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July 24th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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Tuesday, the Conference Board will report the Consumer Confidence Index for July. Thursday, the Department of Labor will issue its initial jobless claims report, Freddie Mac will update average mortgage rates for the week and the Census Bureau will report new orders for manufactured durable goods in June.
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| MARKET MIRROR |
Friday, the Dow rose 2.51 points (0.01%) to close at 33,227.69, the Nasdaq fell 30.50 points (0.22%) to close at 14,032.81 and the S&P 500 rose 1.47 points (0.03%) to close at 4,536.34. The Russell 2000 lost 6.90 points (0.35%) to close at 1,960.26, and the FT Wilshire 5000 Index lost 2.20 points (0.00%) to close at 45,873.44.
The price of the 10-year Treasury note rose 1/32, bringing the yield to 3.841%. The price of the 30-year Treasury bond rose 23/32, bringing the yield to 3.904%.
For the week ending July 21, the Dow lost 3.71%, the Nasdaq lost 0.57% and the S&P 500 rose 0.69%. The Russell 2000 rose 1.51%, and the FT Wilshire 5000 Index finished 0.75% higher
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Administration
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Auto-Portability, Step by Step
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With recordkeepers accounting for 63% of the defined contribution market already on board, the Portability Services Network is picking up steam. Here’s how it works. 
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DEALS AND PEOPLE
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Retirement Industry People Moves
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CalPERS names Teykaerts executive director; SageView hires Sarah Parker as plan consultant; SWBC Retirement brings on new investment adviser; and more
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ON THIS DATE: In 1847, Brigham Young and his fellow Mormons founded Salt Lake City. In 1897, Amelia Earhart, one of the world’s most celebrated aviators and the first woman to fly alone across the Atlantic Ocean, was born in Atchison, Kansas. In 1915, one of the worst maritime disasters in American history occurred, when the passenger liner SS Eastland capsized in the Chicago River, killing more than 840 people. In 1923, The Treaty of Lausanne, the final treaty concluding World War I, was signed at Lausanne, Switzerland. In 1974, the Supreme Court ruled that President Richard M. Nixon had to provide transcripts of Watergate tapes to special prosecutor Leon Jaworski. In 1978, New York Yankees manager Billy Martin, sobbing as he read a prepared statement, resigned from his post and was replaced by Bob Lemon. Martin was ultimately hired by and subsequently resigned or was fired as New York Yankees manager, by the mercurial team owner George Steinbrenner, five separate times. In 2005, cyclist Lance Armstrong became the first rider to win the Tour de France seven times; however, he was later stripped of all his titles after an investigation revealed that he was the key figure in a wide-ranging doping conspiracy while he compiled his Tour victories. In 2013, sex researcher and therapist Virginia E. Johnson—who, with William H. Masters, formed Masters and Johnson, a pioneering research team noted for their studies on human sexuality—died at age 88. In 2020, television personality Regis Philbin and longtime host of the talk show “Live! With Regis and Kelly” and the game show “Who Wants to Be a Millionaire?”, died at age 88.
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