Thursday,
September 5, 2024
Market recap
Dow Jones
40,974.97
+38.04 (+0.09%)
S&P 500
5,520.07
-8.86 (-0.16%)
Nasdaq
17,084.30
-52.00 (-0.30%)
Top Story
Trade jobs are growing in popularity. Here is why
Conventional wisdom dictates that a bachelorâs degree is the first step on the path to a successful career. But this idea is starting to change along with the labor market and the economy.
US stocks finished mixed on Wednesday
• Shares of Dollar Tree plummeted more than 22%, its worst drop in two decades, after missing earnings expectations. Last week, competitor Dollar General recorded its steepest single-day decline on record.
• U.S. job openings reached their lowest level since January 2021 in July, another sign of a softening job market.
• The 30-year mortgage rate ticked down to the lowest level since April 2023, at 6.43% in late August.
What to be on the lookout for today
• ISMâs measure of business activity in the services sector.
• In earnings, Broadcom and Docusign will report.
Why itâs another nail biter week for investors
Another eventful week is upon us, even if it's only a short one. Friday morning, the Labor Department will publish the August jobs report, and there could be turbulence if it shows continued weakness from the month before.
âLabor market data is now more important for market direction than inflation data,â SoFi Head of Investment Strategy Liz Young Thomas reminds us in her column this week.
âThe tricky part of the current situation [is] if things stay where they are, everything is in balance and we (or the Fed) can say weâve gotten inflation under better control without breaking the labor market,â she writes. âWhat we canât know yet is whether weâre simply passing through the âbalancedâ scenario on our way to âweak.ââ
Making matters even more high-profile, Fridayâs jobs report is the last key labor market data before the Federal Reserveâs highly anticipated September meeting where the central bank is expected to kick off a rate cutting cycle. It will be another nail biter.
Read the preview of whatâs to come here.
Todayâs top stories
Why Gen Z takes so many sick daysGen Z is proving to be a unique generation in many ways, from how its members invest, to how they think about fighting burnout.
Read more >> Budget airlines want to go premium. But thereâs one thing missing in that strategyLow-cost carriers like Southwest and Spirit are rolling out new service tiers to capitalize on travelers who are craving more comfort amid the higher cost of travel. But are they forgetting about another demographic?
Read more >> Ways to save money on coffee expensesInflation has made the coffee at your neighborhood cafe more expensive. Here are 17 ways to save on your caffeine expenses.
Read more >>Other news that caught our eye
-
McDonaldâs is scrapping plastic McFlurry cups, serving the dessert in cardboard cups instead starting September 10, as part of the fast-food giantâs ongoing sustainability efforts.
-
Costcoâs annual membership fees have officially increased for the first time in seven years. The price of most plans rose $5 to $65 per year, while its premium planâs price increased $10 to $130.
-
The Nordstrom family wants to buy back a majority share in the department store and take the company private, in a deal that would value Nordstrom at approximately $3.8 billion.
-
U.S. regulators fined six credit rating agencies, including Moodyâs and S&P Global, over âsignificant failuresâ to keep electronic records.
-
Volvo abandoned its 2030 EV-only production target. The automaker now intends to still offer some hybrid models at that time.
Financial planner tip of the day
"Short-term money is any money you might need in the next couple of years, such as an emergency fund (so long as you have fast access to this money), travel fund, wedding fund, or down payment savings. The priority is it is there when you need it, which is why many people use a high-yield savings account or another cash equivalent."
Brian Walsh, CFPÂŽ at SoFi