Stock Market News: Debt ceiling looms, IRS mulls new tax prep arm, EU on Microsoft-Activision deal

SoFi shares sink

Sofi Technologies.



Shares of SoFi sank after Wedbush Securities
cut the stock to underperform from neutral raising concerns about capital levels.

In a January interview with FOX Business, CEO Anthony Noto explained the financial firm’s strategy to take on big banks. This preceded the collapse of Silicon Valley Bank and Signature Bank.

Americans are still loading up on debt according to estimates for the New York Federal Reserve’s latest check on household spending due mid-morning.

Home Depot, Target and Walmart

Three of the nation’s largest retailers, Home Depot, Target and Walmart, will report earnings Tuesday, Wednesday and Thursday, providing a fresh snapshot of how Americans are dealing with inflation.