Stock Market Winners & Losers: Stocks Wobble After Record Highs | Job Market is Hard for New Graduates | Going into Debt to Buy Groceries
Stocks opened mixed as investors await Nvidia's results. Lowe's sales declined less than expected, with cash-strapped Americans still spending on small repairs. Macy's shares rose after the department store's earnings surpassed low expectations. Fed Governor Christopher Waller indicated a need for "several months" of favorable inflation data before considering rate cuts. Job prospects for new graduates are bleak, with entry-level hiring projected to drop by 5.8% in 2024 compared to last year. Many graduates have submitted over 100 applications, facing particularly tough competition in finance, consulting, and tech. Software engineer hiring has decreased by 30% from pre-pandemic levels, with Big Tech layoffs and a shift to AI roles. Graduates often resort to part-time jobs in retail, transportation, or healthcare. The average annual grocery cost is $5,703, with prices up 5% from 2022. Around 70% of grocery purchases are made via credit or debit cards, but only 33.4% of adults pay off their credit charges in full. With credit card rates at a record 22.8%, households with higher food insecurity increasingly turn to payday loans and buy now, pay later programs to meet basic needs.
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