Friday,
August 16, 2024
Market recap
Dow Jones
40,563.06
+554.67 (+1.39%)
S&P 500
5,543.22
+88.01 (+1.61%)
Nasdaq
17,594.50
+401.89 (+2.34%)
Top Story
Millennialsâ net worths are surging â but itâs all âphantom wealthâ
Contrary to popular belief, many millennials are on very solid financial footing. It just might not feel like it.
US stocks finished higher on Thursday
• Retail sales leaped 1% month-over-month in July, well above forecasts of 0.3%, which helped to dampen lingering recessionary fears. First-time unemployment claims also fell by 7,000 last week to 227,000, well below estimates of 235,000.
• All three indexes finished higher by more than 1%, with the Nasdaq Composite surging more than 2% as tech giants and chipmakers rallied.
What to be on the lookout for today
• Building permits, housing starts, and the University of Michiganâs survey of consumer sentiment.
Christmas in August? How to budget and save for year-end holidays
The best time to think about end-of-year holidays is when youâve got burgers on the grill and beach towels hanging to dry. Planning for the added expenses of holiday celebrations, gifts, and travel can help keep your budget on track.
Look back at last year. Analyze how your spending changed in November and December last year. In addition to buying gifts, you may be giving end-of-year tips to service workers in your life, booking babysitters more often, or paying for seasonal maintenance and snow tires.
Assess your sinking fund. A sinking fund is money set aside to pay for expenses outside your everyday budget. Setting up a money-market account or high-yield savings account is one way to stash funds until you need them. Some banks and credit unions also have Christmas clubs, a short-term savings account designed for holiday spending.
Get your loved ones on board. Are you traveling or hosting for the holidays? What are family expectations when it comes to gifts? Now is a great time to align on expectations, so you can make affordable holiday plans.
A SoFi Checking and Savings account can help you save for the holidays. Youâll earn a competitive APY and pay no account fees, which can help your money grow faster.
Todayâs top stories
Inflation just fell below 3% for the first time in three yearsItâs a promising sign that the US economy is on the right track, but Americans arenât out of the woods quite yet.
Read more >> Receiving mail is the new corporate perkIn the porch pirate era, does the office provide a safer shipping address?
Read more >> Locked your keys in your car?Auto insurance roadside assistance may cover that. Hereâs a look at other common service benefits your plan might provide.
Read more >>Other news that caught our eye
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Out: Big Macs. In: Big Smashers. Chiliâs new burger drives sales, while McDonaldâs same-store sales slow.
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Inflation is making dating prohibitively expensive for some young Americans.
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Hackers stole the personal data of nearly 3 billion people in the US, UK, and Canada in a cyberattack on a background check company.
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Google may be forced to host rival app stores, a federal judge suggested in the final hearing of the Epic Games lawsuit.
Financial planner tip of the day
"Financial health isnât synonymous with a personâs savings or how much they currently earn. It may be helpful to think of good financial habits as a future-oriented exercise routine that can start with small daily stepsâsomething done today thatâs motivated by longer-term gains."
Brian Walsh, CFPÂź at SoFi