| This email is coming from an unmonitored email account. Please do not respond to this message. | | | | | | | | | Market Recap | | | | | Dow Jones | 33,127.28
(-0.86%) | | S&P 500 | 4,224.16
(-1.26%) | | Nasdaq | 12,983.81
(-1.53%) | | Costco | $552.93
-$12.70 (-2.25%) | | | | | | | | | | | | | Recession? I don't know her | | | | Everyone worried there'd be a recession in the U.S. this year. But as Americans keep their wallets open and credit cards handy, strong spending has kept the party going. Here's what's ahead for Wall Street this week, including Q3 GDP data.
Read more>> | | | |  | | | | | | | | MARKET RECAP | | | | US stocks fell on Friday, with the S&P 500 logging its fourth daily loss in a row after the 10-year Treasury yield touched 5% for the first time in more than 16 years | | | | - All the major indices finished the week sharply in the red, with the Nasdaq recording the worst performance. Interest rates will be higher for longer, as Fed Chairman Jerome Powell seemed to reiterate again last week, which weighed on the market.
- American Express topped expectations and announced record quarterly results, carried by strong spending and demand for its high-fee credit cards. However, it increased its provisions for credit losses by 58%, reinforcing concerns about a slowing economy. American Express shares finished 5.3% lower Friday.
- Solar product manufacturer SolarEdge plunged after announcing substantial cancellations and project extensions in Europe, indicating waning demand. The company significantly lowered its Q4 revenue estimates, sending its shares 27% lower. Several other solar stocks fell as well, bringing the Invesco Solar ETF down more than 6%.
| | | | What to be on the lookout for today | | | | - It's a slow start to a busy week with the Chicago Fed National Activity Index, and earnings reports from Bank of Hawaii and Cleveland-Cliffs.
| | | | | | | | How to get help with student loans | | | | Student loans are a big responsibility for job starters to take on. This week we will explore three ways to manage your new student loan payment, but today we will focus on deferment. Deferment allows eligible borrowers to postpone payments on federal student loans for a set amount of time.
Who can qualify: There are various reasons why you may be eligible for deferment, including economic hardship, unemployment, military service, certain medical treatments, and a graduate fellowship.
Federal student loan borrowers who are currently enrolled in an eligible school at least half-time usually have their federal student loans automatically placed in in-school deferment. If this isn't happening, you can request it.
How to make the request: Reach out to your student loan servicer to make the request – this usually involves filling out a form. Be prepared to show proof that you meet the eligibility requirements for the deferment.
Some private lenders also offer deferment, so be sure to inquire about what they offer and eligibility requirements.
Don't forget about interest: Interest doesn't generally accrue on subsidized federal loans during the set deferment period.
However, it will accrue on an unsubsidized federal loan during the pause.
That means that any unpaid interest accruing during the temporary pause may be added to the principal balance of a loan later on. | | | |  | | | | | | | | Today's top stories | | | | | | | | Here is why the rise in Treasury yields matter for you | | | | The 10-year Treasury yield is hovering near 5%, a level not seen since 2007. Here's how this spike in Treasury yields could impact your bottom line.
Read more >> | | | | Hurrah, commutes are getting shorter! | | | | A shift in commuting patterns post-pandemic highlights America's evolving work landscape and its effects on personal well-being.
Read more >> | | | | Here are 31 ways to save on Halloween | | | | It's spooky season! But between decor, costumes, all that candy, and activities, it can be a pricey holiday. This is what you need to know to save money without compromising on the fun.
Read more >> | | | | | | | | | | Other news that caught our eye | | | | | | | | | | Financial planner tip of the day | | | | "A bond is basically loaning someone—a government, company, or municipality—money. Bonds can provide a steady stream of income, which includes interest payments and initial investment. However, bonds are riskier than cash. Bond issuers can default, and the yields in the long-term aren't as high as other investments." | | | | – Brian Walsh, CFP® at SoFi | | | | How did you like today's newsletter? | | | | | | | | This email was sent to you at paidmellc@gmail.com by SoFi Wealth LLC. (SoFi) because you're enrolled in the SoFi Daily. If you do not want to receive SoFi Daily emails, click here to unsubscribe.
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¹SoFi members with direct deposit activity can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder's SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder's employer, payroll or benefits provider or government agency ("Direct Deposit") via the Automated Clearing House ("ACH") Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
SoFi members with Qualifying Deposits can earn 4.50% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder's SoFi Checking and Savings account ("Qualifying Deposits") during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder's Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. ("SoFi Bank") or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder's Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.50% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 8/9/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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