Stock Market Winners & Losers: S&P 500 Rises Slightly After Best Week of 2023 | Holiday Spending Outlook is Looking Sluggish | Gen Z Says Retirement is Overrated

Winner: S&P 500 rises slightly after best week of 2023
• The S&P 500 rose slightly as Wall Street struggled to maintain its momentum from last week’s strong performance.
• All of the major averages are coming off their best weeks of the year, kicking off November trading on a positive note.
• The S&P advanced 5.9% last week
• The Nasdaq Composite jumped 6.6%.
• Soft monthly jobs report also drove bond yields lower.
EXTRA STORIES
• Berkshire Hathaway Has Built a Massive Mountain of Cash . . . .$157 billion.
• Tesla’s next car could be $27,000 EV.
• LVMH buys eyewear brand Barton Perreira (famous for James Bond shades) as it looks to rebound from luxury slowdown.
• Global eyewear sales topped $107 billion in 2022.
Loser: Holiday spending outlook is sluggish
• As holiday shopping season begins, lack of big orders from retailers is the rule amid fears that consumer spending will be weak.
• The largest retailers are past working through their excess inventories, but careful not to over-order.
• The economy is approaching an inflection point in consumer spending as Americans deplete savings they built up from pandemic stimulus.
• Loan and credit-card delinquencies are on the rise in lower income households.
• And yet the consumer is still spending on the rise in the middle and upper class.
• Target CEO Brian Cornell said the company is doubling down on its cautious outlook for the holiday season.
• FedEx said that while the destocking period has ended for retailers, restocking has not been widespread.
• Products experiencing the biggest pullback, ranked in order: appliances, furniture, household goods, luxury items, and aspirational luxury.
Loser: , Gen Z says Retirement is overrated
• Gen Z workers are the biggest cohort of nonsavers.
• Retiring early is out and “soft saving” is in — at least according to Gen Z.
• Newly minted adults between the ages of 18 and 25 are more interested in experiences that promote personal growth and emotional well-being.
• Roughly three-quarters of Gen Z Americans said today’s economy makes them hesitant to set up long-term financial goals.
• A few years back Generation Z supported FIRE, an acronym that stands for Financial Independence, Retire Early.
• But putting enough aside to get there proved increasingly difficult.
• Inflation’s recent run-up has made it harder for those just starting out
• Soaring food and housing costs,
• They are also carrying larger student loan balances.
• Many would rather spend their money on an extended trip, than pad a savings account.
• Every dollar you set aside in your 20s will compound over time.
• $10k invested by 25 is compounds to
$20k at 32
$40k at 40
$80k at 48
$160k at 55
$320k at 62

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