Wednesday,
August 21, 2024
Market recap
Dow Jones
40,834.97
-61.56 (-0.15%)
S&P 500
5,597.12
-11.13 (-0.20%)
Nasdaq
17,816.94
-59.83 (-0.33%)
Top Story
Not all inflation is easing. Here’s why that matters
Even as the pace of overall inflation is letting up, some categories are still getting a lot more expensive. And that could worsen inequality.
US stocks finished lower on Tuesday
• The Nasdaq Composite and S&P 500 took a breather after eight straight winning days.
• In company earnings, Home Depot echoed other consumer companies in warning about slowing demand for big-ticket purchases.
What to be on the lookout for today
• The minutes from the Federal Reserve’s July meeting. We’ll also get the weekly update to the 30-year fixed mortgage rate.
• In earnings, Target and TJ Maxx-owner TJX Companies will report.
Time to get your budget back on track
If you had an awesome summer but have been less conscious of your budget during the hot days, it’s time to get back on track.
The latter half of the year, with all its holidays, can prove expensive. But you still have time to get your budget back in shape.
Start the recovery. If your summer spending resulted in debt, make a plan to pay it off. If you have multiple sources of debt, prioritizing paying down the debt with the highest interest rate can help you tackle them.
Hit pause. If you want to rein in your spending, making some concessions can help you. Maybe that means limiting going to restaurants for a few months, or canceling underused subscriptions. The key is to be realistic and specific to help keep you motivated.
Buddy up. Making the decision to cut back as a household or with a friend, can help you be accountable and stay focused.
Today’s top stories
A gold bar is now worth $1 million for the first time everWe delve into why the price of gold has climbed so rapidly over the past months, and what might be next.
Read more >> Do electric vehicles lose their value faster?New data shows that EVs have a unique depreciation trajectory, and prospective buyers should know about it.
Read more >> What are commodities exactly, and how do they fit into the market?While oil is perhaps the most prominent commodity that market pundits talk about, there’s much more to the world of commodity markets.
Read more >>Other news that caught our eye
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Boeing is facing new issues: The plane maker paused testing on its 777X aircraft due to a problem with a structural component. The jet has faced repeated delays and was originally slated to enter service in 2020.
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In other aviation news, the merger between Alaska and Hawaiian Airlines was cleared by the U.S. Justice Department. It must still be approved by the Transportation Department.
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Vice President Kamala Harris has proposed to raise the corporate tax rate from 21% to 28%, still keeping below the pre-2017 rate of 35%.
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It’s shaping up to be a “lost year” for the RV industry, with a slump in orders, high interest rates, and an inventory glut.
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Eli Lilly’s weight-loss drug reduced the risk of developing Type 2 diabetes by 94% for people with pre-diabetes, according to a recently-concluded three-year study.
Financial planner tip of the day
"One thing to know about investing is that consistency can pay off in the long run. Even if you’re only able to invest a little money at a time through 401(k) contributions or by purchasing partial or fractional shares of stock, those amounts can add up as the years and decades pass."
Brian Walsh, CFP® at SoFi