Monday,
August 19, 2024
Market recap
Dow Jones
40,659.76
+96.70 (+0.24%)
S&P 500
5,554.25
+11.03 (+0.20%)
Nasdaq
17,631.72
+37.22 (+0.21%)
Top Story
Six figure salaries, long weekends, no degrees required
An increasing number of in-demand, high-paying, highly specialized jobs don’t require college degrees.
US stocks finished higher on Friday
• The three major indexes finished higher on the week for the market’s best week of 2024 to date.
• Both building permits and housing starts fell more than expected last month to their lowest levels in four years, signaling a persistent inventory crunch in the housing market.
• Consumer sentiment rose for the first time in five months, per the University of Michigan’s Survey of Consumers, while inflation expectations for the next 12 months remained at their lowest level since the end of 2020.
What to be on the lookout for today
• A speech from Fed Governor Christopher Waller.
• In earnings, EstĂ©e Lauder and Palo Alto Networks will report.
3 money lessons college freshmen should know
Many college-bound students have taken algebra, geometry and chemistry… but not personal finance. And that can lead to trouble.
Incoming freshmen should come to school with a budget, knowing how much money they will have coming in each month and how much they can afford to spend. Online budget trackers, such as SoFi Relay, can help.
Personal finance 101
Credit cards: with great power, comes great responsibility. Establishing credit as a young adult can be good for your credit score later on. But only if you’re a responsible user. That means only charging purchases you can afford and paying your bills on time.
Get thrifty. Take advantage of student discounts and activities on campus. Check out online marketplaces for deals on dorm accessories and furniture. And if you're paying for a meal plan – take full advantage. Dining out can be a big budget eater.
Today’s top stories
Central bankers take a second look at employment numbersOn a vacation of sorts, bankers will flock to Jackson Hole this week to discuss – what else – the labor market and interest rates.
Read more >> Streamers are squeezing more profits out of customersAfter years of focusing on subscriber growth, services are upping their prices.
Read more >> Are you on track for retirement?Doing a retirement gap analysis can help you understand how you’re pacing towards your retirement goals. We’ll show you how to get started.
Read more >>Other news that caught our eye
-
Ford is recalling roughly 85,000 police SUVs due to the risk of engine fires.
-
Presidential candidate Kamala Harris proposed a $6,000 child tax credit for new parents. She also supports restoring the pandemic-era credit of up to $3,600 per child.
-
Walmart will slash the price tag on some 7,000 items, despite reporting strong demand in the second quarter.
-
Disney’s new theme park expansions may come without a ticket price increase. The company said it will provide a range of pricing to retain cost-conscious consumers.
Financial planner tip of the day
"Saving money in college can feel like an impossible task, but having an effective budget in place can help. Starting the college experience with a budget in place can help curb impulse purchases, and can actually relieve some of the pressure around spending. If a student knows how much money they can allocate for, say, going out, it could be easier to say no to the pressure of a spendy night out with friends."
Brian Walsh, CFP® at SoFi