Morning Business Report: Americans tapping retirement savings as hardship withdrawals hit record high while homeowners stay put and stocks rebound

(LILAMAX)-More Americans are turning to their retirement savings to cover financial emergencies as economic pressures continue to mount. New data from Vanguard Group shows that six percent of workers with 401(k) plans it administers took hardship withdrawals last year, marking a record high. Before the pandemic, the average rate was around two percent.

The increase represents the sixth consecutive year of rising hardship withdrawals since 2018, when Congress made it easier for Americans to take hardship distributions from retirement accounts. Financial experts say the growing use of these withdrawals reflects continued strain from rising living costs and financial instability for many households.

At the same time, Americans who already own homes appear reluctant to move. A new report from Redfin finds the typical homeowner now stays in a home for about 12 years, the longest median tenure recorded since 2022. Analysts say high mortgage rates, rising moving costs and the wealth many homeowners have built through property appreciation are keeping people anchored in their current homes.

On Wall Street, stocks rebounded after two straight days of losses that were fueled by concerns about tensions involving Iran and potential impacts on global energy markets. Oil prices also slipped as traders grew more confident that global supply disruptions would likely remain limited.

Meanwhile, healthcare giant Johnson & Johnson is expanding direct-to-consumer access to prescription medications. The company launched a new online platform called J&J Direct, allowing patients without insurance or those paying out of pocket to purchase certain drugs directly. The site currently lists three medications, including diabetes treatments Invokana and Invokamet and the blood thinner Xarelto. Other pharmaceutical companies, including Pfizer and Eli Lilly, have also launched similar direct-to-consumer programs.

In the beverage industry, Brown-Forman — the parent company of the iconic whiskey brand Jack Daniel’s — reported stronger-than-expected quarterly earnings. The spirits maker posted increases in both sales and profits, sending its stock to its best day in eight months. However, the company also reported significant sales declines in Canada after the country stopped placing orders for American-made spirits during trade tensions following tariffs introduced by President Donald Trump last year.