Monday,
September 9, 2024
Market recap
Dow Jones
40,345.41
-410.34 (-1.01%)
S&P 500
5,408.42
-94.99 (-1.73%)
Nasdaq
16,690.83
-436.83 (-2.55%)
Top Story
Americans who own stocks feel better about the economy
There is a widening gap in how Americans feel about the economy, hinging primarily on one factor.
US stocks finished sharply lower on Friday
• The U.S. economy added 142,000 jobs in August, slightly less than expected. The unemployment rate fell back to 4.2% from 4.3% in July.
• All three major indexes fell as tech and chip stocks sold off following the report, also finishing the week in the red, marking the S&P 500ās worst week since March 2023.
What to be on the lookout for today
• The New York Fedās consumer inflation expectations for August, as well as wholesale inventories.
• In earnings, Oracle will report.
What happens if you donāt start repaying your student loans?
Many Americans have still not started repaying their student loans. And the final grace period is coming to an end on September 30.
Quick rewind: Student loan repayments were halted in 2020 to provide some financial relief to borrowers during the pandemic, putting millions of eligible loans on a payment pause. But bills resumed in October 2023, with the on-ramp period ending at the end of this month.
So what happens if you miss this last deadline? If you donāt start making monthly minimum payments your loan provider could report the delinquent payments to credit bureaus, which could hurt your credit history and score. You could also be hit with additional fees and penalties.
How to manage your student loans
Know your loan. You canāt make the right decision about repayment options without fully understanding your loan, including interest rate, term and minimum monthly payment.
Get ahead. Reach out to your loan servicer if youāre struggling to make your payment. Setting up auto pay can make it easier to manage your loan too.
Try to change the terms. Find out if you may be eligible to reduce your monthly payments through an income-driven repayment plan, or lengthen how long you have to pay back the loan through an extended repayment plan.
Todayās top stories
So, does inflation data not matter anymore?Inflation week is upon us, but does that even matter anymore after the Federal Reserve turned its attention to the labor market? We get into it. Hereās whatās ahead on Wall Street.
Read more >> Feeling behind on retirement? Youāre not aloneDespite record average retirement balances, Americans are feeling behind on their savings.
Read more >> There are many benefits to using a financial advisor. But how do you find the right fit?Hereās what you should consider before starting your search.
Read more >>Other news that caught our eye
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U.S. regulators are investigating the rewards programs of four major airlines ā American, Delta, Southwest, and United ā for potentially deceptive or anticompetitive practices, such as devaluing frequent flier miles.
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Selena Gomez joined the billionaire club, with much of her wealth tied to the success of her beauty brand, Rare Beauty.
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Companies have finally found a way to use virtual reality in the workplace. Several major companies, including UPS and Walmart, are beginning to use VR headsets to train employees.
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Another carmaker slashed its electric vehicle production goals: Toyota now expects to make 30% fewer EVs in 2026 than previously forecast.
Financial planner tip of the day
āIf youāre looking to pay off your debt faster, itās a good idea to take a look at your spending and income, find some ways to reduce your non essential spending, and then funnel any money you free up towards your debt repayment plan.ā
Brian Walsh, CFPĀ® at SoFi