🥊 The U.S Dollar is Wreaking Havoc

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Markets

US stocks close lower as traders prepare for more Fed tightening (5 minute read)US stocks reversed gains from earlier in the week, falling on Thursday for the second straight session as traders scrutinised economic indicators that suggest monetary policy will continue to tighten. The S&P 500 index of blue-chip US stocks closed down 0.8 per cent, while the Nasdaq Composite slid down by 0.6 per cent.

The U.S. dollar is wreaking havoc: What that means for the stock market and investors (7 minute read)Amid all of 2022’s wild volatility, there’s one thing that investors can still count on: the strong U.S. dollar. The ICE U.S. Dollar Index DXY, +0.39%, which measures the U.S. currency’s strength against a basket of six other currencies, is up 19.5% in the past 12 months. Currencies always trade relative to what’s going on everywhere else in the world and, right now, rapidly rising U.S. interest rates compared with other countries are the major reason the dollar is appreciating.

Pound Sterling falls on political uncertainty a day after PM Truss resigns (3 minute read)The British Pound fell as economic and political uncertainty weighed in on Friday after the resignation of British Prime Minister Liz Truss, following the unravelling of her vast planned tax cuts which crashed the pound and sent borrowing costs soaring. The Conservative Party will now elect a new leader within the next week. That contest is likely to pit ex-finance minister Rishi Sunak against Penny Mordaunt but could also see the return of Boris Johnson.

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Investing

Want $1 Million in retirement? Invest in these 3 stocks and wait a decade (6 minute read)Many workers aim to save $1 million for retirement, a sum they think will sustain them through much of their golden years. With a substantial initial investment, ending up with $1 million in just 10 years requires a compound annual growth rate of 14.87%. The Motley Fool analyses three stocks that might get you there: Intuitive Surgical (NASDAQ: ISRG), Abbott Laboratories (NYSE: ABT), Alphabet (NASDAQ: GOOGL).

Is it time to invest in China's internet giants? Two strategists weigh in (5 minute read)Investing in China’s technology giants may seem like a risky move to some investors, but one analyst says valuations are “extremely cheap” and China tech buys are an "obvious choice now". Tencent and Alibaba are “extremely strong companies,” according to Anand Batepati, portfolio manager at GFM Focus Investing, but Gil Luria, technology strategist at D.A. Davidson, said investors should avoid Chinese big tech stocks because their overseas expansion could be affected as the country is headed toward an “isolationist path.”

Verizon, American Express, Schlumberger Earnings: 3 Things to Watch (5 minute read)Here are three earnings calls that could affect markets tomorrow: - Telecommunications giant Verizon Communications Inc (NYSE:VZ) is expected to report earnings of $1.29 a share on revenue of 33.8 billion. Analysts will be listening for what it says about subscribers and 5G. - Card company American Express Company (NYSE:AXP) is expected to report profit of $2.41 a share on revenue of $13.5 billion. Analysts will be listening for signs of business and entertainment spending. - Schlumberger NV (NYSE:SLB) is expected to report earnings of 55 cents on revenue of $7.1 billion.

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Money

How to Cancel Your Student Debt (10 minute read/11 minute listen)You can apply now to cancel up to $20,000 in federal student loan debt. As the Biden administration promised, the application itself is short, simple and should only take a minute or two to fill out. Once your application is submitted, your eligible student debt should be cancelled within six weeks, according to the Education Department.

The Housing Market Is Shifting Almost Everywhere — But Are We in a Buyer’s Market Yet? (4 minute read) A recent report from real estate analytics provider UrbanDigs said Manhattan's housing market has officially “ticked down into buyer’s market territory for the first time since late 2020/early 2021.” Supply is up, demand has waned considerably, and pending sales have slumped back to 2019 levels.

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