Monday,
August 12, 2024
Market recap
Dow Jones
39,497.54
+51.05 (+0.13%)
S&P 500
5,344.16
+24.85 (+0.47%)
Nasdaq
16,745.30
+85.28 (+0.51%)
Top Story
Do we need an emergency rate cut?
The market turmoil of the past weeks has pushed investors to wonder if the Federal Reserve should act over the summer. But with a data-heavy week coming up, the key question may be a different one. Here’s what’s ahead on Wall Street.
US stocks finished higher on Friday
• Following several days of turbulence, all three indexes finished roughly flat to end the market’s most volatile week of 2024.
• The average 30-year mortgage rate fell below 6.5% last week, according to mortgage finance agency Freddie Mac, its lowest level since May 2023.
What to be on the lookout for today
• The New York Fed’s measure of consumer inflation expectations.
• In earnings, project management provider Monday.com will report.
Do you know where your employee benefits are? Checking in on retirement funds
We’re more than halfway through the year. And even though your benefits election period may be a few months off, it’s still a great time to check on your employee benefits, such as your retirement account.
Assess your 401(k) contributions. Make sure you’re at least contributing enough to get your “free money” (aka the company match if available). Here are three common scenarios that could merit midyear changes:
• Got a raise? Consider increasing your retirement contribution by the same percentage.
• What about a bonus? If a piece went to your 401(k), you may actually need to scale back contributions for the second half of the year, or you’ll max out too early. Remember that you’re better off contributing a little from every paycheck — rather than frontloading — to optimize the company match.
• Is this your only investment account? Consider contributing the max amount you can. Here's a guide to mazing out your 401(k).
Roll over old 401(k)s. If you’ve got a 401(k) from an old job, you could roll it over into an IRA. Typically, investment options increase and fees are reduced. That can improve portfolio returns.
Today’s top stories
Back-to-school supplies will be more expensive this yearBad news for parents: Back-to-school supplies aren’t immune to inflation, and getting your kids ready to return to school or even college will cost more than it did in previous years.
Read more >> Student discounts are becoming more difficult to getCompanies are beginning to incorporate age-verification technology to make it harder for students to hold onto discounts after graduating.
Read more >> How many parents pay for their kids’ college education?Many parents worry about how to fund their children’s education, but between financial aid, scholarship programs, and loans, how many parents actually pay for college themselves?
Read more >>Other news that caught our eye
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After Taylor Swift concerts in Austria were canceled over security threats, insurers could face millions of dollars in claims.
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Retailers are getting in on “Summerween”, a TikTok trend of throwing spooky summer parties, by rolling out Halloween products early. Starbucks will also start selling Pumpkin Spice Lattes this month.
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Delta will seek $500 million or more in damages in its planned lawsuit against CrowdStrike and Microsoft, even though the companies say the airline is to blame for cancellations related to the global IT outage.
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Paramount will cut 15% of its U.S. workforce and reported its cable assets are worth nearly $6 billion less than previously thought.
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Life Time will debut a proprietary pickleball ball in its fitness clubs later this month as the company invests heavily in the popular sport.
Financial planner tip of the day
“It’s a good idea to check your pay stubs periodically to ensure that the deductions being taken out are accurate and align with your financial goals. To make sure the appropriate amount of taxes are being withheld from each paycheck, you may also want to revisit your W-4 annually and make any adjustments as your circumstances change.”
Brian Walsh, CFP® at SoFi