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Here’s why younger generations may be better prepared for retirement
Research from Morningstar shows that the popularity of different retirement plans over time is affecting who could face a savings shortfall.
US stocks finished sharply higher on Tuesday following a cooler-than-expected inflation report
• Wholesale inflation ticked up just 0.1% in July, less than expected. On an annual basis, it rose 2.2%, a steep drop from the previous month’s reading of 2.6%.
• Wall Street’s fear gauge, the Cboe Volatility Index, or Vix, fell below 20 points after closing at a four-year high of nearly 40 points during last week’s volatility.
• Shares of Starbucks soared by 24.5%, recovering all of its year-to-date losses in its largest daily percentage gain on record, after naming Chipotle CEO Brian Niccol as its new chief executive starting next month. Chipotle stock fell 7.5% on the news.
What to be on the lookout for today
• Key inflation data will keep rolling in with the Consumer Price Index.
• In earnings, Cisco and UBS will report.
Gearing up for the back-to-school rush without breaking the bank
Summer is nearly over and it’s time to get the kids ready to go back to school. Often, that’s not a cheap endeavor, from the school supplies, to new clothes, shoes and backpacks.
A report from the National Retail Federation found that families with children in elementary through high school plan to spend $875 on back-to-school supplies. While that’s $15 less than 2023’s record high, it’s still a lot of money.
Get schooled on savings
Make a budget. Retailers tend to offer discounts on back-to-school items. Do your research. Many stores also offer price matching, so it helps to know the prices at other stores.
Credit card 101. Some credit card companies offer higher rewards at certain stores, so pay attention to help maximize any potential benefits. Using a cash-back credit card to tackle the school supplies list is also an option.
What’s old is new. If there are pricey calculators or other electronics on your kids’ lists, looking for refurbished items can bring significant savings.
Today’s top stories
The White House is cracking down on companies that waste your timeFrom easier cancellation to instant cash refunds, here are all of the new initiatives being proposed.
Read more >> Home Depot knows a thing or two about where the U.S. economy is headedOn its latest earnings call, the home improvement giant joined a growing number of companies concerned about slowing consumer demand.
Read more >> Do you feel guilty after spending money? You’re not aloneGetting an uneasy feeling after spending money, no matter if it's a necessity or a splurge, is very common. Here’s how to reframe your mind.
Read more >>Other news that caught our eye
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Would you like fries with House of the Dragon? DoorDash is partnering with Max, offering a subscription to its U.S. membership program customers at no additional cost.
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Happy Meals, but for adults: McDonald’s is debuting a Collector’s Meal, which comes with themed collectible cups.
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Blink Fitness filed for Chapter 11 bankruptcy protection. Its roughly 100 low-priced gyms remain open, but the company warned that some could close in the process.
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Dockworkers at North America’s largest maritime union are threatening to strike in October, which could affect cargo ports along the U.S. east and gulf coasts.
Financial planner tip of the day
“If you have savings that is not currently earmarked for a specific financial goal, take some time to think about what goal you’d like to apply it to. A great first saving goal is to have three to six months of living expenses in an emergency fund. After that, it might be good to turn your attention toward retirement savings and investing.”
Brian Walsh, CFP® at SoFi