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August 23rd, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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Existing-home sales receded in July, according to the National Association of Realtors. Among the four major U.S. regions, sales grew in the West but faded in the Northeast, Midwest and South. All four regions registered year-over-year sales declines. Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – waned 2.2% from June to a seasonally adjusted annual rate of 4.07 million in July. Year-over-year, sales slumped 16.6% (down from 4.88 million in July 2022).
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| MARKET MIRROR |
Tuesday, the Dow fell 174.86 points (0.51%) to close at 34,288.83, the Nasdaq rose 8.28 points (0.06%) to close at 13,505.87 and the S&P 500 fell 12.22 points (0.28%) to close at 4,387.55. The Russell 2000 lost 5.18 points (0.28%) to close at 1,850.84, and the FT Wilshire 5000 Index lost 121.72 points (0.27%) to close at 44,217.19.
The 10-year Treasury note increased 1/32, bringing the yield to 4.329%. The 30-year Treasury bond increased 29/32, bringing the yield to 4.404%.
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ON THIS DATE: In 1926, “The Great Lover,” motion-picture actor Rudolph Valentino, died suddenly at age 31 after he suffered a ruptured ulcer, prompting widespread public grief from his fans. In 1945, U.S. Army Staff Sergeant Marcario García became the first Mexican national to receive the U.S. Medal of Honor. In 1927, Italian immigrants Nicola Sacco and Bartolomeo Vanzetti were executed for murder in Massachusetts, despite a mishandled trial and the widespread belief that they were innocent. In 1939, Germany and the Soviet Union signed a nonaggression pact that divided eastern Europe into German and Soviet spheres of influence. In 1973, a botched bank robbery in Stockholm resulted in a hostage situation, and, over the course of a six-day standoff, the captives formed an unlikely bond with their captor, giving rise to the term “Stockholm syndrome.” In 1978, future National Basketball Association star Kobe Bryant was born in Philadelphia. In 1989, Pete Rose, manager of the Cincinnati Reds Major League Baseball team, accepted a settlement that included a lifetime ban from the game. In 2000, the first season of the U.S. version of the reality TV show Survivor ended, with Richard Hatch being pronounced the winner; the hugely popular series was credited with launching reality TV. In 2011, after rebel forces captured his compound in Tripoli, Muammar al-Qaddafi’s four-decade rule of Libya ended; although his whereabouts were initially unknown, he was discovered two months later in the Libyan city of Surt and killed. In 2021, the Food and Drug Administration fully approved the Pfizer-BioNTech COVID-19 vaccine for people aged 16 and older, following a manufacturing review and analysis of the company’s expanded clinical trial, which found the vaccine to be 91% effective in preventing COVID-19. The vaccine had been available under emergency use authorization since December 2020.
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| Industry Intel Roundup—Thought Leadership | | PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring content from thought leadership authorities. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance. |  | | SPONSORED BY: AllianceBernstein | | The DC Imperative: Advance Investment Solutions to Strengthen the Retirement Lifeline | | Defined contribution plans are a critical component of retirement savings and, for many, can be a lifeline to financial security in retirement. However, participants want and need help to retire with dignity. We believe that the availability of enhanced investment solutions and today’s greater regulatory clarity make this the time for plan sponsors to act. |
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|  | | SPONSORED BY: American Century Investments | | Cracking the Retirement Code: Income Replacement Rates | | Will future retirees have enough income to maintain their pre-retirement standard of living? A retirement plan without an income replacement plan is just a savings account, which could fall short of participants’ needs in retirement. |
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|  | | SPONSORED BY: Alight Solutions and Alegeus | | The Vital Role of HSAs: More Than Just a Health Care Spending Vehicle | | This article explains how HSAs offer triple tax advantages, immediate and long-term financial benefits, and strategic value for both employees and employers, with tips for maximizing participation, minimizing fees, and integrating HSAs into retirement planning. |
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