Fed interest rate hike will make credit card debt more expensive
The Federal Reserve raised its key interest rate Wednesday, which will increase variable interest rates for credit cards.
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MarketWatchHere’s how far house prices are set to fall as rates go up, according to this forecasting firm
Stocks are set to veer south post holiday, following earlier optimism over reports President Joe Biden may lower tariffs on some Chinese goods to help ease the inflation sting. There isn’t much to explain the moodiness of stocks, which logged gains on Friday, but weekly losses on worries about a recession spurred on by rising U.S. interest rates. In the U.S., mortgage applications are down 28% from their peak, new home sales are off 17% and housing starts down 13%.
- MoneyWise
Warren Buffett says inflation 'swindles almost everybody' — here's 10 ways his frugal habits can help you save money
The uber-wealthy investor is thrifty with everything from his breakfast to his house.
- Motley Fool
Warren Buffett's Secret Portfolio Has 86% of Its Assets Invested In These 3 Stocks
Berkshire Hathaway's quarterly 13F filing won't tell you about the Oracle of Omaha's $6.3 billion hidden portfolio.
- Business Insider
Markets have plunged in 2022 but there are 3 positive outcomes of the brutal downturn, top economist Mohamed El-Erian says
"The promise now is one of a more sustainable destination. Unfortunately, it comes with an uncomfortably bumpy and unsettling journey."
- Yahoo Finance
'The elephant in the room for Tesla,' according to WedBush's Dan Ives
Some storm clouds are appearing on the horizon for Tesla bulls after a respectable second quarter.
- TipRanks
Down More Than 50%: Analysts Say Buy These 3 Beaten-Down Stocks Before They Rebound
Now that we’re into the second half of 2022, with the Independence Day holiday behind us, we can take stock of the changes that the last six months have brought. And those changes have been dramatic. As this year got started, the S&P 500 was coming off of a 27% annual gain. Today, the index is down 20%, putting it into a bear market. The losses have been broad-based, and have left many otherwise sound equities languishing at low prices. It’s a circumstance that has a lot of unhappy investors won
- Bloomberg
Chinese Chipmakers Surge After US Pushes for More Industry Curbs
(Bloomberg) -- Washington’s latest move to restrain Beijing from fostering its chipmaking industry is powering China’s semiconductor stocks as the US restrictions could fire up support for homegrown technology.Most Read from BloombergNatural Gas Soars 700%, Becoming Driving Force in the New Cold WarRoaring US Rental Market Shows Early Signs of Slowing DownUS, Allies Discuss Capping Russian Oil at $40-$60 a Barrel to Cut War FinancingGood Luck Making It to Your Vacation This SummerWall Street Say
- SmartAsset
Doing a Roth Conversion Like This Can Minimize Your Taxes
One of the costs of converting a traditional IRA to a Roth IRA is how much you will pay in taxes. In some cases, those taxes can be a heavy burden, especially if you have been diligent in building up … Continue reading → The post Doing a Roth Conversion Like This Can Minimize Your Taxes appeared first on SmartAsset Blog.
- MoneyWise
‘How quickly the tables have turned’: A drop in mortgage rates has homebuyers so cocky they’re asking sellers for cash
Close to 12,000 fewer homes sold in April and May compared to the pre-pandemic average.
- MoneyWise
Don't be duped by doomsayers, JPMorgan says — the S&P 500 will rebound to 4,900. Here are 3 stocks it's using to bet on a bounce
Anyone positioning their portfolio for a recession could be making a big mistake.
- MarketWatch
‘They all have 2 areas of concern that I do not like.’ I have seven figures saved, and I’ve interviewed a bunch of financial advisers. These are the two things they’ve all told me — what should I do about it?
Question: I’m about three years from FIRE (Financial Independence, Retire Early) status and have been looking at placing a portion of my investable assets with an advisor, which would still be seven figures. And one thing to note: Even in a traditional assets under management model, should an account value drop and the dollar amount decrease, the adviser still has an incentive to make good investment decisions to help the account recover as quickly as possible, says Brinser.
- Business Insider
Wharton professor Jeremy Siegel says there's 'no question' the US is already in a recession and the Fed could shock markets with a much smaller rate hike this month if data weakens
"The Fed has to be careful not to slam on the brakes and just crash this economy," Jeremy Siegel, a Wharton professor, said.
- Zacks
Sever Your Ties With These 4 Toxic Stocks to Ward Off Losses
Just like picking up stocks with strong growth potential, pinpointing toxic stocks and abandoning them at the right time hold the key to protecting your portfolio from big losses.
- FX Empire
Crypto.com and Cronos (CRO) Are Next to Get Hit with Rumors
Today, Crypto.com CEO Kris Marszalek addressed liquidity issue rumors. The crypto rumor mill continues to cause damage as the crypto winter rolls on.
- Motley Fool
If You Own These 3 Growth Stocks, You Might Want To Rethink Your Position
Many investors dumped their growth stocks this year as rising interest rates sparked a grueling rotation toward more conservative investments. Over the past month, I highlighted a few growth stocks that still looked like worthy turnaround plays in this challenging market. Today, I'll turn my attention toward three former growth stocks that are arguably broken companies instead -- ContextLogic (NASDAQ: WISH), more commonly known as Wish, Grab (NASDAQ: GRAB), and Matterport (NASDAQ: MTTR) -- and explain why they're all worth selling.
- Fortune
How high-net-worth individuals are riding out the bear market, according to their financial planners
The economy is rocky, but high-net-worth individuals aren't worried.
- Motley Fool
Down 65%, Is This Cloud Provider a Screaming Buy?
This tiny cloud player has a unique niche and impressive results. The stock price is getting tough to ignore.
- Reuters
Crypto lender Voyager Digital files for bankruptcy
(Reuters) -U.S. crypto lender Voyager Digital said on Wednesday it had filed for bankruptcy, becoming another casualty of a dramatic fall in prices that has shaken the cryptocurrency sector. Crypto lenders such as Voyager boomed in the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. New Jersey-based Celsius in June froze withdrawals and has hired advisers on a possible bankruptcy filing.
- MarketWatch
Is your adviser encouraging you to do an IRA rollover? Make sure they’re following this new rule
IRA rollovers are common, whether they’re from an old 401(k) or just one account to another, but a newly implemented Department of Labor rule says financial advisers suggesting the move have some explaining to do. Retirement Tip of the Week: If you work with a financial adviser and they are suggesting you do an IRA rollover, a rule made effective July 1 says the reason must be in writing. Make sure you get that document, for your sake as well as your adviser’s.
- The Telegraph
British Airways close to deal to avert wave of summer strikes – live updates
Elon Musk fathered twins with one of his top executives Reports says Heathrow unions are close to a pay deal with British Airways Pound rises on Boris Johnson resignation FTSE climbs amid European rally Boris Johnson to resign – but the Prime Minister won't be leaving No 10 just yet Ben Marlow: The first corporate casualty of the coming recession has been laid low Sign up here for our daily business briefing newsletter