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August 9th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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June 2023 sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading day differences but not for price changes, were $643.3 billion, down 0.7% from the revised May level and were down 6.7% from the revised June 2022 level, the Census Bureau reported. The April 2023 to May 2023 percent change was revised from the preliminary estimate of down 0.2% to down 0.5%.
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| MARKET MIRROR |
The Dow fell 158.64 points (0.45%) to close at 35,314.49, the Nasdaq fell 110.07 points (0.79%) to close at 13,884.32 and the S&P 500 fell 19.06 points (0.42%) to close at 4,499.38. The Russell 2000 lost 11.52 points (0.59%) to close at 1,947.42, and the FT Wilshire 5000 lost 214.84 points (0.47%) to close at 45,462.27.
The price of the 10-year Treasury note decreased 2/32, bringing the yield to 4.211%. The price of the 30-year Treasury bond decreased 2/32, bringing the yield to 4.211%.
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ON THIS DATE: In 1814, defeated by U.S. General Andrew Jackson, the Creek Indians signed the Treaty of Fort Jackson, requiring them to cede 23 million acres of land, comprising more than half of Alabama and part of southern Georgia. In 1854, Henry David Thoreau’s memoir “Walden” was published. In 1945, the second atomic bomb dropped on Japan by the U.S. in World War II struck the city of Nagasaki, killing an estimated 39,000 people. In 1969, actress Sharon Tate and four others were murdered by followers of Charles Manson, leader of a communal religious cult known as the “Family.” In 1974, Gerald R. Ford was sworn in as president of the U.S., succeeding Richard Nixon, who had resigned. In 1988, Canadian hockey player Wayne Gretzky was traded from the Edmonton Oilers to the Los Angeles Kings. In 1995, musician Jerry Garcia, who personified the hippie counterculture for three decades as the leader of the rock band the Grateful Dead, died of a heart attack at age 53. In 2014, Michael Brown, an unarmed African American teenager, was fatally shot by a white police officer in Ferguson, Missouri, resulting in days of civil unrest and protests.
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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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