News You Can Use

Markets retreat after Trump calls off stimulus talks; retailers expect less holiday foot traffic: How today’s headlines could affect your money

Markets fell Tuesday after President Trump called off stimulus negotiations "until after the election"; Venmo releases a new credit card; retailers expect less traffic this holiday season.

Share
Twenty/20

Investors were hopeful as President Donald Trump returned home from the hospital; retailers expect to see far less traffic this holiday season; and Venmo is launching a credit card. Here's how today's headlines could affect your money.

Markets retreat after President Trump calls off stimulus negotiations

The three major indexes all rose Monday ahead of President Trump's discharge yesterday from Walter Reed National Military Medical Center, where he underwent treatment for Covid-19.

The market abruptly reversed course Tuesday afternoon, however, on news that the president is calling off stimulus negotiations "until after the election." All three major indexes were down more than 1% in midafternoon trading.

Investors had been hopeful about the chances of another possible stimulus package. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have been in talks since last week, and the House passed a revised version of its stimulus bill, the HEROES Act, Thursday. 

VIDEO2:0402:04
Farnoosh Torabi busts 4 common investing myths

Video by Courtney Stith

Retailers expect to see less foot traffic this holiday season

Holiday shopping won't be the same this year. With many shoppers wary of stepping into crowded spaces during the pandemic, store traffic is expected to be 22% to 25% down year over year during the lead up to Super Saturday, according to consulting firm ShopperTrak. 

What to expect as a shopper: Some brick-and-mortar retailers are offering extended hours and pop-up locations to help reduce overcrowding. Companies including Amazon, Target, and Best Buy are also set to have big sales long before the season begins.

Venmo launches first credit card 

Mobile payment service Venmo launched its first credit card this week, designed for Venmo users and offering a rewards program tailored to each person's unique spending habits. That includes 3% cash back on the category in which you spend most and 2% cash back on your second-highest category.

Categories can fluctuate based on your activity and include grocery, travel, gas, and bills and utilities. The card has no annual fee.

VIDEO2:4402:44
How to successfully use a cash-back credit card

Video by Mariam Abdallah

Words you've heard: Super Saturday

Super Saturday is the Saturday before Christmas. It typically generates big sales from last-minute shoppers. Even with the expected drop in in-person shoppers this year, analysts still anticipate Super Saturday will be one of the biggest shopping days of 2020.

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.

More from Grow: