Weekly Market Insights: Solid Week Despite Mixed Reports
Presented by Apex Financial Group & Mount Vernon Investments
Stocks rose last week despite conflicting stories from economic reports. The Dow Jones Industrial Average inched up 0.29 percent while the Standard & Poor’s 500 Index powered ahead 1.31 percent. The Nasdaq Composite led, picking up 2.38 percent. The MSCI EAFE Index tracks developed overseas stock markets and rose 1.29 percent for the week through Thursday’s close.1 All Eyes On The Jobs ReportWeak manufacturing data prompted declines early in the week, reflecting investor concerns over the economy’s strength. But stocks rallied in anticipation of the jobs report on Friday. However, the market reaction was mixed when the stronger-than-expected jobs report finally came. The S&P 500 touched a record high intraday before profit-taking late in the session.2,3 |
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Source: YCharts.com, June 8, 2024. Weekly performance is measured from Monday, June 3, to Friday, June 7. |
The Catalyst That Wasn’tThe week closed with a jobs report that underscored the economy’s resilience while highlighting the data’s mixed nature. The 272,000 jobs added in May were higher than the 190,000 economists expected. At the same time, wages rose 4.1 percent from a year ago. The strong jobs report and surprise wage increase supported the narrative that the Fed may now wait longer before considering a move on interest rates.4 Although inflation now exceeds the central bank’s 2 percent target, the jobs report suggests that economic growth remains powerful despite higher short-term rates.4 This Week: Key Economic DataMonday: 3-Month Treasury Bill Auction. Wednesday: Consumer Price Index. FOMC Announcement. Fed Chair Press Conference. Thursday: Jobless Claims. Producer Price Index (final). Fed Official John Williams speaks. Friday: Consumer Sentiment. Fed Official Austan Goolsbee speaks. Source: Investors Business Daily – Econoday economic calendar; June 7, 2024 This Week: Companies Reporting EarningsWednesday: Broadcom Inc. (AVGO) Thursday: Adobe Inc. (ADBE), Autodesk, Inc. (ADSK) Source: Zacks, June 7, 2024 |
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“Fight for the things that you care about, but do it in a way that will lead others to join you.” – Ruth Bader Ginsburg |
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When Was The Last Time You Checked Your Withholding Status?Most people check their withholding status at the end of the year or as filing season arrives, but the middle of the year may be as good of a time as any to double-check your withholding status and confirm its accuracy. The IRS has a handy tool called the Tax Withholding Estimator, which can help you assess the tax withheld from your wages. The tool can also help you determine if you must complete a new W-4 to submit to your employer, complete a new W-4P, or make additional payments to the IRS. It does this by estimating your annual income, factoring in any children you may have and earned income tax credit, and accounting for other items that may affect your yearly taxes. Before using the Tax Withholding Estimator, gather all necessary documents; this includes your W-2 from your employer, any 1099 forms you have from banks and other payers, and any other forms you need. Gathering as much information as possible will be helpful because the estimator will only be as accurate as the information you enter. *This information is not intended to be a substitute for specific, individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional. Tip adapted from IRS.gov5 |
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Strength Training Strategies For Every LevelIf you would like to build muscle mass, sometimes the optimal strategies are the simplest ones. For example, becoming proficient at the “big four” exercises can help you create a strong (literally) foundation. These four moves include the squat, deadlift, bench, and shoulder press. You can work on some of your body’s major muscle groups with these simple movements. Another strategy involves using dumbbells and barbells. While the fancy machines in the gym may appear fun and enticing, mastering the foundational movements with free weights requires building the skill. Free weight and bodyweight training are some of the most effective exercises, and they are also the simplest. Lastly, maintain a log and track your progress. Even doing one more rep or lifting five more pounds counts as progress. These achievements will keep you motivated and make tracking your progress easier as you get stronger. Tip adapted from Men’s Journal6 |
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You hold a sheet of cellophane. Fully unfolded, it is 3 feet long by 2 feet wide. How can you get two people to stand on it (fully unfolded) so they can’t touch or see each other?
Last week’s riddle: What runs around a field but doesn’t move? Answer: A fence. |
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Salar de Uyuni Salt Flats |
Footnotes And Sources
2. CNBC.com, June 6, 2024 3. The Wall Street Journal, June 7, 2024 4. The Wall Street Journal, June 7, 2024 5. IRS.gov, January 10, 2024 6. Men’s Journal, January 29, 2023 |