Wednesday,
August 28, 2024
Market recap
Dow Jones
41,250.50
+9.98 (+0.02%)
S&P 500
5,625.80
+8.96 (+0.16%)
Nasdaq
17,754.82
+29.05 (+0.16%)
Top Story
What if high earners stop spending big?
Higher earners have been able to withstand a lot more of the rising price pressure compared to lower earners. But one study suggests that wealthier Americans are starting to pull back.
US stocks inched higher on Tuesday
• The Dow Jones Industrial Average rose just 10 points but notched to a new record close.
• U.S. home prices hit a new all-time high after surging 5.4% year-over-year in June, according to the S&P CoreLogic Case-Shiller index.
• Consumer confidence reached a six-month high in August, per the Conference Board, but job market concerns rose too.
What to be on the lookout for today
• The weekly update to the 30-year mortgage rate.
• It will be a big day for earnings, headlined by chipmaker NVIDIA. Abercrombie & Fitch, Affirm, CrowdStrike, Five Below, Foot Locker, HP Inc, J.M. Smucker Co, Kohlâs, and Salesforce will also report.
This number has a big impact on your finances
When it comes to borrowing money, lenders will turn to a three-digit number to help make the decision: your credit score.
Banks want to reduce their risk, and a credit score represents a borrowerâs creditworthiness (aka the ability to repay the loan).
Your credit score is determined by a variety of factors, including your payment history, types of credit accounts, your credit utilization rate, and length of credit history.
A score higher than 700 is typically considered good.Your history, your score
Maintaining a good credit score can save you money: People with higher credit scores tend to secure lower interest rates on loans.
Checking your credit score wonât lower it, but inquiries made by lenders and credit card companies for a full check of credit history can affect a score.
Your credit score can also fluctuate, so keeping an eye on it makes sense. Late payments, opening up a new line of credit, or paying off a loan can impact your score. And if your score unexpectedly drops, try to find out why.
Learn more about staying on top of your score with free credit score monitoring from SoFi Relay.
Todayâs top stories
Why do recruiters post âghost jobsâ that donât exist?Between a slowing job market and job postings that may or may not be real, itâs tough out there for job seekers.
Read more >> Restaurant surcharges could be here to stayAs lawmakers crack down on âjunk feesâ, restaurants are pushing back against being included in the rules. Hereâs what that means for diners.
Read more >> How much should you spend on groceries every month?While your household size, diet, and preferences determine your grocery costs, here are some useful ways to think about grocery budgeting.
Read more >>Other news that caught our eye
-
Americans are set to spend nearly $39 billion on back-to-school shopping, or nearly $875 per household, this year, according to estimates from the National Retail Federation. Thatâs the second-highest level on record.
-
Care.com will pay customers $8.5 million to settle charges by U.S. regulators that the company misled job seekers and posters.
-
Walmart will allow third-party sellers to use its fulfillment services starting in September â even for orders placed on separate platforms such as Etsy â as it ramps up competition with Amazon.
-
Stop & Shop will stop selling cigarettes, joining major chains like CVS and Target that do not stock tobacco products.
-
Exxon Mobil forecasts fossil fuels will continue to make up most of the worldâs energy mix in 2050, even if electric vehicles are adopted en masse.
Financial planner tip of the day
"Whether itâs in a wallet or bank account, cash money means something. Itâs liquid, which means a person can get to it whenever they need to and the returns donât fluctuate. That stability comes with the drawback of purchasing power. Cash investments donât keep up with inflation."
Brian Walsh, CFPÂŽ at SoFi