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July 21st, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending July 15, the advance figure for seasonally adjusted initial jobless claims was 228,000, a decrease of 9,000 from the previous week’s unrevised level of 237,000, the Department of Labor reported. The four-week moving average was 237,500, a decrease of 9,250 from the previous week’s unrevised average of 246,750.
Existing-home sales slipped in June, according to the National Association of Realtors. Sales varied among the four major U.S. regions, with the Northeast experiencing gains, the Midwest holding steady and the South and West posting decreases. All four regions recorded year-over-year sales declines. Total existing home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – receded 3.3% from May to a seasonally adjusted annual rate of 4.16 million in June. Year-over-year, sales fell 18.9% (down from 5.13 million in June 2022).
Interest on a 30-year fixed-rate mortgage averaged 6.78% for the week ending July 20, down from last week when it averaged 6.96%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.54%. Interest on a 15-year fixed-rate mortgage averaged 6.06%, down from last week when it averaged 6.30%. A year ago at this time, the 15-year FRM averaged 4.75%.
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| MARKET MIRROR |
Thursday, the Dow rose 163.97 points (0.47%) to close at 35,225.18, the Nasdaq fell 294.71 points (2.05%) to close at 14,063.31 and the S&P 500 fell 30.85 points (0.68%) to close at 4,534.87. The Russell 2000 lost 17.73 points (0.89%) to close at 1,967.16, and the FT Wilshire 500 Index lost 339.34 points (0.73%) to close at 45,875.64.
The price of the 10-year Treasury note increased 4/32, bringing the yield to 3.853%. The price of the 30-year Treasury bond increased 2/32, bringing the yield to 3.914%.
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Deals and People
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DCIIA Hires Former CalSavers Director Selenski
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The inaugural executive director of California’s state retirement savings program, Katie Selenski will consult on strategic projects for DCIIA and its retirement research center. 
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ON THIS DATE: In 1798, Napoleon’s Army of Egypt used a new military tactic, the massive divisional square, to defeat the Egyptian forces of Murad Bey at the Battle of the Pyramids during Napoleon’s Egyptian campaign. In 1899, writer Ernest Hemingway, known for works such as “The Old Man and the Sea” and “The Sun Also Rises,” was born. In 1925, the trial of high school teacher John T. Scopes ended with his conviction in Tennessee; he had taught Charles Darwin’s theory of evolution in violation of a state law. In 1960, politician Sirimavo Bandaranaike became the world’s first woman prime minister when she took office in Ceylon (later Sri Lanka). In 1961, Virgil I. “Gus” Grissom became the second American to enter space during Project Mercury. In 1983, the world’s lowest recorded temperature, -128 degrees Fahrenheit, was measured at Vostok Station, Antarctica. In 1987, heavy metal band Guns N’ Roses released the landmark album “Appetite for Destruction,” which sold more than 17 million copies. In 2007, “Harry Potter and the Deathly Hallows,” the final book in J.K. Rowling’s Harry Potter series, was released. In 2011, the U.S. space shuttle program ended, after 135 missions, as the orbiter Atlantis landed at NASA’s John F. Kennedy Space Center at Cape Canaveral, Florida.
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