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February 9th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending February 3, the advance figure for seasonally adjusted initial claims was 218,000, a decrease of 9,000 from the previous week’s revised level of 227,000, the Department of Labor reported. The four-week moving average was 212,250, an increase of 3,750 from the previous week’s revised average of 208,500.
Interest on a 30-year fixed-rate mortgage averaged 6.64% for the week ending February 8, up from last week when it averaged 6.63%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.12%. Interest on a 15-year fixed-rate mortgage averaged 5.90%, down from last week when it averaged 5.94%. A year ago at this time, the 15-year FRM averaged 5.25%.
Manufacturers’ and trade inventories for November, adjusted for seasonal and trading day differences but not for price changes, were estimated at an end-of-month level of $2,548.9 billion, down 0.1% from October 2023, but were up 0.4% from November 2022, the Census Bureau announced.
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| MARKET MIRROR |
Thursday, the Dow rose 48.97 points (0.13%) to close at 38,726.33, the Nasdaq rose 37.07 points (0.24%) to close at 15,793.72 and the S&P 500 rose 2.85 points (0.06%) to close at 4,997.91. The Russell 2000 gained 29.34 points (1.50%) to close at 1,979.70, and the FT Wilshire 5000 Index gained 107.89 points (0.22%) to close at 50,257.05.
The 10-year Treasury note decreased 29/32, bringing the yield to 4.156%. The 30-year Treasury bond decreased 4/32, bringing the yield to 4.352%.
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PRODUCTS
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Investment Product and Service Launches
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Voya officially launches dual QDIA; MassMutual introduces first sub-advised municipal bond strategy and selects sub-adviser; SEI signs on as trustee to Pictet collective investment trusts; and more. 
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ON THIS DATE: In 1940, South African novelist, critic and translator J.M. Coetzee, who won the 2003 Nobel Prize for Literature, was born. In 1943, the Battle of Guadalcanal ended with an Allied victory over Japan. The same day, U.S. President Franklin D. Roosevelt signed an executive order setting a minimum 48-hour work week in a number of critical war industries. In 1950, U.S. Senator Joseph McCarthy launched his anti-communist campaign and accused the U.S. State Department of being infiltrated by communists. In 1964, the Beatles embarked on their first tour in the U.S. In 1984, Soviet Premier Yury Andropov died, 15 months after succeeding Leonid Brezhnev, and was replaced by Konstantin Chernenko. In 1996, German physicist Peter Armbruster and his team of scientists synthesized chemical element 112, a heavy transuranium element that was later named copernicium. In 2002, Princess Margaret—who as King George VI’s second daughter and the younger sister of Queen Elizabeth II, struggled to balance her independent spirit with her duties as a member of Britain’s royal family—died in London.
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