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July 31st, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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Administration
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Voya Financial Launches 403(b) PEP
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Beginning August 1, Voya will bring what it is calling the very first pooled employer plan to employees of large nonprofits and other 501(c)(3) tax-qualified entities across the country. 
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| ECONOMIC EVENTS |
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Tuesday, the Census Bureau will report new construction spending for June. Thursday, the Department of Labor will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week. Friday, the Department of Labor will report the unemployment rate for July.
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| MARKET MIRROR |
Friday, the Dow fell 237.40 points (0.67%) to close at 35,282.72 the Nasdaq fell 77.18 points (0.55%) to close at 14,050.11 and the S&P 500 fell 29.34 points (0.64%) to close at 4,537.41 The Russell 2000 lost 25.46 points (1.29%) to close at 1,954.90 and the FT Wilshire 5000 Index rose 489.30 points (1.07%) to close at 46,324.81.
The price of the 10-year Treasury note rose 26/32, bringing the yield to 3.954%. The price of the 30-year Treasury bond rose 27/32, bringing the yield to 4.013%.
For the week ending July 28, the Dow rose 6.18%, the Nasdaq rose 0.12% and the S&P 500 rose 0.02%. The Russell 2000 fell 0.27%, and the FT Wilshire 5000 Index finished 0.98% higher.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Ascensus names retirement sales regional VPs; Plan Sponsor University brings on Kelleher as consultant; AdvicePay names Suaickie CEO as Moore shifts to board; and more.
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ON THIS DATE: In 1667, the Treaty of Breda ended the Second Anglo-Dutch War and transferred New Netherland (now New York and New Jersey) to England. In 1777, during the Revolutionary War, 19-year-old French aristocrat Marie-Joseph Paul Roch Yves Gilbert du Motier, marquis de Lafayette, accepted a commission as a major-general in the Continental Army—without pay. In 1921, Whitney M. Young, Jr., who spearheaded the drive for equal opportunity for African Americans in industry and U.S. government service while he was head of the National Urban League (1961–71), was born in Lincoln Ridge, Kentucky. In 1948, President Harry S. Truman dedicated Idlewild Airport as New York International Airport (rededicated as John F. Kennedy International Airport in 1963). In 1965, British author J.K. Rowling, creator of the Harry Potter series, was born. In 1971, Apollo 15 astronauts James B. Irwin and David Scott first used the four-wheeled, battery-powered Lunar Roving Vehicle to extensively explore the moon’s surface. In 2006, because of health problems, longtime Cuban leader Fidel Castro handed over provisional power to his brother Raúl; the latter served as the country’s acting president until officially assuming the post in 2008. In 2012, at the Summer Games in London, American swimmer Michael Phelps captured an unprecedented 19th career Olympic medal when he helped the U.S. team win the 4×200-metre freestyle relay; he surpassed the record set by Soviet gymnast Larisa Latynina. In 2019, American theatrical producer and director Harold Prince—the recipient of a record-setting 21 Tony Awards, including one for lifetime achievement—died at age 91.
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