Finance

Stock market today: US futures edge higher as investors gear up for key jobs report

Published

3 months ago

October 4, 2024

Stock market today: US futures edge higher as investors gear up for key jobs report

US stock futures climbed on Friday as investors braced for a key monthly jobs report, with the Middle East crisis and a return to work at US ports also in high focus.

S&P 500 futures (ES=F) put on 0.3%, while Dow Jones Industrial Average futures (YM=F) added roughly 0.2%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) moved 0.4% higher.

Investors are marking time for the release of the September jobs report, expected to provide further evidence the labor market is cooling but not collapsing. A rapid weakening could prompt the Federal Reserve to once again lower interest rates by an outsized 0.5% in November.

Friday’s report, set for release at 8:30 a.m. ET, is expected to show nonfarm payrolls rose by 150,000. But Wall Street is likely to focus less on hiring and more on the unemployment rate, where a gain could boost bets on a larger rate cut.

Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards

While stocks are on track for weekly losses, the markets have shown some resilience in the face of a rough week of worrying headlines. The major gauges were off 1% or less as of Thursday’s close, with the S&P 500 and Dow still within striking distance of record highs.

In recent days, a huge ports strike, devastation from Hurricane Helene, and the prospect of a wider Mideast conflict brought the potential to lift prices and fan inflation. That in turn cast doubt on the Fed’s preferred 0.25% rate cut.

In a welcome move, the US dockworkers strike ended after a tentative wage deal was agreed late Thursday, though some issues remain to be settled by later this year.

On the downside, a barrage of strikes by Israel on Beirut kept alive the Mideast worries that have driven up oil prices. Western leaders warned about “uncontrollable escalation” as investors waited to see whether Israel will attack Iran’s oil facilities — a move President Biden said is under discussion.

Oil is on track for its biggest weekly gain in two years as tensions mount. Brent crude (BZ=F) and West Texas Intermediate (CL=F) futures rose over 1% on Friday morning, coming off a 5% gain the previous day.

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Finance

Financial empowerment trainings and workshops

Published

3 hours ago

January 6, 2025

Press Room

Financial empowerment trainings and workshops

BANGOR, Maine (PENQUIS) – As the new year begins many people have dreams of starting their own business or are thinking about turning a passion or hobby into a way to make money, but they are not sure how to start the process. Thankfully, there is a local resource available to help provide guidance right here in Penobscot, Piscataquis and Knox counties.

MaineStream Finance, a subsidiary of Penquis, is a nonprofit community development financial institution (CDFI) certified by the US Treasury, helping ALL Maine home-buyers, business owners, and consumers secure advice and financing to grow and thrive. MaineStream Finance offers a wide variety of workshops and classes on business, home buying, and financial empowerment for you and your co-workers. They deliver these services throughlending, savings products, classes, and one on one advisory support. MaineStream works closely with federal and state agencies, foundations, and local financial institutions, including banks, to help them meet Community Reinvestment Act (CRA) goals through financial education programs, loan capital, and volunteering opportunities for homeowners and small businesses.

Thinking of starting a business? Check out the Business 101 classes. These free workshops will provide an overview of the pros and cons of operating a microenterprise or small business. What a business plan is and why it is needed, plus resources for your business development. Topics include being an Entrepreneur, Business Success; Professionalism; Business Plans, Networking; Business Loans; Resources; Budgets; Credit; and Review of Upcoming Classes and Workshops. These workshops are FREE and offered via Zoom. The dates of the classes are: Monday, 1/27/25 & 2/3/25 @ 6 pm via Zoom; Tuesday, 2/18/25 & 2/25/25 @ 6 pm via Zoom, and Monday, 3/17/25 & 3/24/25 @ 6 pm via Zoom.

Are you interested in turning your passion or hobby into a business? Do you have a passion for creating or is your hobby sellable? Be sure to check out their free two-night Hobby workshop, where you will discuss what to think about before creating a new business. Areas that will be discussed: Questions to ask myself; Is there a market for my products and/or services; Business Plan; Recordkeeping; Regulations; Taxes; Marketing; Funding sources and more. The two-night workshop is FREE! The first two classes are on Monday, 1/27/25 & 2/3/25 @ 6 pm via Zoom, the next two nights run on Tuesday, 2/18/25 & 2/25/25 @ 6 pm via Zoom, and the final two classes run Monday, 3/17/25 & 3/24/25 @ 6 pm via Zoom.

To register for any of these classes or for more information to sign up visit: www.mainestreamfinance.org

MaineStream Finance can also help turn childcare into a business and they provide business lending too. Does children’s laughter sound like music to your ears? The number of working parents–including single-parent families and families with both parents employed–is climbing, creating an ever-growing need for quality childcare. That need creates a tremendous entrepreneurial opportunity for people who love children and want to build a business caring for them. Child-care services range from small home-based operations to large commercial centers and can be started with an investment of as little as a few hundred dollars. You can stay very small, essentially just creating a job for yourself, and possibly others. Our team of business advisors can help you create a business plan, design, develop, provide assistance with the Child Care Provider Licensing process and more. Our business advising services are free.

Are you aware that Mainstream Finance does business loans? MaineStream Finance offers a variety of loan products throughout Maine to small businesses that may have trouble finding credit.

Amount: Minimum $500 – Up to $200,000 / Term: Up to 20 years.

Whether you are a startup or an existing business we can do financing to help you move your project forward. MaineStream Finance does what is called “Gap financing” so the difference between the amount of your down payment you have and what another lender has and can lend. This Gap amount could stop your project, we may be able to help finance that Gap to complete the project. We are also looking at startup businesses in need of financing to purchase equipment, inventory, training, a building, or an existing business. The team at Mainstream Finance will help a business develop a business plan and business financials as well as help you prepare the loan documents that you will need to apply for a loan and all of this is at no charge. The MaineStream Finance mission is to help small businesses grow in Maine.

To learn more about what MaineStream Finance has to offer go to their webpage at mainestreamfinance.org, or call 207-973-3500 or email the team at MSFInfo@penquis.org for more information.

Finance

Security Bank, JuanHand tie up for financial inclusion in Philippines

Published

11 hours ago

January 6, 2025

Press Room

Security Bank, JuanHand tie up for financial inclusion in Philippines

JuanHand app users can now apply for loans by providing basic personal information and one valid ID. Credit: JuanHand/ Security Bank.

Filipino lender Security Bank has signed a credit facility agreement with WeFund Lending, the operator of fintech cash lending app JuanHand in Philippines.

This partnership aims to bolster financial inclusion by providing Filipinos with accessible financial solutions.

JuanHand app users can now apply for loans by providing basic personal information and one valid ID.

Utilising Finvolution group’s proprietary AI technology, borrowers are said to get loan approvals in under five minutes, without collateral or the need to upload proof of income or a billing address.

The signing event was attended by Security Bank executive vice president John Cary L. Ong and assistant vice president and relationship manager Earvin Lucido.

Finvolution and WeFund Lending were represented by chief financial officer Alexis Xu and CEO Francisco “Coco” Mauricio.

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Cary L. Ong said: “We are grateful for the opportunity to be part of the JuanHand family. We resonate with JuanHand’s vision of one family with one heart that gives Filipinos a helping hand with their financial needs.”

JuanHand, operated by WeFund Lending, has disbursed over PHP 40bn in loans and boasts over 12 million registered users.

“Coco” Mauricio stated: “We are thrilled that Security Bank chose JuanHand as their first fintech lending company partner. By giving us their trust and confidence, this truly exemplifies Security Bank’s commitment to rapidly expand financial inclusion for all underserved Pinoys. Security Bank’s support helps fulfil our mission of being a helping hand for every Juan.”

In November 2024, Security Bank signed an agreement to acquire a 25% stake in HC Consumer Finance Philippines, also known as Home Credit Philippines.

Finance

Where to put your money in 2025

Published

19 hours ago

January 6, 2025

Press Room

The most frustrating answer in financial services is ‘it depends’, so if you’re keen to find out where to put your money in 2025, you’re not going to like the answer – because it really does depend.

Fortunately, that’s not the start and end of the answer, because once you know what it depends on, it’s actually much more useful advice than someone simply giving you the name of a fund or telling you to keep your cash in a shoebox under the bed.

Read more: 7 post-budget steps to protect your finances

When people ask about the best home for their money, they’re usually thinking about external factors, but the key is to start with your own needs. Think about your finances in the round. Are your short-term debts under control? Do you have protection in place for your family?

Do you have enough saved for emergencies? Are you on track with your pension? And are you investing to make the most of your money? There’s a decent chance that you’re falling short in one or more areas, so these are your key priorities for the year.

It’s important to think about your finances in the round. Are things like credit card debts under control? · boonchai wedmakawand via Getty Images

If short-term debt, like credit cards and loans, are an issue, it makes sense to set up a direct debit to pay down the most expensive of them first. Over time, you’ll spend less on interest, so you can free up more money for your other financial goals. If protection is a priority, you need to consider how to free up cash for insurance premiums to cover those who rely on you.

For emergency savings, the first step is working out how much you ought to have. This is another frustrating ‘it depends’ answer. While you’re working age, you should have enough cash to cover 3-6 months’ worth of essential spending – and in retirement that grows to 1-3 years. It means considering the cost of your essentials, and then looking at your circumstances to figure out where on the saving spectrum you need to be. The answers will be radically different for every household, but as a very rough starting point, the Hl Savings & Resilience Barometer shows that the median spent on essentials is £1,842 a month.

Read more: 6 red flags that will help you spot a scam

For any other cash you’ll need over the next five years, savings is still the most sensible home for it, but you can consider tying it up for periods in a fixed rate account, in order to lock in a decent rate. You need to decide what the money is for, when you’ll need it, and how long you can fix it for.

British pound notes in savings jar — For emergency savings, you should have enough cash to cover 3-6 months’ worth of essential spending – and in retirement that grows to 1-3 years · Peter Dazeley via Getty Images

You also need to look ahead, and consider your pension. The best approach is to start with a pension calculator, where you put in details of what you’ve saved so far, what you’re putting aside each month, and when you want to retire. It will show you what you’re on track for, and whether you need to do more.