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July 19th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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Advance estimates of U.S. retail and food services sales for June, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $689.5 billion, up 0.2% from the previous month, and up 1.5% above June 2022, the Census Bureau reported. Total sales for the April 2023 through June 2023 period were up 1.6% from the same period a year ago. Retail trade sales were up 0.2% from May 2023, and up 0.5% above last year. Nonstore retailers were up 9.4% from last year, while food services and drinking places were up 8.4% from June 2022.
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| MARKET MIRROR |
Tuesday, the Dow gained 366.58 points (1.06%) to close at 34,951.93, the Nasdaq gained 108.69 points (0.76%) to close at 14,353.64 and the S&P 500 gained 32.19 points (0.71%) to close at 4,554.98. The Russell 2000 rose 24.80 points (1.27%) to close at 1,976.07, and the FT Wilshire 5000 Index rose 345.12 points (0.75%) to close at 46,088.10.
The price of the 10-year Treasury note was unchanged, bringing the yield to 3.790%. The price of the 30-year Treasury bond decreased 1/32, bringing the yield to 3.899%.
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ON THIS DATE: In 1848, the women’s suffrage movement in the U.S. was launched with the opening of the Seneca Falls Convention, which sought to gain certain rights and privileges for women, notably the right to vote. In 1870, French emperor Napoleon III declared war on Prussia, beginning the Franco-Prussian War. In 1903, French bicyclist Maurice Garin won the first Tour de France, which covered 1,508 miles. In 1947, Aung San, Burmese nationalist leader and prime minister, was assassinated in the city now known as Yangon, Myanmar. In 1980, the Summer Olympics opened in Moscow. Some 60 countries refused to attend because of the Soviet Union’s invasion of Afghanistan in 1979; the largest boycott in history of the modern Olympic movement. In 2007, the first episode of “Mad Men” aired, and the series, which starred Jon Hamm, quickly became a hit, noted for its nuanced representation of social life in the 1960s and for its stylish, visual flair. In 2014, actor James Garner, best known for his roles in the television series “Maverick” and “The Rockford Files,” died at age 86.
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| Industry Intel Roundup—Featured Webinars | | PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring webinars sponsored by experienced providers in the industry. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance. |  | | September 19, 2024 | | Financial Wellness | | Plan sponsors, advisers and policy experts will offer suggestions for how best to define and measure the financial wellness of participants and drive financial confidence. The panel will also review how they evaluate the myriad new offerings appearing as a result of the voluntary benefits provisions of SECURE 2.0. Attendees will come away with tangible metrics for determining which programs will offer the most useful and valuable programs for their employees. |
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| | | | | December 12, 2024 | | Plan Benchmarking | | How do plan sponsors determine the right goals for their plans or measure plan success? What tools are available to benchmark retirement plans? What should plans be measuring and how often? What kinds of actions or improvements can measurements drive? These questions and more will be answered in PLANSPONSOR’s final editorial webinar of 2024. |
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