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July 7th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending July 1, the advance figure for seasonally adjusted initial jobless claims was 248,000, an increase of 12,000 from the previous week’s revised level of 236,000, the Labor Department reported. The four-week moving average was 253,250, a decrease of 3,500 from the previous week’s revised average of 256,750.
Interest on a 30-year fixed-rate mortgage averaged 6.81% for the week ending July 6, up from last week when it averaged 6.71%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.30%. Interest on a 15-year fixed-rate mortgage averaged 6.24%, up from last week when it averaged 6.06%. A year ago at this time, the 15-year FRM averaged 4.45%.
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| MARKET MIRROR |
Thursday, the Dow fell 366.38 points (1.07%) to close at 33,922.26, the Nasdaq fell 112.61 points (0.82%) to close at 13,679.04 and the S&P 500 fell 35.23 points (0.79%) to close at 4,411.59. The Russell 2000 lost 30.67 points (1.64%) to close at 1,842.23, and the FT Wilshire 5000 Index lost 402.30 points (0.90%) to close at 44,424.12.
The 10-year Treasury note decreased 30/32, bringing the yield to 4.038%. The 30-year Treasury bond decreased 1 2/32, bringing the yield to 4.004%.
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Benefits
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Pace of New PEP Filings Slowing
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Observers expect consolidation as market matures and some slowing due to IRS clarification that expanded the scope of PEPs requiring audits. 
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ON THIS DATE: In 1898, Congress annexed Hawaii through a joint resolution signed by President William McKinley, paving the way for the islands to become a territory in 1900 and later a U.S. state in 1959. In 1937, Chinese and Japanese troops clashed near the Marco Polo Bridge outside Beijing, launching the second Sino-Japanese War. In 1946, Mother Frances Xavier Cabrini because the first U.S. citizen to be canonized by the Roman Catholic Church. In 1978, Czech-born tennis player Martina Navratilova defeated Chris Evert to win her first of nine Wimbledon singles titles. In 2005, the London transit system was struck by coordinated suicide bomb attacks that killed 39 people and injured more than 700. In 2011, “Harry Potter and the Deathly Hallows: Part 2,” the final film adaptation of J.K. Rowling’s popular children’s book series, had its world premiere in London. In 2019, led by Megan Rapinoe, the U.S. women’s soccer team defeated the Netherlands to win its fourth World Cup.
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