Motivated by recent experiments with ultracold fermionic atoms in optical lattices, we study finite temperature magnetic correlations, as singlet and triplet correlations, and the double occupancy in the one-dimensional Hubbard model. We point out that for intermediate interaction strengths the double occupancy has an intriguing doubly nonmonotonic temperature dependence due to the competition between spin and charge modes, related to the Pomeranchuk effect. Furthermore, we determine properties of magnetic correlations in the temperature regimes relevant for current cold atom experiments and discuss effects of the trap on spatially integrated observables. We estimate the entropy and the temperature reached in the experiment by Greif, Uehlinger, Jotzu, Tarruell, and Esslinger [Science 340, 1307 (2013)].