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Big Tech falters, dragging markets down: Here’s how the headlines can affect your money

The Biden administration will distribute more of the funds allocated by the $1.9 trillion stimulus.

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Exterior views of the Nasdaq in New York City.
Adam Jeffery | CNBC

Markets fall Monday and President Joe Biden will distribute more relief. Plus, how Gen Zers can start saving for retirement. Here's how the headlines could affect your money.

Tech drags markets down

A tech shares sell-off spurred by fears about inflation and higher interest rates affected all three major indexes Monday. The Dow fell 0.1%, the S&P 500 fell 1%, and the Nasdaq fell 2.5%.

Markets continued dropping Tuesday morning. 

Biden to send more relief to businesses

The Biden administration will distribute more of the relief funds allocated by his $1.9 trillion stimulus plan, the president said, after April job numbers came out lower than expected. 

Efforts will include enabling state and local governments to apply for funds from a $350 billion relief pool, pushing to streamline distribution of aid to child-care centers, and sending grants to thousands of struggling restaurants and bars.

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Video by Stephen Parkhurst

How much Gen Zers have in retirement savings

The average zoomer saving for retirement has $35,197, according to wealth management platform Personal Capital. Comparable millennials have $166,430, while Gen Xers have $568,750, and baby boomers have $1,029,840.

As Gen Zers are the youngest of the adult generations, it makes sense they'd have the least in savings. And luckily, they have time on their side. The best way to have a robust retirement savings account is to start as early as possible and let that money grow.

"Don't wait to start saving until you've paid off debt or bought a house," says Greg McBride, chief financial analyst at Bankrate. "Prioritizing retirement savings early on is important to maintaining that habit in the years ahead."

Words you've heard: Big Tech

Big Tech refers to the group of the five biggest and most influential U.S. tech companies: Amazon, Apple, Facebook, Google parent Alphabet, and Netflix. Investors also refer to them by the acronym FAANG.

Facebook, Apple, and Amazon have recently been trending downward.

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

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