Joe Biden

11 Financial Dates and Deadlines in January 2023

Mark your calendar now so you don’t risk a fine or miss an opportunity to save.

Court Blocks Biden’s Student Loan Forgiveness. This is What Purgatory Looks Like.

President Joe Biden made a campaign pledge to forgive $10,000 in federal student loans. In August 2022, Biden announced that he would fulfill that pledge and offer $10,000 in student-loan forgiveness to anyone whose income is less than $125,000. People who received Pell grants while in college are eligible for $20,000 in student-debt relief. Biden’s Department of Education immediately …

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10 Ways the New Retirement Law Helps Savers of All Ages

10 Ways the New Retirement Law Helps Savers of All Ages

This will help millions of workers and retirees boost or conserve their retirement savings.

Sweet Settlement Wipes Out $6 Billion in Student Loan Debt

An estimated 200,000 defrauded former college students are set to have $6 billion in federal loan debt wiped clean as part of a proposed settlement agreement filed June 23 in federal court. Borrowers in the proposed settlement attended one of over 150 schools that the U.S. Department of Education has determined engaged in misconduct, including: […]

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

The Social Security COLA the Year You Were Born

Social Security benefits have been adjusted for inflation since the 1970s. Here’s a look at how benefits have changed in good times and leaner ones.

4 Car Stocks That Have the Pros Revved Up

The adoption of electric vehicles (EVs) in comparison to internal combustion engine (ICE) vehicles has increased exponentially, fueled by government incentives and a friendly regulatory environment. This has resulted in even legacy car stocks going electric in a big way.

This transition from fossil-fueled cars to going electric got a big boost in 2021 when President Joe Biden signed an executive order targeting 50% of all new passenger cars and light trucks sold in the U.S. should be electric by 2030.

  • SEE MORE The 22 Best Stocks to Buy for 2022

But the industry has more recently been hampered by familiar pandemic woes, including supply-chain constraints impacting production and rising inflation being a key concern even as demand continues to be strong for these vehicles. 

If this was not enough, the Chinese government imposed strict lockdowns across major Chinese cities like Shanghai to contain a wave of COVID-19. This has led to production halts at many key plants for EV manufacturers, which is only compounding a pre-existing automobile chip shortage.

Despite these short-term hurdles, the long-term implications for these car stocks is evident. EV sales hit 6.75 billion units in 2021 – more than double what they did in 2020, according to electric vehicle data site EV-volumes.com. While the impressive growth rate was due in part to easy year-over-year comparisons, expectations are for nearly 41% more EVs to be sold this year compared to last.

But which car stocks are poised to capture this growth? To answer that question, we used the TipRanks database, which allows investors to evaluate stocks using a variety of criteria, including analyst ratings and price targets.

Here, we’ll look at four popular car stocks and see what the pros are saying about each one. Each of the names featured here boasts mostly Buy or better ratings from analysts and each offers significant upside potential to current levels based on their consensus price targets.

  • SEE MORE The Best (And Worst) Stocks for Rising Prices

Data is as of April 17.

Stock Market Today: Stocks Suffer Whiplash After Russian Energy Ban

Mr. Market’s roller-coaster ride continued apace Tuesday, as indications that the U.S. would ban the import of Russian energy became real.

After days of speculation about whether America would take this next step, President Joe Biden announced the U.S. would cease imports of Russian crude oil, natural gas and coal.

  • SEE MORE The 12 Best REITs to Buy for 2022

“The decision today is not without cost here at home,” Biden said. “Putin’s war is already hurting American families at the gas pump. Since Putin began his military build-up at Ukrainian borders … the price of gas at the pump in America went up 75 cents. And with this action, it’s going to go up further.”

U.S. crude oil prices unsurprisingly continued their recent climb, settling up 3.6% to $123.70 per barrel – a closing level not seen since August 2008, but also well off intraday highs above $129.

“The crude supply outlook will struggle to make up for Russian supplies over the next few months, so whatever pricing dips occur could be short-lived,” says Edward Moya, senior market strategist at currency data provider OANDA.

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The prospect of sustained high crude prices helped the energy sector (+1.6%) score another win, with the likes of Valero Energy (VLO, +7.8%) and Schlumberger (SLB, +7.1%) leading the pack. A few battered areas of the market, including travel, also rebounded – Booking Holdings (BKNG, +4.5%), United Airlines (UAL, +3.3%) and Carnival (CCL, +2.3%) all finished well in the green.

  • SEE MORE 15 Stock Picks That Billionaires Love

The major indexes were all over the place throughout the day, swinging from modest losses early to robust gains, then pulling back into the red by the closing bell. The Dow Jones Industrial Average was off 0.6% to 32,632, the S&P 500 declined 0.7% to 4,170 and the Nasdaq Composite slipped 0.3% further into bear-market territory to 12,795.

stock chart for 030822

YCharts

Other news in the stock market today:

  • The small-cap Russell 2000 bucked the trend, finishing up 0.6% to 1,963.
  • Gold futures rose 2.4% to settle at $2,043.30 an ounce.
  • Bitcoin recovered after a difficult Monday, gaining 2.5% to $38,515.23. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)
  • Dick’s Sporting Goods (DKS, +2.1%) reported adjusted earnings of $3.64 per share in its fourth quarter on $3.35 billion in revenue, more than the $3.43 per share and $3.31 billion analysts were expecting. Same-store sales also rose a higher-than-expected 5.9% for the three-month period. “Shares of DKS now trade well under 10.0x fiscal 2023 consensus estimates, which we see as significantly undervalued for a retailer with a strong omni-channel strategy and capital return program,” says CFRA Research analyst Zachary Warring (Buy). “We continue to like DKS’s exposure to Golf which is seeing unprecedented growth, brand partnerships, omnichannel execution and growing market share in the sporting goods market.”
  • Dish Network (DISH) jumped 5.1% after UBS Global Research analyst John Hodulik upgraded the communications services stock to Buy from Neutral (Hold). DISH has “an attractive risk/reward bounded by spectrum value on the downside and optionality of the next-gen, cloud-based, 5G wireless network on the upside,” the analyst writes in a note. “Questions remain regarding  DISH’s wireless business model, but we believe DISH’s network build protects the company’s spectrum licenses, whose value serves as a backstop.”
  • Caterpillar (CAT) gained 6.8% on the back of an upgrade. Jefferies analyst Stephen Volkmann lifted his outlook on the construction equipment company to Buy from Hold, calling CAT a “long-term inflation hedge.” Volmann notes that the “recent turmoil in Eastern Europe fundamentally reshapes global commodity markets, driving structurally higher pricing and after years of underinvestment capacity additions and supply diversification will be necessary in both mining and oil & gas sectors,” though he concedes that “new projects will take time.”

Beat Back Volatility With Cold, Hard Cash

One of the best pieces of advice for fading the market’s current volatility hearkens to a basic tenet of the buy-and-hold crowd: Sit back and collect dividends.

  • SEE MORE 10 Stocks Warren Buffett Is Selling (And 7 He’s Buying)

“If you are looking for less volatility these days, shares of dividend paying companies can often offer some stability when the volatility index (VIX) spikes,” says Lindsey Bell, chief markets and money strategist for Ally Invest. “Perhaps now more than ever, prioritizing profitability and steady operations might be a safe move for your portfolio. As inflation fears persist, owning shares in firms that generate strong cash flows today could help buffer your risk of higher consumer prices over the next year.”

Any list of sturdy dividend stocks is going to begin with the Dividend Aristocrats – 66 companies that have raised their payouts annually, without interruption, for at least 25 years (but often much longer). But investors can go after dividends in myriad other ways.

Oil and gas master limited partnerships (MLPs), for instance, can help you enjoy energy-market gains while netting yields in the 8%-9% range.

Or, you can specifically target dividend stocks of different stripes that have gone on sale this year. These seven income plays are hanging from the bargain rack right now, and each of them provides a better yield (by varying amounts) than the S&P 500 average.

  • SEE MORE 5 Best Dow Dividend Stocks to Buy Now

Stock Market Today: Russian Invasion Sparks Roller-Coaster Day for Stocks

News of Russia’s full-scale invasion of Ukraine sent stocks plummeting out of the gate today.

  • SEE MORE 10 Biggest Losers in the S&P 500 This Year

“We’re clearly in risk-off mode in the market right now given the uncertainty regarding the military operations in Ukraine,” says Brian Price, head of investment management for Commonwealth Financial Network.

“There seems to be some element of surprise that the events have escalated so quickly and I would expect that we’ll continue to see volatility in the near term.”

Indeed, after the Dow Jones Industrial Average flirted with correction territory and the Nasdaq Composite slipped below its bear-market level on an intraday basis, the major market indexes reversed course as President Joe Biden announced a new round of sanctions against Russia, including freezing trillions of dollars in Russian assets, and said he is sending additional U.S. troops to Eastern European countries that are in NATO.

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By the close, the Nasdaq – which was down 3.4% at its session low – was up 3.3% at 13,473. The S&P 500 Index also finished in positive territory, gaining 1.5% to end at 4,288. The Dow, meanwhile, ended with a 0.3% gain at 33,223, after trading as low as 32,272 earlier. 

stock price chart 022422

YCharts

Other news in the stock market today:

  • The small-cap Russell 2000 joined in on the roller-coaster ride, ending the day up 2.6% at 1,995, after being down as much as 2.6% in intraday trading.
  • Gold futures gained 0.8% to settle at $1,926.30 an ounce, their highest finish in 17 months.
  • Bitcoin rose 2% to $38,466.10. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)
  • Moderna (MRNA) was a big winner today, jumping 15.1% after earnings. In its fourth quarter, the drugmaker reported adjusted earnings of $11.29 per share on $7.2 billion in revenue, exceeding the $9.90 per share and $6.8 billion expected by analysts. The company also said it sold $17.7 billion of its COVID-19 vaccine and expects to sell at least $19 billion in fiscal 2022.
  • Booking Holdings (BKNG), on the other hand, slumped 7.1% after its quarterly results. The online travel reservation company reported adjusted earnings of $15.83 per share and revenue of $3.0 billion in its fourth quarter, beating out analysts’ expectations for earnings of $13.30 per share on $$2.9 billion in sales. The company also said gross travel bookings for the three-month period were up 160% year-over-year to $19.0 billion. Still, Booking CEO David Goulden warned of “a potentially volatile environment with high COVID infection rates in some part of the world and geopolitical uncertainty that could impact our business, especially in Europe,” in the company’s earnings call. UBS Research analyst Lloyd Walmsley maintained a Buy rating on BKNG. “Looking ahead, we see scope for a stronger-than-expected recovery in 2022 and into 2023 in terms of room nights and bookings which we think would flow through at attractive incremental margins,” he writes in a note.

One Way to Hedge Geopolitical Risk

One way to hedge international turmoil: commodities. This is according to a team of Goldman Sachs Commodities Research strategists.

“With news of Russia’s invasion of Ukraine emerging, commodity markets have rallied aggressively, acting as the clear geopolitical hedge of first resort,” they write.

This was seen in the price action for several commodities today, most notably U.S. crude oil futures, which topped the $100 per-barrel mark in intraday trading – their first move above this level since 2014 – before settling up 0.8% at $92.81 per barrel.

  • SEE MORE 6 Sturdy Defensive Stocks to Buy for 2022

And prices are likely going to head even higher, with many experts predicting oil could hit the $125 per-barrel mark. “Uncertainty around potential sanctions is beginning to create a potential supply shock,” the team says. “In our view, until the uncertainty around the rapidly escalating situation is resolved, commodity price risk remains skewed to the upside.”

Not only would a continued rise in oil prices spell good news for traditional energy stocks and energy exchange-traded funds, but also master limited partnerships (MLPs). These firms, which are largely responsible for pipeline infrastructure and storage facilities, offer both exposure to the booming energy market and high dividend yields to boot.

  • SEE MORE 2022’s Best Mutual Funds in 401(k) Retirement Plans

Stock Market Today: Markets Turn Tail as Ukraine Invasion Risk Rises

Ukraine-Russia tensions wrested control of investor sentiment from the Fed in a difficult session for the broader markets, which was exacerbated by a few pieces of disappointing economic news.

On Thursday, both U.S. President Joe Biden and British Prime Minister Boris Johnson warned that the shelling of a kindergarten in Ukraine’s eastern Donbas region might be a “false-flag operation” meant to give Russia an excuse to invade the country.

  • SEE MORE 22 Best Retirement Stocks for an Income-Rich 2022

“The evidence on the ground is that Russia is moving toward an imminent invasion,” Linda Thomas-Greenfield, U.S. Ambassador to the United Nations, told reporters. “This is a crucial moment.”

Also sending stocks in the wrong direction were a few weak reports, led by initial unemployment claims that came in at 248,000 for the week ended Feb. 12 – well ahead of expectations for 219,000 filings and up from last week’s upwardly revised 225,000.

Also Thursday, January housing starts came in shy of estimates, as did a February reading of Philadelphia-area manufacturing activity.

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“Some of January’s dip in housing starts reflects especially tough winter weather. The January industrial production report released yesterday showed utilities output jumped nearly 10% from December, even after accounting for normal seasonal swings. The severe winter weather that hit much of the country in January held back housing starts,” says Bill Adams, chief economist for Comerica Bank. “But supply chain problems also continue to restrain housing activity; one illustration of the ongoing dysfunction in supply chains is the 25% monthly increase of softwood lumber prices in the January producer price index.

Investors skittered away from cyclical and growth sectors alike, with technology (-3.0%) and financials (-2.5%) leading the way down.

  • SEE MORE The 9 Best Energy Stocks to Buy for 2022

There was appetite for defense plays, however, with consumer staples (+0.8%) the day’s best-performing sector.

Losses accelerated later in the day, sending the Nasdaq Composite 2.9% lower to 13,716, followed by the S&P 500 Index (-2.1% to 4,380) and Dow Jones Industrial Average (-1.8% to 34,312).

“The S&P 500 has found some footing in recent days but the options market remains skittish,” says Michael Oyster, chief investment officer for asset-management firm Options Solutions. “The CBOE Volatility (VIX), often referred to as the market’s ‘fear gauge’ is in the top 15% of its history signaling concern among sophisticated investors. Both weekly and monthly options expire this Friday, which could further spike volatility.”

stock price chart 021722

YCharts

Other news in the stock market today:

  • The small-cap Russell 2000 gave back 2.5% to finish at 2,028.
  • U.S. crude futures tanked 2% to settle at $91.76 per barrel.
  • Gold futures jumped 1.6% to end at $1,902 an ounce.
  • Bitcoin plunged 7.2% to $40,948.32. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)
  • DoorDash (DASH) jumped 10.7% after the food delivery firm posted a 34% year-over-year jump in revenue to $1.3 billion and a 35% increase in total orders to 369 million. Plus, the company’s net loss narrowed from the year prior, to $155 million. “We think DASH is seeing sustained demand within the food delivery space while momentum in new verticals (convenience, grocery, and pets) (about 14% of sales) coupled with new merchants on the platform will support growth,” says CFRA Research analyst Angelo Zino. Still, the analyst kept a Hold rating on DASH.
  • Walmart (WMT) was just one of a handful of Dow Jones stocks to finish in the green, jumping 4.0% following the discount mega-retailer’s earnings report. In its fourth quarter, WMT reported adjusted earnings per share of $1.53 on $152.9 billion in revenue. Analysts, on average, were expecting earnings of $1.49 per share on $151.1 billion in sales. “We expect this momentum to continue in 2022 as consumers likely become increasingly price conscious, with inflation being at a 40-year high, noting WMT’s average price gap relative to the competition continues to widen versus pre-pandemic levels,” says CFRA Research analyst Arun Sundaram (Buy). “We also believe investors are underappreciating WMT’s evolving business model, including omnichannel transformation and its high-margin alternative profit streams (e.g., advertising is now over $2B in annual revenues).”

Find Opportunity in the Market Upheaval

The market is teeming with too many risks for volatility to just magically disappear. So for now, your best options are to defend against it – or use the dips as an opportunity to invest in longer-term trends on the cheap.

Among those trends on the skids is green energy, which despite generally growing long-term growth estimates has suffered of late; several popular green energy funds are off 40%-50% over the past year.

  • SEE MORE 5 Super Stocks to Stave Off Sizzling Inflation

So why now?

“Inflation and economic reopening have increased fossil-fuel prices, and alternative and clean energy returns typically rise in parallel with increasing oil costs,” says exchange-traded fund provider ProShares. “Clean energy was also a priority in the initial $2.2 billion White House infrastructure proposal, and policy tailwinds for increased spending remain.”

If you’re looking for somewhere to begin, consider this short list of 10 green energy stocks that might be down now – but are nonetheless poised to profit from an expected boom in expanded energy capacity for years to come.

  • SEE MORE 22 Best Retirement Stocks for an Income-Rich 2022