Morning Download 

Personal finance + economics + markets

Together with VEED

Good morning investors! The focus is currently on the Israel-Palestine situation, and as of now, its influence on the markets remains minimal.

Fun fact: The company MCI Inc. (formerly WorldCom) was added to the S&P 500 in the late 1990s but was later removed due to financial difficulties and accounting scandals. It was then added back to the index before ultimately being removed again. This happened during a period of significant financial challenges for the company.

Today we cover:

• Americans are breaking sales records. 😄 

• 2024 to be another great year for stocks? 😁 

• Tax credits worth knowing about. 💵 

Follow us on Twitter for more.

📊 Economy and News 

Black Friday sales jump 7.5%

Nothing can stop Americans from shopping and the latest figures are a testament to that. Black Friday generated $9.8 billion in U.S. online sales, up 7.5% from a year ago.

Why? Gas and food prices are lower than last year, which leaves people with more money to spend on holidays. Plus, wages have seen an increase in the last few years and reports suggest that people are more interested in spending than saving.

Also, it is believed that impulsive purchases played an important role in pushing the number. A whopping $5.3 billion of the online sales came from mobile shopping. Moreover, the 'Buy Now, Pay Later' option is also on the rise, up 47% from 2022.

What sold: Customers bought a variety of things, including toys and electronics. 🧸 

Now might be a good time to buy as companies will begin to slowly remove discounts.

Global hits:

• Nissan leads $2.5 billion investment to build two more EVs in UK.

• iRobot shares close up 39% on report Amazon deal set to get EU approval.

• Asian markets reverse early gains as China property stocks plunge; Japan service inflation heats up. Moreover, China government advisers are calling for steady growth target in 2024 and more stimulus.

📈 Stocks

S&P 500 4,559.34 (+0.060%)
DJIA 35,390.15 (+0.33%)
NASDAQ 15,982.01 (-0.12%)
BRENT CRUDE 79.82 (-0.94%)
* Prices as of Nov 27th, 12:20 AM UTC

Stocks to rise even more in 2024?

Analysts at Bank of America appear very bullish. They’re predicting the S&P 500 will hit 5,000 points in 2024.

The S&P 500 is just above 4,500, about 5.5% below its all-time peak of 4,797 in January 2022. However, the index fund, which is often used as a barometer for the stock market and economy at large, has been doing extremely well lately. It is up almost 19% in 2023 so far and recorded an eight-day winning streak earlier this month in which it rose every day.

Some stocks, however, have performed exceedingly well this year, including big names like Nvidia and Meta. Some other analysts, including CNBC’s Jim Cramer also agree with Bank of America.

What others say: Goldman Sachs isn’t very bullish with a forecast of 4,700 by the end of 2024, a 4% increase over the current level. UBS Global Wealth Management and Wells Fargo Investment Institute made similar predictions. However, Morgan Stanley’s Michael Wilson doesn’t see much growth. He expects a flat market in 2024.

The S&P 500 has a typical annual return of 10%.

Sponsored by VEED

VEED.IO is an AI-powered browser app to record, edit & share engaging face or stock videos. Convert videos in any format you like with up to 4k resolution. Add captions & translate into more than +100 languages. 

Use the integrated AI to clean audio, auto edit and cut out errors from your video or correct eye contact with just ONE CLICK. No need to download the app, just login and start editing!

Make pro-looking videos fast for less, with 30% off VEED's Annual Plan until November 27th. Just use VEEDWEEK at checkout!

🔐 Crypto

Bitcoin $37,272.30 (-0.31%)
Ethereum $2,045.97 (-0.83%)
Total market cap $1.42T (-1.20%)
* Prices as of Nov 27th, 12:20 AM UTC

What’s happening in the crypto world

Here’s all worth checking out:

• Crypto exchange Zipmex suspends trading activity in Thailand due to regulatory challenges.

• XRP inches up, but SEC’s looming appeal casts shadows on its $0.70 forecast. Experts believe now might not be a good time to invest in this digital coin.

• Ethereum whale activity could pave way for ETH price to hit new yearly highs. Some experts believe that it might offer better returns than Bitcoin.

• Shiba will have to soar 12,000% to hit 1 cent, but is that even possible?

💵 Personal Finance

Tax credits worth knowing about

Nobody likes to pay taxes and while you can't (legally) evade taxes altogether, there are ways to reduce taxes on your income. The government offers a variety of programs, known as tax credits, designed to help people, especially low-earners, save money.

What is a tax credit?

A tax credit is a "sum that can be offset against a tax liability." In simple words, it’s the amount of money taxpayers can subtract from the amount they owe in taxes.

There are a variety of tax credits, we’ll discuss them below:

The Earned Income Tax Credit

The Earned Income Tax Credit allows low-income Americans to claim credits up to $7,430.

The amount of your tax credit depends on a variety of factors, including the number of children you have.

The American Opportunity Tax Credit

The American Opportunity Tax Credit is designed for students. It offers up to $2,500 per year to eligible students. A little complicated to calculate, this tax credit covers the first four years of higher education.

The Lifetime Learning Credit

Those who want more should look at the Lifetime Learning Credit, which covers qualified tuition and related expenses. You must be enrolled in an eligible institution and meet other eligibility requirements to qualify for this credit.

It covers undergraduate, graduate, and professional degree courses with no yearly limits, going up to $2,000 per tax return.

The Saver’s Credit

Retirement Savings Contributions Credit, also known as Saver's Credit, is for people making eligible contributions to IRAs or employer-sponsored retirement plans. Moreover, contributions to Achieving a Better Life Experience (ABLE) account may also be eligible in some cases.

The credit can be up to 50% of your contributions based on a number of factors, including your adjusted gross income.

The Child and Dependent Care Credit 

Last on the list is the Child and Dependent Care Credit that covers qualified expenses for the care of disabled dependents and children. Only up to $3,000 (expenses) are covered for one individual and up to $6,000 for two or more individuals. The percentage, however, depends on your adjusted gross income.

Almost all countries offer some forms of tax credits, including credits for buying EVs, continuing education, and building homes. Check this video for more:

💰 Be a Better Investor

👩🏽‍⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.