Despite Tesla (TSLA) reporting disappointing earnings and a higher-than-expected US economic growth reading, US stocks climbed on Thursday. The Dow Jones Industrial Average (^DJI) gained 0.2%, the S&P 500 (^GSPC) rose 0.4%, extending its record streak from the previous day, and the Nasdaq 100 (^NDX) inched up about 0.6%. The morning release of the advance estimate for fourth-quarter US gross domestic product (GDP) revealed a robust annualized growth rate of 3.3%, surpassing economists' expectations of 2%. Tesla, in its quarterly results, cautioned about a "notably" slower growth in electric vehicle production, missing profit forecasts. CEO Elon Musk expressed concerns about Chinese carmakers outpacing rivals in the absence of trade restrictions. Tesla shares plummeted up to 11%, marking a deeper decline compared to other tech-heavy "Magnificent Seven" stocks that have been propelling the S&P 500's surge. After-hours attention focused on Intel (INT...
The Impact of Wealthy Households Moving Between States While households earning over $200,000 annually make up a small fraction of total tax returns filed, their relocation between states packs a powerful financial punch. If a state loses more high-earning taxpayers than it gains, it could face a decline in tax revenues, affecting its fiscal stability. Even though these high-earning households constitute less than 7% of total tax returns filed across states and D.C. in 2020, their migration trends continue to be newsworthy. SmartAsset aimed to identify which states experienced the most movement among high-earning households. The analysis focused on the inflow and outflow of tax filers making at least $200,000 between 2019 and 2020. Key Insights - Sun Belt Leads the Way: Most of the states experiencing a substantial influx of high-earning households are located, at least partially, in the Sun Belt region. Florida tops the list. -State Taxes Matter: States not imposing income tax show a ...