So it’s more important than ever to shop smart. If you’re paying an arm and a leg for a secondhand car, truck, or SUV, you better make sure it will last and perform reliably.
A used car lot is shown Friday, June 10, 2022, in Salt Lake City.
Rick Bowmer/AP Photo
To help shoppers navigate the challenges of used-car buying, Consumer Reports maintains a list of the best used cars at every price point based on hands-on tests and owner surveys.
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Are you looking to watch a Man United vs. Brighton live stream for free today? We can help you do that from anywhere in the world. This FA Cup semi-final live stream guide highlights specific options from the US and UK, amongst others, along with how to tune in from anywhere in the world via a VPN. You could be all set up for today’s game just a few minutes from now.
Man United would usually be firm favorites, but they’ve had a disastrous couple of weeks in Europe, getting knocked out of the Europa League after a recent 3-0 defeat to Sevilla. Brighton continue to punch over their weight in the Premier League, sitting nicely in 8th position and still with an outside chance of making one of the European slots. It all depends on which Man U team shows up at Wembley today.
Watch Man United vs. Brighton online for free from anywhere
A VPN is the best way to get around geo-restrictions and is a viable option for today’s game if you want to watch the UK’s free FA Cup live stream on BBC. If you’re not in the UK though, you’ll need a VPN to access the stream. A VPN lets your device appear to be in a different country and offers excellent privacy options at home or on public Wi-Fi for your phone, laptop, streaming devices, and more.
Our preferred option of all the best VPN providers is ExpressVPN, with a 30-day money-back guarantee if you’re unsatisfied. Check out the latest deal details below.
With its consistent performance, reliable security, and expansive global streaming features, ExpressVPN is the best VPN out there, excelling in every spec and offering many advanced features that makes it exceptional. Better yet, you can save up to 49% and get an extra three months for free today.
Kickoff: 11:30 p.m. ET / 4:30 p.m. BST / 5:30 p.m. CET
Where to watch Man United vs. Brighton (US)
FA Cup coverage in the US is reasonably affordable, as it can be found on ESPN+, which is only $9.99 a month if you opt for a rolling contract. Better yet, we think the best value option is to get the bundle that includes ESPN+, Disney+, and Hulu, with prices starting at just $12.99 a month for the set. Take a look at this ESPN Plus prices guide for more info. Kickoff is at 11:30 a.m. ET / 8:30 a.m. PT.
Alternatively, you could use a VPN to take advantage of that free live stream in the UK, as detailed earlier in this article.
Where to watch Man United vs. Brighton (UK)
Today’s FA Cup semi-final is thankfully on free-to-air TV on BBC1 and its online streaming portal rather than locked behind a Sky sports-shaped paywall. The game starts at 4:30 p.m. with pre-match chat beginning at 4 p.m. If you’d rather watch online, you can tune in to the BBC i-Player service for the FA Cup live stream. It’s free too; you just need to create a quick account to sign in if you don’t have one already.
Note: Using VPNs is illegal in certain countries and using VPNs to access region-locked streaming content might constitute a breach of the terms of use for certain services. Insider does not endorse or condone the illegal use of VPNs.
Jack Teixeira, 21, might have leaked sensitive intelligence much earlier than previously thought.
The New York Times found posts sharing secret intelligence less than 48 hours after Russia invaded Ukraine.
The National Guardsman has been charged in connection with the leaks of top secret military documents.
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The 21-year-old Air National Guardsman charged in connection with the leak of dozens of secret Pentagon documents appears to have been posting intelligence much earlier than previously thought.
The New York Times has discovered a Discord user profile matching Jack Teixeira’s shared secret intelligence about the war in Ukraine less than 48 hours after Russia began its invasion.
Teixeira has been charged in connection with leaking hundreds of classified Pentagon documents to a private gaming chat room of about 50 people, known as Thug Shaker Central, on the online messaging platform Discord.
The affidavit said he had started posting classified information on social media around December 2022, according to Reuters.
However, The Times has now found older postings dating back to February 2022, which were shared in a larger and more easily accessible Discord chat group, with about 600 members.
The user claimed to be posting information from the NSA, CIA, and other intelligence agencies. The posts included details about casualties on both sides, Russia’s spy agencies’ activities, and details about aid to Ukraine.
Less than 48 hours into Russia’s invasion, the user posted a message saying: “Saw a pentagon report saying that ⅓rd of the force is being used to invade.”
When questioned by another user, he boasted: “I have a little more than open source info. Perks of being in a USAF intel unit.”
On some occasions, the user shared information about the Russian invasion that preempted events on the battlefield.
On March 27, 2022, he said that Russia was planning to retreat from the Ukrainian capital Kyiv, which Russian officials announced they were doing two days later.
The Times reported that it is unclear whether authorities are aware of these specific posts.
The paper linked the profile to Teixeira through various pieces of digital evidence, including the username he had previously used, the user sharing that he worked at a US Air Force intelligence unit, sharing the same birthday, and posting photos and videos matching others taken inside his family home.
Teixeira joined the Air National Guard in September 2019 and in 2021 was given “Top Secret” security clearance, which gave him access to the classified documents leaked online, according to the criminal complaint.
It appears he was motivated mainly by a desire to impress gamers he befriended online rather than leaking the classified information out of patriotism, according to accounts by friends reported by the Washington Post and New York Times.
US money-market funds just saw their assets drop for the first time since early March, snapping a trend of record inflows.
It’s also the biggest such fall since July 2020 as US taxpayers were due to file their taxes in the past week, according to Bloomberg.
Money-market funds saw large inflows in recent months as high yields and the banking jitters fueled a flight of money into them.
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US money-market funds just saw their first outflows since early March, snapping a multi-week trend of record inflows that was driven by depositors migrating cash out of banks amid the sector’s worst turmoil since 2008.
The total assets managed by such funds fell by $68.64 billion to $5.21 trillion in the week through April 19, according to data published by the Investment Company Institute. That’s the first decline since the March 10 collapse of Silicon Valley Bank (SVB) triggered a wave of banking instability.
It’s also the biggest one-week drop since July 2020, per Bloomberg, as US taxpayers were due to file their levies in the past week.
In the weeks following SVB’s collapse, money-market funds saw accelerated inflows, with their total assets hitting a record high of $5.28 trillion as of April 12, per the ICI.
That reflected a trend of depositors – worried about the safety of their savings – pulling money from smaller, more vulnerable banks and parking it elsewhere.
But money-market funds had been raking in cash even before the banking turmoil thanks to the high yields they offered, following the Federal Reserve’s interest-rate increases over the past year.
One reason why such funds have seen a decline in recent days are the tax bills due this week, Bloomberg reported. When the pandemic was raging in 2020, the US Internal Revenue Service had delayed that year’s filing deadline from April to July to give American taxpayers more time.
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The average savings account offers 0.39% Annual Percentage Yield (APY), according to the FDIC. However, several banks and credit unions pay much more than the average right now.
Popular savings account options
Perhaps, you’ll see the highest rates at banks with unfamiliar names. If you’re searching for a bank with a national presence or you’re cautious about banks since Silicon Valley Bank failed, remember that up to $250,000 per depositor is safe in a federally insured bank even if it is shut down. Popular savings options from national brands can offer good rates, too. Here are some that offer competitive rates:
Best savings rates today
These accounts currently have the highest rates right now:
Best CD rates today
Best checking account rates today
Best money market account rates today
Today, the best financial institution for earning a competitive interest rate on an online high-yield savings account is UFB Direct, which pays 4.81% APY on UFB Premier Savings.
National brick-and-mortar banks typically pay lower interest rates on traditional savings accounts. For example, Bank of America pays 0.01% to 0.04% APY on the Bank of America Advantage Savings Account. If you’d like to earn a more competitive interest rate at a national brick-and-mortar bank, you’ll probably have to consider a premium savings account or money market account.
We’ve been checking over two dozen financial institutions to keep up with their new rate offerings. Our best savings accounts and best high-yield savings accounts guides can also be great starting points in your research — but if you prioritize finding the highest rates above all else, this list is for you.
Below, you’ll find some of the best high-interest savings accounts, CDs, high-yield checking accounts, and money market accounts available. All of these bank accounts have FDIC insurance, and the credit unions are NCUA-insured.
Best interest rates for savings accounts
UFB Premier Savings
Why it stands out: UFB Premier Savings comes with a complimentary ATM card, so you’ll have easy access to your bank account.
Savings rate: 4.81% APY
What to look out for: Customers with existing savings accounts may have to call customer service to get upgraded for the newest rate.
UFB Direct only offers a high-yield savings account and a money market account. If you would also like to open a checking account or CD with the same institution, another bank may be a better fit.
Primis Savings
Why it stands out: Primis Savings is a straightforward savings account with a competitive interest rate. There’s no monthly service fees, no minimum balance requirements, and a $1 minimum opening deposit.
Savings rate: 4.77% APY
What to look out for: Primis Savings is only available online. If you would like to open a savings account at a Primis Bank branch, there are comparable accounts offered.
CIT Bank Platinum Savings
Why it stands out: CIT Bank Platinum Savings might be a solid choice if you maintain a high account balance. You’ll be able to earn 4.75% APY on balances of $5,000 or more.
Savings rate: 0.25% to 4.75% APY
What to look out for: You’ll only earn 0.25% APY if you have less than $5,000 in your account.
Best interest rates for CDs
Premier Members Credit Union Share Certificate
Why it stands out: Premier Members Credit Union may be a solid option if you prefer credit unions over banks and meet the eligibility requirements to become a member. The credit union is offering a limited-time 10-month share certificate that pays 5.25% APY. Once the 10-month certificate matures, it will automatically renew to a 6-month regular share certificate.
Rate: The rates for Premier Members Credit Union share certificates are as follows:
6 months: 2.50% APY
10 months (limited-time offer): 5.25% APY
12 months: 3.00% APY
18 months: 3.00% APY
2 years: 3.00% APY
3 years: 3.00% APY
4 years: 3.00% APY
5 years: 3.00% APY
What to look out for: The easiest way to become a member of the credit union is probably by joining Impact on Education, a charity of the Boulder Valley School District. You can also become a member if you or a family member live or work in an eligible Colorado County (Adams, Arapahoe, Broomfield, Boulder, Delta, Denver, Douglas, Elbert, El Paso, Garfield, Jefferson, Larimer, Mesa, Montrose, Pueblo, or Weld are all eligible); are a student, faculty member, or staff member in either the Boulder Valley School District or Westminster Public Schools; are an employee or family member of an employee of Ball Corporation, Boulder Community Health, IBM, Lexmark, or Medtronic; or are an employee or member of one of 750 organizations the credit union serves.
Air Force Federal Credit Union Certificate Account
Why it stands out: Air Force Federal Credit Union could be a good choice for CDs if you meet any the requirements for membership. The credit union’s most competitive CD is its 3-year term.
Rate: The rates for Air Force Federal Credit Union Certificates depend on how you deposit. You’ll earn a higher interest rate when you open an account with $100,000.
6 months: 4.00 to 4.25% to APY
12 months: 4.75% to 5.00% APY
18 months: 5.05% to 5.25% APY
2 years: 5.15% to 5.35% APY
3 years: 4.00% to 4.25% APY
5 years: 3.50% to 3.75% APY
7 years: 3.30% APY
What to look out for: To open accounts at Air Force Federal Credit Union, you’ll have to meet certain membership requirements. You may be eligible if you or a family member: live, work, or go to school in select areas in Texas or Mississippi; are an active duty member or veteran of the US Armed Forces or National Guard living in Texas, Oklahoma, Arkansas, Louisiana, or Mississippi; or you make a $10 donation to the Dream Education Foundation or $25 to the Airman Heritage Foundation.
BrioDirect High-Yield CD
Why it stands out: BrioDirect has a competitive interest rate on its promotional 1-year CD. Its CDs also have a low minimum opening deposit of $500.
Rates: The rates for BrioDirect High-Yield CDs are as follows:
30 days: 0.05% APY
3 months: 0.25% APY
5 months: 0.15% APY
9 months: 0.30% APY
Promo 12 months: 5.25% APY
18 months: 1.35% APY
2 years: 2.30% APY
30 months: 0.45% APY
3 years: 2.45% APY
4 years: 0.45% APY
5 years: 0.45% APY
What to look out for: BrioDirect currently isn’t offering a high-yield savings account, checking account, or money market account. You’ll only be able to get CDs.
Crescent Bank CD
Why it stands out: Crescent Bank has online CDs with great interest rates.
You may deposit money into the CD by mailing a check or transferring money from a bank account at another financial institution.
Rate: The rates for Crescent Bank CDs are as follows:
12 months: 5.15% APY
18 months: 5.10% APY
2 years: 5.10% APY
30 months: 4.55% APY
3 years: 4.55% APY
4 years: 4.55% APY
5 years: 4.50% APY
What to look out for: To open a Crescent Bank CD, you’ll need to deposit at least $1,000 in new money. New money means funds that haven’t already been deposited into a Crescent Bank account.
Synchrony CD
Why it stands out: Synchrony has 14-month and 18-month CDs with competitive interest rates. You also might like Synchrony if you want to open a CD with a low initial deposit — the online bank lets you open an account with $0.
Rate: The rates for Synchrony CDs are as follows:
3 months: 2.25% APY
6 months: 4.25% APY
9 months: 4.30% APY
12 months: 4.75% APY
13 months: 4.50% APY
14 months: 5.15% APY
15 months: 4.50% APY
16 months: 4.50% APY
18 months: 5.00% APY
19 months: 4.50% APY
2 years: 4.30% APY
3 years: 4.30% APY
4 years: 4.00% APY
5 years: 4.00% APY
What to look out for: You’ll want to consider whether you have a preference on how you’ll withdraw money from a CD. When you’re ready to cash out your CD, you must call Synchrony. Some other banks will let you cash out your CD through online banking.
Best interest rates for checking
Consumers Credit Union Free Rewards Checking Account
Why it stands out: The Consumers Credit Union Free Rewards Checking Account doesn’t charge monthly service fees. If you qualify for a tiered rate, you’ll also be eligible to get early direct deposit and unlimited ATM fee reimbursements.
You’ll get the most out of the account if you do the following:
Earn 3.00% APY if you have $10,000 or less when you sign up to receive eDocuments, make 12 monthly debit card purchases, and receive $500 in monthly direct deposits, mobile check deposits, or transfers from other banks
Earn 4.00% APY if you meet the requirements to earn 3.00% APY and spend $500 per month with your Consumers Credit Union Credit Card
Earn 5.00% APY if you meet the requirements to earn 3.00% APY and spend $1,000 per month with your Consumers Credit Card
Earn 0.20% APY if you have an account balance between $10,000.01 and $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
Earn 0.10% APY if you have an account balance over $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
If you don’t meet the requirements, you’ll only earn 0.10% APY on your account balance.
Rate: 0.01% to 5.00% APY
What to look out for: Credit unions require membership to open accounts. To become a member, pay a one-time membership fee and open the Consumers Credit Union Membership Share Savings Account with at least $5.
Juno Metal Checking Account
Why it stands out: Juno has a solid rewards checking account. The rate you’ll earn will vary depending on your account balance. You can earn up to a 5% yearly bonus on the first $25,000 in your account, and 4% on balances from $25,0001 to $250,000. You’ll also be able to earn 5% cash back when you shop at select retailers, and buy and sell cryptocurrency through Juno.
Rate: 4.00% to 5.00% APY
What to look out for: Juno has two types of accounts: Basic and Metal. The main difference between the two accounts is that the Juno Metal Checking Account has higher limits for yearly cash back, crypto purchases, and other perks than Juno Basic Checking Account.
To qualify for Metal, you’ll need to maintain a qualifying direct deposit of $250 or more per month or connect your Web3 Wallet so Juno can review your on-chain activity.
Primis Premium Checking
Why it stands out: Similar to the Primis Savings Account, Primis Premium Checking offers a competitive interest rate and low minimum opening deposit. This checking account may also be a good option if you are looking for a checking account that has early direct deposit.
Rate: 4.77% APY
What to look out for: Primis ATMs are primarily located near Primis branches. If you don’t live in Maryland or Virginia, you’ll have to use out-of-network ATMs. Primis doesn’t charge ATM fees and will provide reimbursements if you’re charged by an out-of-network ATM provider. That said, you may have to wait until the business day your statement cycle ends to receive your ATM reimbursements.
Another thing to keep in mind is that Primis Premium Checking is only available online. If you would like to open a checking account at a Primis Bank branch, there are comparable accounts offered.
Best interest rates for money market accounts
CFG Bank High Yield Money Market Account
Why it stands out: CFG Bank offers a high interest rate on a money market account. You may like the CFG Bank High Yield Money Market Account if you regularly maintain at least $1,000 in your account. That way, you’ll earn 5.02% APY and waive the monthly fee.
Rate: 5.02% APY
What to look out for: Usually money market accounts come with an ATM card, debit card, or paper checks. However, the CFG Bank High Yield Money Market Account doesn’t have these options. If you’d like to withdraw money from your account, you’ll have to make a transfer to another account.
UFB Preferred Money Market Account
Why it stands out: You may like the UFB Preferred Money Market Account if you would like a money market account that includes paper checks and a debit card.
You’ll earn a high interest rate on the account, but there’s a $10 monthly service fee if you don’t maintain an account balance of at least $5,000.
Rate: 4.81% APY
What to look out for: If you don’t think you can maintain at least $5,000 in your account to avoid the monthly service fee, there are other banks that have lower minimum balance requirements or no monthly service fees.
Keep in mind that UFB Direct only offers a high-yield savings account and a money market account. If you would also like to open a checking account or CD with the same institution, another bank may be a better fit.
How to balance a high APY vs. brand in an uncertain banking environment
Silicon Valley Bank was one of the largest banks in the US, and it was shut down in March. Earning a high APY on a savings account or CD seems great, but how important is a high rate when your bank could fail?
If a bank is insured by the Federal Deposit Insurance Corporation (FDIC), up to $250,000 is safe per depositor in a savings, checking, CD, and money market account. This means that if you have a joint account, $500,000 is safe. The same is true for credit unions, which are insured by the National Credit Union Administration (NCUA). If your bank failed, your money with either move into another insured institution, or you would receive a check for the money that was in your accounts.
The national brands on our list, such as Capital One and Discover, are FDIC-insured. The smaller brands, like CFG and Crescent Bank, are also insured. Federal insurance matters more than the actual bank brand.
Evelyn He is a Compliance Associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.
Given that Crow is a prolific megadonor to GOP campaigns and causes, several prominent GOP politicians have attended high-dollar fundraisers at his home over the years — and have seen his collection for themselves.
“He has an extensive historical museum that examines World War Two,” said Sen. Ted Cruz, who’s been to “multiple” fundraisers at Crow’s home. The Texas senator argued that the media is “deliberately” mischaracterizing the nature of Crow’s collection in order to tarnish Clarence’s reputation.
“I’m not gonna comment on his collection tastes,” said Sen. Mitt Romney of Utah, who attended a fundraiser at Crow’s home in 2012. “I don’t imagine, in any way, that Harlan Crow has any feelings of support for Hitler. That would be, in my opinion, absurd.”
His backyard includes a so-called “Garden of Evil,” including busts and statues of infamous dictators ranging from Joseph Stalin and Vladimir Lenin to Fidel Castro and Josip Tito.
“He collects memorabilia on fallen dictators as a reminder of how all these dictators ended up dead,” said Sen. Marco Rubio of Florida, who attended a fundraiser at Crow’s house in 2015 and benefited from $350,000 in outside spending by Crow in support of his 2016 presidential campaign. “It’s a reminder that dictatorship doesn’t work.”
Harlan Crow in his private library at his Dallas residence on October 2, 2015.
Chris Goodney/Bloomberg via Getty Images
“He doesn’t have those statues because he supports Communists, any more than the World War Two memorabilia that he has is because he somehow supports Nazis,” said Cruz. “Rather, he is remembering and commemorating horrific periods in our nation’s history and evil regimes that perpetrated grotesque human rights abuses.”
“I have no idea; his library is an extensive museum,” said Cruz. “So I’ve seen — there are display cases all over the place of all sorts of things.”
‘He’s not a drug dealer or cocaine trafficker’
Crow also collects other historical artifacts, including thousands of documents, books, and historical artifacts pertaining to American history. Understandably, those collections haven’t raised nearly as many questions among the public.
The Texas billionaire recently defended his collecting habits in an interview with the Dallas Morning News, criticizing “yellow journalism” for insinuating that he “[likes] some of that stuff.”
“My mom was on a ship that was sunk by Germans during World War II,” said Crow. “If you try to kill my mom, I don’t like you. I mean, that’s reasonably obvious. And so the idea that I could have sympathy for Nazism is insane.”
Sen. Mitt Romney of Utah, who said on Monday that Crow’s financial entanglement with Thomas “stinks,” offered high praise for the Texas billionaire, who in 2012 donated $150,000 to a pro-Romney super PAC and held a fundraiser for Romney when he was the party’s 2012 presidential nominee.
“I think Harlan Crow’s a terrific person,” said Romney, who acknowledged that he had “walked through” the Texas billionaire’s home. “I respect him and appreciated his support, and believe his voice in conservative circles is welcome.”
Rubio argued that it’s “not true” that Crow has a collection of Nazi memorabilia, decrying a “society and political culture that angles anything they can.”
“Harlan Crow’s a patriotic guy,” said the Florida senator. “He’s not a drug dealer or cocaine trafficker; he’s a guy who’s made his money honestly in real estate and been a supporter of many great causes.”
Republican Sen. Joni Ernst of Iowa, whose campaign has received $11,000 from Crow since 2014, said it’s “possible” that she’s been to Crow’s home but that she wasn’t sure.
But when asked about Crow’s Nazi memorabilia and dictator sculptures, Ernst said she had “no idea” about it.
“I would’ve most certainly remembered that,” she said.
Billionaire investor Howard Marks sounded the alarm on the commercial real-estate sector.
The Oaktree Capital co-founder warned of mortgage defaults that could add stress to the US financial system.
“We’re very likely to see mortgage defaults in the headlines, and at a minimum, this may spook lenders,” Marks said.
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Billionaire investor Howard Marks rang the alarm on commercial real estate in what he labels as “one of the biggest worries” US banks face today.
In a Monday memo, the Oaktree Capital Management co-founder warned of a wave of mortgage defaults that could add stress to the US banking sector.
“We’re very likely to see mortgage defaults in the headlines, and at a minimum, this may spook lenders, throw sand into the gears of the financing and refinancing processes, and further contribute to a sense of heightened risk,” Marks said.
“Developments along these lines certainly have the potential to add to whatever additional distress materializes in the months ahead,” he added.
The commercial real-estate market has become investors’ newest concern thanks to higher interest rates, tighter lending standards – part of the fallout from the turmoil that hit banks in March – and work-from-home trends. That’s a problem for smaller and mid-sized US banks which have high commercial property exposure.
High borrowing costs and tighter credit conditions caused by the banking jitters could raise hurdles for big property owners as they seek to refinance a pile of loans. Nearly $450 billion in commercial real-estate debt is due to mature in 2023 – meaning a final payment on those loans are due, per data cited from Trepp by JPMorgan.
“Higher interest rates call for higher demanded capitalization rates (the ratio of a property’s net operating income to its price), which will cause most real estate prices to fall,” Marks said. “The possibility of a recession bodes ill for rental rates and occupancy, and thus for landlords’ income,” he added.
Marks however stressed that he’s not sure if banks will suffer losses on their commercial property loans, or what the magnitude will be.
“Mortgage defaults generally don’t signal the end of the story, but rather the beginning of negotiations between lenders and landlords. In many cases, the result is likely to be extension of the loan on restructured terms,” he said.
Exit the stock rally now as the S&P 500 index could tumble about 22%, according to the chief market strategist at FS Investments.
The benchmark index is up about 8% so far in 2023 on hopes the Federal Reserve will soon end interest-rate increases.
“This is a golden opportunity to use this bear market rally to de-risk in advance of potentially very painful losses over the next six, nine, 12 months,” Troy Gayeski said.
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The stock market is heading for a sharp setback that could see the S&P 500 plunge about 22% over the coming quarters, according to the chief market strategist at FS Investments.
That means investors shouldn’t wait anymore to cash out on this year’s rally in equities, and should start selling their holdings now, Troy Gayeski said during a recent episode of the “What Goes Up” podcast hosted by Bloomberg. “There’s no reason to wait. It’s not like you’re going to leave 10% upside on the table,” he said.
“First of all, the strongest rallies have always been in bear markets,” Gayeski continued.
“Usually they’re driven by technical factors. And then there’s a narrative that’s put together to justify it: the more recent one was that inflation’s going to slow enough that the Fed won’t have to hike anymore, and then we’re going to have a recession and somehow that’s going to cause the Fed to cut rapidly. But recessions aren’t bad for revenue or earnings? It really makes very little sense,” he added.
So far this year, the S&P 500 has advanced about 8%, largely driven by investor hopes that the Federal Reserve will ease up on its tight monetary policy – which is aimed at taming inflation – as it deals with turmoil in the US banking industry.
But like Gayeski, market experts including Jeremy Grantham and Morgan Stanley’s top stock picker Mike Wilson don’t expect the rally to last long. Wilson has warned the S&P 500 is set to tank over 20% later this year due to a looming earnings recession and the fallout from the banking tremors, per Bloomberg.
“We’ve always thought that this bear market would be meaningfully worse than the 2018 correction or some of the shocks we had in the post-Great Financial Crisis period, but not as bad as we had from 2002 and also the financial crisis,” Gayeski said.
“This is a golden opportunity to use this bear market rally to de-risk in advance of potentially very painful losses over the next six, nine, 12 months,” he added.
Hi, I’m Matt Turner, the editor in chief of business at Insider. Welcome back to Insider Today’s Sunday edition, a roundup of some of our top stories.
On the agenda today:
But first: JPMorgan is asking senior managers to be in the office five days a week. I break down the latest on RTO mandates below.
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This week’s dispatch
Mario Tama/Getty
Construction is currently underway on JPMorgan’s new corporate headquarters in midtown Manhattan, so it should come as no surprise that the bank is planning on having bums on seats to fill it. The company told senior managers this week that they “have to be visible on the floor” in a memo asking managing directors to be in the office five days a week.
The memo also echoed other recent edicts that focus on the importance of IRL interactions in career development.
Killing off projects had become something of a tradition at Kittyhawk, the secretive flying-car startup launched by Larry Page. But when the Google cofounder decided to get more hands-on, what followed was a series of bizarre experiments, ostensibly intended to save the company.
A dozen former Kittyhawk employees told Insider that Kittyhawk found itself torn between the conflicting visions and shifting priorities of its billionaire founder and his handpicked CEO. In the end, the internal chaos proved unsustainable.
For millions of Americans, the past few years have redefined their relationship to money. Gen Z and millennials, in particular, have seen the critical years of their financial lives defined by the shifting sands of the pandemic economy.
Experts say the financial scars of the pandemic era run deep. And as overlapping crises only intensify in the next few decades, the behaviors young people develop around money will stick around.
Each decade brings some turning point in technology that lures college students to a new field — and right now, artificial intelligence is all the rage. Students and recent grads are embracing AI, with many hoping to be an early employee at the next big tech giant.
We spoke with a dozen professors, students, and industry professionals about how companies are raiding college campuses to mine for talent, offering six-figure salaries and unimaginable resources. “The student population is getting cleaned out,” one dean from Cornell said.
A wave of revolutionary weight-loss drugs, which includes the buzzy Ozempic, represents a watershed moment for obesity treatment. But high costs, insurance hurdles, and a surge in demand are keeping the drugs from getting to many of the people who need them.
Doctor offices are overwhelmed by patients asking for the drugs for cosmetic reasons. Celebrities and influencers are raising the drugs’ profile even further. But people who need the treatment the most are stuck in the middle.
A ban would be a blow to the company’s bottom line: Used by more than 150 million users in the US, TikTok is expected to generate $8 billion in advertising revenue by 2024 from Americans alone, according to Insider Intelligence, and the company’s US business, alone, could be worth between $40 and $50 billion, per Bloomberg.
In turn, Zhang Yiming, the CEO of TikTok’s Chinese parent company ByteDance, may see his net worth — which sits at $42.3 billion as of April 14 — drop. He is one of many Chinese billionaires who got rich from starting successful tech giants.
