Friday,
August 9, 2024
Market recap
Dow Jones
39,446.49
+683.04 (+1.76%)
S&P 500
5,319.31
+119.81 (+2.30%)
Nasdaq
16,660.02
+464.22 (+2.87%)
Top Story
What is going on in Japan?
An unexpected interest rate hike roiled Japanese markets last week, and contributed to the global market volatility of the past few days. Hereâs what happened.
US stocks bounced back on Thursday
• The S&P 500 posted its best day since November 2022, as markets continue to find their footing following the recent volatility.
• Economic data helped matters, with first-time unemployment claims falling below expectations and calming worries about a quickly deteriorating jobs market.
• The 10-year Treasury yield traded above 4% intraday for the first time since Mondayâs sell-off, another sign that investors are regaining confidence.
What to be on the lookout for today
• In earnings, utility provider Evergy will report.
Whatâs next for the housing market?
Whether youâre in the market to buy, sell, or simply watching from the sidelines, the housing market is a hot topic right now. Supply shortages, high mortgage rates, and changing demographics continue to impact both home prices and rental markets post-pandemic.
On the latest episode of The Important Part podcast, SoFiâs Head of Investment Strategy Liz Young Thomas sits down with Dr. Skylar Olsen, Chief Economist at Zillow. The two dig into current housing trends, what rate changes could mean for the market, and top-of-mind questions:
• Is it better to rent or buy in todayâs market?
• Will prices come down in 2024?
• Where is housing most affordable?
Tune in on Apple, Spotify, or wherever you get your podcasts.
Todayâs top stories
Your raise might be smaller this yearAs many companies are cutting budgets, the average pay raise is also getting smaller.
Read more >> So, is AI going to make us all more productive?The jury is still out. At this point, corporate board rooms are cheering technological progress, but workers may feel very differently.
Read more >> How do banks use AI?Here are 12 common ways financial services companies use artificial intelligence in areas from fraud prevention to decision making.
Read more >>Other news that caught our eye
-
Economist Claudia Sahm, known for the âSahm Ruleâ recession indicator, doesnât think the Federal Reserve will need an emergency rate cut to calm the markets after the past daysâ volatility.
-
Google and Meta teamed up to advertise Instagram to teenagers on YouTube, the Financial Times reports, seemingly sidestepping Googleâs policy forbidding targeting ads to viewers under 18.
-
A California bill that would put safety restraints on AI development is receiving pushback, with critics arguing that the bill is too vague and could hurt innovation.
-
Solar panel manufacturer Qcells will receive up to $1.45 billion in federal loans for its Georgia solar factory that will be the first fully integrated solar supply chain.
-
Dolce & Gabbana released a luxury perfume for dogs, but it has drawn some concerns from animal welfare experts.
Financial planner tip of the day
âBuilding a diverse portfolio can be achieved in a variety of ways, whether an investor lets their passions for an industry or certain companies guide them, or they are attracted to the ease and low barrier to entry of an ETF. The key is to find the approach that works for you.â
Brian Walsh, CFPÂź at SoFi