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Zach Gibson / Stringer / Getty ImagesKey TakeawaysThe IRS announced cost-of-living adjustments for retirement plans and Individual retirement accounts (IRAs) Friday, revealing that the 401(k) limit has increased for 2025.In 2025, workers can contribute up to $23,500 to their 401(k)s, up from $23,000 in 2024.Starting in 2025, people aged 60, 61, 62, or 63 who participate in workplace retirement plans can make even greater catch-up contributions of up to $11,250 instead of $7,500.Retirement savers can stash more money in their 401(k)s next year.Friday, the IRS announced cost-of-living adjustments for retirement plans and IRAs. The 401(k) contribution limit for 2025 is…
J. David Ake / Getty Images Key TakeawaysThe IRS in August determined that a company could change its retirement plan to give employees the option of allocating their 401(k) matching contributions toward their student loan repayments or medical expenses.During open enrollment, employees would make an annual election for those matching contributions.This ruling only applies to one company, but since the 2022 enactment of Secure 2.0 legislation, all employers have the option to give their employees the ability to use matching contributions to pay off their student loans.The IRS has allowed workers at one company use to use 401(k) matching contributions…
Brandon Bell / Staff / Getty Images, Justin Sullivan / Staff / Getty ImagesKey TakeawaysExxon Mobil and Chevron saw significant declines in profit margins for refined products.Consumers benefited as fuel prices, which typically rise in summer, dropped this year.As a result, earnings for both oil and gas conglomerates fell during the third quarter from the same period a year ago.Oil-and-gas giants Exxon Mobil (XOM) and Chevron (CVX) surpassed subdued third-quarter earnings expectations Friday. But substantially weaker profit margins for refined products, reflecting lower summer fuel prices, dropped overall net income for both companies from a year ago.Exxon reported net income…
Investopedia / Alice Morgan / Getty ImagesKey TakeawaysTech companies have dramatically increased their spending on infrastructure this year as they’ve raced to satisfy surging demand for artificial intelligence and cloud computing.Most cloud providers said despite all that spending, they’re struggling to keep up with demand.AI has boosted growth at cloud computing units and, according to executives, is lifting sales and metrics in other segments of their businesses.Big Tech’s AI boom is still on.Artificial intelligence was the focus of the five tech giants, cumulatively valued at more than $10 trillion, that reported quarterly earnings this week. Executives at Apple (AAPL), Microsoft…
Source: TradingView.comKey TakeawaysPeloton shares were down sharply Friday, giving back a chunk of the near-30% gain recorded yesterday after the fitness equipment maker announced a new CEO and reported better-than-expected results.The stock has trended higher after forming a double bottom, with the price staging a breakaway gap yesterday following the company’s upbeat earnings. However the relative strength index warns of extremely overbought conditionsInvestors should watch important resistance levels on Peloton’s chart around $9.50 and $13, while monitoring key support levels near $6.70 and $5.Shares in Peloton Interactive (PTON) were down sharply Friday, giving back a chunk of the near-30% gain…
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Julie Bang/InvestopediaKey TakeawaysInvestors will home in on Berkshire’s cash pile, which hit a record last quarter, and the company’s plans to deploy those funds.Despite citing a lack of new investment opportunities, Buffett increased the firm’s stake in Sirius XM last quarter.Market watchers will also look out for how Buffett’s portfolio changed, given the very public trimming of Bank of America shares.Q2 operating income was driven by gains in the insurance business as claim costs eased. The health of the insurance business will be in focus in Q3.Warren Buffett’s Berkshire Hathaway (BRK.A) (BRK.B) is set to report its third-quarter earnings on…
Justin Sullivan / Getty ImagesKey TakeawaysAlthough inflation has been cooling, voters may remember the 2022 price spike when they go to the polls this year.Inflation hasn’t been this high during election season since 2008 during the financial crisis.Although inflation has typically been below 4% during presidential elections over the past two decades, voters in 1980 faced the highest inflation recorded during a presidential campaign. After months of campaigning, the 2024 presidential election is right around the corner, and many voters are looking at the economy before casting their vote.Perhaps no economic issue has attracted more attention than inflation, as voters have…
New Gallup polling shows more Democrats are enthusiastic about voting than Republicans. But it’s unclear how much that will translate to votes.Scott Olson/Getty ImagesDemocrats have a big enthusiasm advantage over Republicans in the 2024 election, per Gallup.Democrats are as enthusiastic as they were just before the 2008 election, the poll shows.But polling in key swing states continues to show a tight race between Harris and Trump.With just five days to go until Election Day, Democrats appear to have a significant advantage over Republicans when it comes to voter enthusiasm.According to new polling from Gallup, 77% of Democrats and Democratic-leaning voters…
Octavio Jones/Getty ImagesAmazon will release its third-quarter earnings after the closing bell on Thursday.Shares in the tech giant were up 27% year-to-date through Wednesday.Wall Street is bullish on the stock, though uncertainty lingers around Amazon’s consumer health.Amazon will report third-quarter earnings on Thursday after the closing bell.Top of mind for investors will be the company’s cloud platform and advertising strength. But there are still worries about slowing retail margins and Amazon’s rising investments in other areas of its business.Amazon’s stock was up 27% year-to-date through Wednesday’s close, outpacing the the S&P 500’s 22% gain.Bank of America braces for an earnings…