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August 18th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending August 12, the advance figure for seasonally adjusted initial jobless claims was 239,000, a decrease of 11,000 from the previous week’s revised level, the Department of Labor reported. The previous week’s level was revised up by 2,000 to 250,000 from 248,000. The four-week moving average was 234,250, an increase of 2,750 from the previous week’s revised average. The previous week’s average was revised up by 500 to 231,500 from 231,000.
Interest on a 30-year fixed-rate mortgage averaged 7.09% for the week ending August 17, up from last week when it averaged 6.96% and the highest level in more than 20 years, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.13%. Interest on a 15-year fixed-rate mortgage averaged 6.46%, up from last week when it averaged 6.34%. A year ago at this time, the 15-year FRM averaged 4.55%.
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| MARKET MIRROR |
Thursday, the Dow fell 290.91 points (0.84%) to close at 34,474.83, the Nasdaq fell 157.70 points (1.17%) to close at 13,316.93 and the S&P 500 fell 33.97 points (0.77%) to close at 4,370.36. The Russell 2000 fell 21.46 points (1.15%) to close at 1,850.06 and the FT Wilshire 5000 Index fell 373.25 points (0.84%) to close at 44,050.96.
The price of the 10-year Treasury note rose 1/32, bringing the yield to 4.284%. The price of the 30-year Treasury bond rose 1/32, bringing the yield to 4.390%.
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PRODUCTS
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Investment Product and Service Launches
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AmericanTCs, Allianz come to market with in-plan annuities; Lincoln Financial upgrades its RILA to combat market volatility; Altruist adds multi-account onboarding; and more. 
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ON THIS DATE: In 1795, President George Washington signed the Jay Treaty with the U.K. In 1920, the 19th Amendment was ratified after Tennessee—by just one vote—became the 36th state to approve it, capping the 72-year fight to win women the right to vote in the U.S. In 1927—Rosalynn Carter, the U.S. First Lady from 1977 to 1981—was born. In 1934, Roberto Clemente, one of the first Latin American Major League Baseball stars in the U.S., was born in Puerto Rico. In 1958, Russian-born American author Vladimir Nabokov published his novel “Lolita,” about a middle-aged man who becomes obsessed with a 12-year-old girl. In 1969, the Woodstock Music and Art Fair—a rock festival near Bethel, New York, that attracted some 400,000 fans—ended. In 1992, National Basketball Association player Larry Bird—who led the Boston Celtics to three championships and is considered one of the greatest pure shooters of all time—announced his retirement. In 2008, facing possible impeachment, Pakistani President Pervez Musharraf resigned from office.
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