(Cron) – In today’s episode of Winners and Losers, financial expert Rob Black discusses the growing stocks on Wall Street, the FDA’s ban on e-cigarettes and how to move from rental to home buying.
Winner: Wall Street strives for a comebackK
Stocks rose as the market attempted to recover some of the steep losses suffered in 2022, and Wall Street continued to weigh the risks of the recession.
The possibility of a bounce is a temporary reversal that comes with oversold conditions.
Consumer staples stocks such as Clorox are up 3%. Costco, Kellogg and McCormick each gained 2%.
Federal Reserve Chair Jerome Powell spoke with Congress lawmakers for a second day on monetary policy. Powell noted that the recession was “likely.”
Three months after Nike discontinued its operation, Russia is fully exiting Russia. For Nike, which receives less than 1% of total revenues from Ukraine and Russia, the move is symbolic rather than material.
Elon Musk called Tesla’s new factories in Germany and Texas “gigantic money furnaces,” which were losing billions of dollars.
Americans gave $ 485 billion to charity in 2021, a new record (but not enough to keep pace with inflation).
Media giant Rupert Murdoch and model and actress Jerry Hall are divorcing six years later. This is the fourth divorce for 91-year-old Murdoch. Hall, 65, was previously married to The Rolling Stones singer Mick Jagger. Murdoch owns Wall Street Journal, New York Post And Fox News.
The Department of Education has agreed to cancel a $ 6 billion loan to nearly 200,000 student loan borrowers who brought a class action lawsuit against it.
Winner: The FDA has banned Joule e-cigarettes
US health officials have banned Zul Labs e-cigarettes.
The Food and Drug Administration Jule Labs today announced an order to remove its e-cigarettes from the market.
These were huge in the Bay Area. The e-cigarette brand gained popularity in 2017 after a big social campaign. The brand is known for its fruit flavors and has faced FDA scrutiny over concerns that its marketing campaign is targeting minors.
The brand was most popular with individuals under the age of 18.
Last year, 2 million US middle school and high school students used e-cigarettes in 2021.
In 2019, Zool Labs stopped selling fruit-flavored e-cigarettes.
Brand sales have fallen in recent years. Between 2018 and 2021, the value of the company decreased from $ 38 billion to less than $ 5 billion.
Shares of Marlboro-maker Altria, which has a 35% stake in July, fell more than 8% in Wednesday morning trading.
Winner: Rent when you want to own a home
An article in USA Today questions whether we are a nation of renters as housing prices skyrocket.
Homeownership is at the center of the American dream. A home is the most valuable asset that many of us will ever own, a pool of equity to pay for a child’s education or to cushion our retirement.
If you choose to rent in the last few years, you may feel between a stone and a hard place, worrying about rising rent and not sure when to buy a home.
Ownership rates for adults led by 25- to 40-year-olds are approximately 8% lower than 2000.
The surge in housing prices is partly fueled by the lack of housing to meet demand.
Rentals continue to rise, rising 5.2% from 2021.
Paying more rent can make it harder to save for a down payment on a home.
Solutions to these problems may include:
- Consider buying outside the market and renting close to employment.
- Consider investing in REITs, which are shares that buy real estate so you get exposure.
- Consider waiting for a housing downturn every 13-15 years and buy if foreclosures and bankruptcies have steel nerves in the market.