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U.S. will have vaccines for every adult by the end of May, Biden says: Here's how the headlines could affect your money

Plus: Experts say you should file your taxes as soon as possible.

US President Joe Biden speaks about the 50 million doses of the Covid-19 vaccine shot administered in the US during an event commemorating the milestone in the Eisenhower Executive Office Building in Washington, DC, February 25, 2021.
Saul Loeb | AFP | Getty Images

Stocks pull back, President Joe Biden delivers optimistic vaccine news, and experts recommend filing your taxes ASAP. Here's how the headlines could affect your money.

The market takes a breather

After an exuberant trading session on Monday, stocks gave back some gains on Tuesday, with Big Tech suffering the worst losses. The Nasdaq Composite lost 1.7%, with index headliners Apple and Facebook falling more than 2% apiece. The S&P 500 slid 0.8% on the day, and the blue-chip Dow Jones Industrial Average surrendered 0.5%.

Suze Orman: Why volatility can be good for investors

Video by Helen Zhao

Good news about vaccines

The U.S. should have enough vaccines to inoculate every adult against Covid-19 by the end of May, two months earlier than estimated, Biden said Tuesday. The announcement came just days after the vaccine produced by Johnson & Johnson, the third to become nationally available, gained emergency use approval from the FDA.

Biden also confirmed that rival pharmaceutical giant Merck will work with J&J to boost production.

Public health experts say the best vaccine is whichever is offered to you once you're eligible.  You can check your eligibility status via the NBC News Plan Your Vaccine tool

File your taxes ASAP

Americans filed nearly 35 million tax returns in the week after the IRS began accepting returns on February 12, according to data recently released by the agency. That's a marked uptick from the 15.7 million returns the IRS received in the first week of tax season last year.

Americans are smart to file as soon as possible, tax experts say. For one thing, if you're owed a refund, you'll receive it sooner if you file earlier, Elaine Maag, a principal research associate at the Urban-Brookings Tax Policy Center, told CNBC, adding: "There's no benefit to waiting."

Where your federal taxes are spent

Video by David Fang

Filing is also the fastest way to get any stimulus funds you may be owed, experts say. And it means that fraudsters have less of an opportunity to file in your name and claim your refund.

Words you've heard: IRS Free File

The IRS Free File program is a partnership between the IRS and a group of tax preparation companies that includes TurboTax and TaxAct. If your income was below $72,000 in 2020, you can use the provided software to file your federal tax return for free. Depending on your income and which product you choose, you may be able to file your state return for free as well.

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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