes posted their worst day since 2022 in the prior day’s session.
What to be on the lookout for today
• A key inflation report, as well as the final results of the University of Michigan’s July survey of consumer sentiment.
• In earnings, 3M, Bristol-Myers Squibb, Charter Communications, and Colgate-Palmolive will report.
Financially surviving a layoff
Losing your job can be one of the most challenging experiences of your professional life.
Financially, it can leave you in limbo too, especially if you were living paycheck-to-paycheck to make ends meet.
We often talk a lot about having an emergency fund to cover three to six months of expenses in case of an unexpected event or expense, and this is just the type of event in question.
Managing finances while out of work
Get assistance. If your layoff comes with a severance package make sure you understand the details. Find out how long your health insurance will remain in place and see if you are eligible for COBRA. This is particularly important if you have other dependents on your insurance as well.
You may also be eligible to apply for unemployment benefits which can help bridge the payment gap.
Getting ready for the job hunt. Create a strategic plan for your job search that can help keep you on track and motivated. Update your LinkedIn profile as well as your resume. And don’t be scared to tap your network about potential opportunities.
Today’s top stories
Should teenagers have credit cards?If your gut reaction was “no!”, consider this: Building credit from an early age can help foster financial wellness and independence later on.
Read more >> How to save money on groceriesThe average American household spends $5,703 per year on groceries. But these 23 tips may be able to help you get this number down.
Read more >>Other news that caught our eye
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Disney and Warner Bros. Discovery launched a new streaming bundle, selling Disney+, Hulu, and Max subscriptions together at up to a 38% discount.
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Speaking of Disney, the studio’s Inside Out 2 became the highest-grossing animated film of all time worldwide, overtaking the studio’s own Frozen 2.
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CrowdStrike has been criticized for offering $10 UberEats vouchers as an apology to certain parties affected by its outage that affected 8.5 million Windows devices globally.
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Southwest is scrapping open seating, which was one of the airline’s defining features for more than 50 years. It will also begin offering extra legroom and overnight flights next year.
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Amazon Web Services will build AI tools to analyze medical data for GE HealthCare.
Financial planner tip of the day
"With the 70-20-10 rule, you aim to put 70% of your income into essential and discretionary spending, 20% toward savings or investing, and 10% toward debt paydown and charitable giving. These ‘buckets’ can help you prioritize and achieve your financial goals."
Brian Walsh, CFP® at SoFi