SoFi

🏃 Inflation is still outpacing wage growth

SoFi sent this email to their subscribers on October 31, 2023.

With wage growth set to slow next year, what will it take for salaries to catch up with inflation?

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This email is coming from an unmonitored email account. Please do not respond to this message.
 
SoFi Daily News
Tuesday
OCT 31, 2023
 
 
     
  Market Recap  
 
Dow Jones
32,928.96
(+1.58%)
S&P 500
4,166.82
(+1.2%)
Nasdaq
12,789.48
(+1.16%)
McDonald’s
$260.15
$4.39 (+1.72%)
General Motors
$27.36
$0.14 (+0.51%)
ON Semiconductor
$65.34
-$18.18 (-21.77%)
 
     
 
   
   
  Did inflation steal your raise?  
  Inflation is outpacing wage growth. Now, even with inflation slowing, new data suggests the trend won’t change in 2024. Here’s what you need to know.
Read more>>
 
  piggy bank  
     
   
  MARKET RECAP  
  US stocks jumped sharply on Monday, after both the S&P 500 and Nasdaq slipped into correction territory last week  
 
  • McDonald’s shares rose 1.7% after beating estimates. The company saw a 14% year-over-year increase in revenues, and an 8.8% boost to same-store sales, driven by strategic price increases, marketing campaigns, and digital and delivery orders as consumers flock to its cheaper menu items.


  • Shares of ON Semiconductor plummeted nearly 22% after the company announced weaker-than-expected guidance, even though it reported a near-90% year-over-year increase in net income.


  • The Dallas Fed Manufacturing Index for October registered its 18th consecutive month in negative territory, highlighting a sustained decline in business conditions across Texas. Texas is the second-ranked state by factory production and responsible for almost 10% of manufacturing output in the U.S.
 
  What to be on the lookout for today  
 
  • We’ll get earnings reports from BP, Pfizer, and the world's largest broadline food distributor, Sysco. Pfizer recently lowered its earnings and revenue guidance for the year as demand for its Covid products wanes.


  • We’ll also get a look at the housing market with the Case-Shiller Home Price Index. Last month, this 20-city index showed the first year-over-year increase in housing prices in five months.
 
     
   
  🎃There’s nothing scary about home insurance  
  It’s Halloween! There are all sorts of scary things that can happen to your home – and we’re not talking about a toilet-papered tree in your front yard.

Life happens, and something breaks. That’s why it’s important to have home or renters insurance, to provide coverage to address damage, or theft to your home, or belongings.

How to pick a policy
If you are taking out a mortgage to buy a house, your lenders may require proof of home insurance.

Policies differ so be sure to understand what exactly will be covered. It’s a good idea to compare coverages to find a plan that best fits your needs.

Take inventory.
Personal property coverage can help cover the cost of your personal belongings, including items like electronics, appliances, and furniture when they are damaged, destroyed or stolen. Make sure the coverage limit is high enough to cover your possessions.

What is the deductible?
Your policy’s deductible is how much you have to cover out of pocket before your insurance kicks in to cover a claim. The deductible amount can vary – make sure you are financially comfortable with it before deciding on a plan. Higher deductible plans tend to be less expensive, but you’ll face higher upfront costs when filing a claim.

Know what’s not covered.
There are some things that a standard policy might not cover, such as flooding. Some lenders require flood insurance if you live in a high-risk area. Review your options, and stay protected!

If you’re a new homebuyer, SoFi Protect can help you look into your insurance options.
 
  piggy bank  
     
   
  Today’s top stories  
     
  The economy is doing great — so why doesn’t it feel like it?  
  GDP is growing, the job market is strong, but this group is still feeling the pinch.
Read more >>
 
  The new best way to travel  
  Forget first class. Forget business. Flyers are finding premium economy plane seats provide support for your back and bang for your buck.
Read more >>
 
  You have home insurance – but do you need home warranties?  
  A home warranty can ease the headaches and financial strain of fixing or replacing appliances and home systems, but any contract will require much more than a glance. Here’s what you need to know.
Read more >>
 
     
   
 
  Other news that caught our eye  
   
 
  Financial planner tip of the day  
  “First-time home buyers can be bamboozled by the true cost of buying a home because there’s a lot more to consider than just principal and interest. Before buying a home, you should crunch and become familiar with the numbers for the total cost of your mortgage, including insurance, taxes, fees, bills, furniture, and so on. Only with a good grasp of what each line item will run can you make an estimate about the size of the mortgage, and therefore the home you can afford to buy.”  
  – Brian Walsh, CFP® at SoFi  
  How did you like today’s newsletter?  
 
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  This email was sent to you at by SoFi Wealth LLC. (SoFi) because you’re enrolled in the SoFi Daily. If you do not want to receive SoFi Daily emails, .

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

Communication of SoFi Wealth LLC an SEC Registered Investment Adviser

SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

To manage your SoFi email communication preferences, click here.

| Legal | SoFi Learn

Apple, the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.

234 1st Street, San Francisco, CA 94105

© 2023 Social Finance, Inc. All rights reserved.

w: 20231031
 

Text-only version of this email

                                                                                                                                            This email is coming from an unmonitored email account. Please do not respond to this message. SoFi Daily News Tuesday • OCT 31, 2023         Market Recap     Dow Jones 32,928.96 (+1.58%) S&P 500 4,166.82 (+1.2%) Nasdaq 12,789.48 (+1.16%) McDonald’s $260.15 $4.39 (+1.72%) General Motors $27.36 $0.14 (+0.51%) ON Semiconductor $65.34 -$18.18 (-21.77%)   Did inflation steal your raise?     Inflation is outpacing wage growth. Now, even with inflation slowing, new data suggests the trend won’t change in 2024. Here’s what you need to know. Read more>>     piggy bank           MARKET RECAP     US stocks jumped sharply on Monday, after both the S&P 500 and Nasdaq slipped into correction territory last week     * McDonald’s shares rose 1.7% after beating estimates. The company saw a 14% year-over-year increase in revenues, and an 8.8% boost to same-store sales, driven by strategic price increases, marketing campaigns, and digital and delivery orders as consumers flock to its cheaper menu items. * Shares of ON Semiconductor plummeted nearly 22% after the company announced weaker-than-expected guidance, even though it reported a near-90% year-over-year increase in net income. * The Dallas Fed Manufacturing Index for October registered its 18th consecutive month in negative territory, highlighting a sustained decline in business conditions across Texas. Texas is the second-ranked state by factory production and responsible for almost 10% of manufacturing output in the U.S.     What to be on the lookout for today     * We’ll get earnings reports from BP, Pfizer, and the world's largest broadline food distributor, Sysco. Pfizer recently lowered its earnings and revenue guidance for the year as demand for its Covid products wanes. * We’ll also get a look at the housing market with the Case-Shiller Home Price Index. Last month, this 20-city index showed the first year-over-year increase in housing prices in five months.   🎃There’s nothing scary about home insurance     It’s Halloween! There are all sorts of scary things that can happen to your home – and we’re not talking about a toilet-papered tree in your front yard. Life happens, and something breaks. That’s why it’s important to have home or renters insurance, to provide coverage to address damage, or theft to your home, or belongings. How to pick a policy If you are taking out a mortgage to buy a house, your lenders may require proof of home insurance. Policies differ so be sure to understand what exactly will be covered. It’s a good idea to compare coverages to find a plan that best fits your needs. Take inventory. Personal property coverage can help cover the cost of your personal belongings, including items like electronics, appliances, and furniture when they are damaged, destroyed or stolen. Make sure the coverage limit is high enough to cover your possessions. What is the deductible? Your policy’s deductible is how much you have to cover out of pocket before your insurance kicks in to cover a claim. The deductible amount can vary – make sure you are financially comfortable with it before deciding on a plan. Higher deductible plans tend to be less expensive, but you’ll face higher upfront costs when filing a claim. Know what’s not covered. There are some things that a standard policy might not cover, such as flooding. Some lenders require flood insurance if you live in a high-risk area. Review your options, and stay protected! If you’re a new homebuyer, SoFi Protect can help you look into your insurance options.     piggy bank           Today’s top stories           The economy is doing great — so why doesn’t it feel like it?     GDP is growing, the job market is strong, but this group is still feeling the pinch. Read more >>     The new best way to travel     Forget first class. Forget business. Flyers are finding premium economy plane seats provide support for your back and bang for your buck. Read more >>     You have home insurance – but do you need home warranties?     A home warranty can ease the headaches and financial strain of fixing or replacing appliances and home systems, but any contract will require much more than a glance. Here’s what you need to know. Read more >>           Other news that caught our eye     * General Motors and the UAW reached a tentative four-and-a-half-year labor deal. GM is the last of the Big Three automakers to reach an agreement with the trade union after six weeks of historic strikes. The tentative agreements must still be ratified by union members. * President Joe Biden signed an executive order to regulate generative AI, and set security and privacy standards. * Google CEO Sundar Pichai took the stand to defend the search giant in the largest antitrust trial in decades. Pichai argued that Google simply became so popular by providing a superior service. * Germany’s GDP contracted by 0.1% in Q3, driven by a decline in consumer spending. This is a troubling sign that Europe’s biggest economy could be slipping into a recession. * Facebook and Instagram users in Europe can now pay a monthly subscription to remove ads. This update is designed to address data privacy concerns from EU regulators.   Financial planner tip of the day     “First-time home buyers can be bamboozled by the true cost of buying a home because there’s a lot more to consider than just principal and interest. Before buying a home, you should crunch and become familiar with the numbers for the total cost of your mortgage, including insurance, taxes, fees, bills, furniture, and so on. Only with a good grasp of what each line item will run can you make an estimate about the size of the mortgage, and therefore the home you can afford to buy.”     – Brian Walsh, CFP® at SoFi     How did you like today’s newsletter?     smartphone smartphone smartphone   This email was sent to you at by SoFi Wealth LLC. (SoFi) because you’re enrolled in the SoFi Daily. If you do not want to receive SoFi Daily emails, . Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision. The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content. Communication of SoFi Wealth LLC an SEC Registered Investment Adviser SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners. Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. To manage your SoFi email communication preferences, click here. | Legal | SoFi Learn Apple, the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC. 234 1st Street, San Francisco, CA 94105 © 2023 Social Finance, Inc. All rights reserved. w: 20231031  
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