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August 11th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending August 5, the advance figure for seasonally adjusted initial claims was 248,000, an increase of 21,000 from the previous week’s unrevised level of 227,000, the Department of Labor reported. The four-week moving average was 231,000, an increase of 2,750 from the previous week’s unrevised average of 228,250.
Interest on a 30-year fixed-rate mortgage averaged 6.96% for the week ending August 10, up from last week when it averaged 6.90%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.22%. Interest on a 15-year fixed-rate mortgage averaged 6.34%, up from last week when it averaged 6.25%. A year ago at this time, the 15-year FRM averaged 4.59%.
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2% in July on a seasonally adjusted basis, the same increase as in June, the U.S. Bureau of Labor Statistics reported. Over the last 12 months, the all-items index increased 3.2% before seasonal adjustment. The index for shelter was by far the largest contributor to the monthly all items increase, accounting for more than 90% of the increase, with the index for motor vehicle insurance also contributing.
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| MARKET MIRROR |
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The Dow rose 52.79 points (0.15%) to close at 35,176.15, the Nasdaq rose 15.97 points (0.12%) to close at 13,737.99 and the S&P 500 rose 1.12 points (0.03%) to close at 4,468.83. The Russell 2000 fell 8.15 points (0.42%) to close at 1,922.62, and the FT Wilshire 5000 Index fell 3.54 points (0.01%) to close at 45,131.72.The price of the 10-year Treasury note decreased 11/32, bringing the yield to 4.110%. The price of the 30-year Treasury bond decreased 1 3/32, bringing the yield to 4.255%.
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PRODUCTS
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Investment Product and Service Launches
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Nationwide and MassMutual team up on advisory annuities; Integrity launches AI-driven tech for agents and clients; NewEdge debuts investment platform for ultra-high-net-worth individuals and institutions. 
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EVENTS
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Let Your Advisers Know!
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The 2023 PLANADVISER National Conference is the place where retirement plan advisers can cultivate the skills and increase the knowledge needed in today’s retirement plan industry. They’ll learn the latest findings about behavioral psychology and why participants behave the way they do; up-to-date insights on complying with SECURE 2.0; how to protect plan sponsors from the latest litigation and regulatory threats; and more. Ask your adviser today if they’ll be attending PANC to learn how to serve you and your participants better.
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ON THIS DATE: In 1929, Babe Ruth of the New York Yankees hit his 500th career home run in a game against Cleveland, becoming the first baseball player to reach that milestone. In 1942, actress Hedy Lamarr and composer George Anetheil received a patent for an electronic device that minimized the jamming of radio signals; it later became a component of satellite and cellular phone technology. In 1956, painter Jackson Pollock, a leading exponent of abstract expressionism who received great fame and serious recognition for his radical poured, or “drip,” technique, died in a car accident. In 1964, the Beatles’ first feature film, “A Hard Day’s Night,” had its U.S. premier in New York City; it was released during the height of Beatlemania. In 1965, race riots erupted in the Watts district of Los Angeles, resulting in the deaths of 34 people. In 1984, at the Olympic games in Los Angeles, Carl Lewis became the third track-and-field athlete to win four gold medals in one Olympics, joining fellow Americans Alvin Kraenzlein (1900) and Jesse Owens (1936). In 1994, the Major League Baseball Players Association began a labor strike following the games of August 11, and the dispute led to the cancellation of the remainder of the season, including the World Series. In 2014, comedian and actor Robin Williams, known for his manic stand-up routines and diverse film performances, died by suicide.
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