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August 7th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Total nonfarm payroll employment rose by 187,000 in July, and the unemployment rate dropped to 3.5% from 3.6% a month earlier, the Bureau of Labor Statistics reported. Job gains occurred in the health care, social assistance, financial activities, and wholesale trade sectors.
Tuesday, the Census Bureau will report U.S. wholesale inventories for June. Thursday, the Department of Labor will issue its initial jobless claims report, Freddie Mac will update average mortgage rates for the week and the Bureau of Labor Statistics will report the consumer price index for July. Friday, the Bureau of Labor Statistics will report the producer price index for July.
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| MARKET MIRROR |
Friday, the Dow fell 150.27 points (0.43%) to close at 35,065.62, the Nasdaq fell 50.48 points (0.36%) to close at 13,909.24 and the S&P 500 fell 23.86 points (0.53%) to close at 4,478.03. The Russell 2000 fell 3.94 points (0.20%) to close at 1,957.46 and the FT Wilshire 5000 Index fell 233.01 points (0.51%) to close at 45,305.35.
The price of the 10-year Treasury note rose 32/32, bringing the yield to 4.046%. The price of the 30-year Treasury bond rose 1 27/32, bringing the yield to 4.2%.
For the week ending August 4, the Dow fell 0.62%, the Nasdaq fell 1.00% and the S&P 500 fell 1.31%. The Russell 2000 rose 0.13%, and the FT Wilshire 5000 Index finished 2.20% lower
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Ascensus expands NQDC sales team; The Standard promotes Angie Cuthill within individual annuities; Optima names Paul Fletcher head of its new asset and wealth business line; and more. 
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ON THIS DATE: In 1782, George Washington ordered the creation of the first U.S. military decoration, the Badge of Military Merit (today called the Purple Heart), which was later awarded to three Revolutionary War soldiers for bravery in action. In 1819, a group of South American insurgents under Simón Bolívar defeated Spanish forces at the Battle of Boyacá, which freed New Granada (Colombia and Venezuela) from Spanish control. In 1888, the first of the murders committed by Jack the Ripper took place in London’s East End. In 1942, in the Allies’ first major offensive in the Pacific theater during World War II, U.S. Marines landed on Guadalcanal and captured the airfield from Japan, sparking a battle that lasted some six months. In 1948, at the Olympics in London, track-and-field athlete Fanny Blankers-Koen, who was pregnant with her third child, helped the Dutch team win the 4 × 100 relay, becoming the first woman to capture four gold medals at a single Games; she earlier had won the 100 meters, the 200 meters, and the 80-meter hurdles. In 1957, Oliver Hardy—member of Laurel and Hardy, the first great Hollywood motion-picture comedy team—died in North Hollywood, California. In 1960, Côte d’Ivoire gained independence from France. In 1974, French-born Philippe Petit walked on a high wire between the newly built twin towers of the World Trade Center in New York City, about 1,350 feet above the ground. He was arrested, but the charges were later dismissed. In 1978, President Jimmy Carter declared a federal health emergency in Love Canal, a neighborhood in Niagara Falls, New York, following the leakage of toxic chemicals buried under the community; it was the worst environmental disaster involving chemical wastes in U.S. history. In 2015, golfer Louise Suggs, a pioneer of women’s golf who cofounded the Ladies Professional Golf Association and won 61 career LPGA tournaments, died at age 91.
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