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July 28th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending July 22, the advance figure for seasonally adjusted initial claims was 221,000, a decrease of 7,000 from the previous week’s unrevised level of 228,000, the Department of Labor reported. The four-week moving average was 233,750, a decrease of 3,750 from the previous week’s unrevised average of 237,500.
Interest on a 30-year fixed-rate mortgage averaged 6.81% for the week ending July 27, up from last week when it averaged 6.78%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.30%. Interest on a 15-year fixed-rate mortgage averaged 6.11%, up from last week when it averaged 6.06%. A year ago at this time, the 15-year FRM averaged 4.58%.
New orders for manufactured durable goods in June, up for consecutive months, increased $13.6 billion or 4.7% to $302.5 billion, the Census Bureau announced. This followed a 2.0% May increase. Excluding transportation, new orders increased 0.6%. Excluding defense, new orders increased 6.2%. Transportation equipment, also up four consecutive months, led the increase, $12.4 billion or 12.1% to $115.3 billion.
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| MARKET MIRROR |
Thursday, the Dow lost 237.40 points (0.67%) to close at 35,282.72, the Nasdaq lost 77.18 points (0.55%) to close at 14,050.11 and the S&P 500 lost 29.28 points (0.64%) to close at 4,537.47. The Russell 2000 fell 25.46 points (1.29%) to close at 1,954.90 and the FT Wilshire 5000 Index fell 343.11 points (0.74%) to close at 45,835.50.
The price of the 10-year Treasury note decreased 1 23/32, bringing the yield to 4.003%. The price of the 30-year Treasury bond decreased 1 29/32, bringing the yield to 4.045%.
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PRODUCTS
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Investment Product and Service Launches
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Schwab Retirement partners with Newport, Conduent to expand DB, NQDC offerings; Franklin Templeton adds fixed–income ETF; PGIM launches new ETFs; and more. 
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ON THIS DATE: In 1750, Johann Sebastian Bach, one of the greatest composers of all time, died at age 65. In 1868, the 14th Amendment to the U.S. Constitution–which granted citizenship and equal civil and legal rights to African Americans and slaves who had been emancipated after the Civil War – entered into force. In 1914, using assassination of Austrian archduke Franz Ferdinand as a pretext to present Serbia with an unacceptable ultimatum, Austria-Hungary declared war on the Slavic country, sparking World War I. In 1929, Jacqueline Kennedy Onassis, who served as the first lady of the U.S. as the wife of President John F. Kennedy, was born. In 1932, the first feature-length zombie film, “White Zombie,” was released in New York City; it starred Bela Lugosi. In 1954, the classic film “On the Waterfront”–directed by Elia Kazan and featuring one of Marlon Brando’s most iconic performances–was released in the U.S. In 1976, an earthquake in the industrial city of Tangshan, China, killed more than 240,000 people. In 1991, Spanish cyclist Miguel Indurain won his first of five consecutive Tour de France titles. In 2005, the Irish Republican Army announced that it had ended its armed campaign and instead would pursue only peaceful means to achieve its objectives.
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