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October 3rd, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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Compliance
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Dueling Motions Filed in American Airlines ESG Lawsuit
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Both parties brought motions as a former pilot asserts that fiduciaries for American Airlines’ defined contribution plans breached their duty by including investment managers and funds focused on environmental, social and governance factors. 
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| ECONOMIC EVENTS |
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Total construction spending for August 2023, at $1,983.5 billion was 0.5% above the revised July 2023 total, at $1,973.7 billion, the Census Bureau reported. The August figure is 7.4% above the August 2022 estimate of $1,847.3 billion. During the first eight months of this year, construction spending amounted to $1,284.7 billion, 4.2% above the $1,233.4 billion for the same period in 2022.
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| MARKET MIRROR |
Monday, the Dow fell 74.15 points (0.22%) to close at 33,433.35, the Nasdaq rose 88.45 points (0.67%) to close at 13,307.77 and the S&P 500 rose 0.34 points (0.01%) to close at 4,288.39. The Russell 2000 fell 28.28 points (1.58%) to close at 1,756.82, and the FT Wilshire 5000 Index fell 75.29 points (0.17%) to close at 43,174.00.
The 10-year Treasury note fell 30/32, bringing the yield to 4.687%. The 30-year Treasury bond fell 1 4/32, bringing the yield to 4.796%.
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Products
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Guideline Launches Starter 401(k) Plan
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The plan provider aims to gain greater market share of retirement 401(k) plans and has debuted a starter product for plan sponsors made possible by SECURE 2.0 legislation.
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ON THIS DATE: In 1863, expressing gratitude for a pivotal Union victory at Gettysburg, President Abraham Lincoln announced that the nation would celebrate the official Thanksgiving holiday on November 26. In 1935, Italian forces led by Emilio De Bono, under orders from Benito Mussolini, invaded Abyssinia (Ethiopia). In 1936, collegiate football coach John Heisman, who was considered one of the greatest innovators of the game, died. In 1941, “The Maltese Falcon,” John Huston’s film adaptation of Dashiell Hammett’s famed 1930 novel, had its world premiere. In 1952, the first British atomic weapons test, called Hurricane, was successfully conducted aboard the frigate HMS Plym. In 1960, “The Andy Griffith Show” debuted on American television. In 1961, “The Dick Van Dyke Show,” a pioneer of the sitcom genre, began airing on CBS. In 1990, after four decades of Cold War division and with pressure from the German chancellor Helmut Kohl, Soviet leader Mikhail Gorbachev agreed to a unified Germany within NATO, leading to Germany’s reunification. In 1992, Irish musician Sinéad O’Connor stunned the audience and viewers when she tore up a photo of Pope John Paul II during a performance on “Saturday Night Live.” In 1995, a jury found O.J. Simpson not guilty of murdering his ex-wife, Nicole Brown Simpson, and her friend, Ronald Goldman. In 1997, 69-year-old National Hockey League Hall of Famer Gordie Howe skated the first shift with the Detroit Vipers in their International Hockey League opener, becoming the only professional in the sport to compete in six decades. In 2004, actor Janet Leigh—who was best remembered for her performance in Alfred Hitchcock’s “Psycho”, in which her character suffered one of cinema’s most memorable and shocking deaths—died at the age of 77.
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