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July 8th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending June 29, the advance figure for seasonally adjusted initial claims was 238,000, an increase of 4,000 from the previous week’s revised level, the Department of Labor reported. The previous week’s level was revised up by 1,000 from 233,000 to 234,000. The four-week moving average was 238,500, an increase of 2,250 from the previous week’s revised average. The previous week’s average was revised up by 250 from 236,000 to 236,250.
Interest on a 30-year fixed-rate mortgage averaged 6.95% for the week ending July 3, up from last week when it averaged 6.86%, Freddie Mac reported. A year ago at this time, the 30-year FRM averaged 6.81%. Interest on a 15-year fixed-rate mortgage averaged 6.25%, up from last week when it averaged 6.16%. A year ago at this time, the 15-year FRM averaged 6.24%.
In the week ending June 29, the advance figure for seasonally adjusted initial claims was 238,000, an increase of 4,000 from the previous week’s revised level, the Department of Labor reported. The previous week’s level was revised up by 1,000 from 233,000 to 234,000. The four-week moving average was 238,500, an increase of 2,250 from the previous week’s revised average. The previous week’s average was revised up by 250 from 236,000 to 236,250.
Total nonfarm payroll employment increased by 206,000 in June, and the unemployment rate changed little at 4.1%, the Bureau of Labor Statistics reported. Job gains occurred in government, health care, social assistance and construction.
Thursday, the Department of Labor will issue its initial jobless claims report, Freddie Mac will update average mortgage rates for the week and the Bureau of Labor Statistics will report the consumer price index for June. Friday, the Bureau of Labor Statistics will report the producer price index for June and the Bureau of Labor Statistics will report the unemployment rate in June.
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| MARKET MIRROR |
Friday, the Dow rose 67.87 points (0.17%) to close at 39,375.87, the Nasdaq rose 164.46 points (0.90%) to close at 18,352.76 and the S&P 500 rose 30.17 points (0.54%) to close at 5,567.19. The Russell 2000 fell 9.90 points (0.49%) to close at 2,026.73, and the FT Wilshire 5000 Index rose 248.24 points (0.45%) to close at 55,391.12.
The 10-year Treasury note rose 7/32, bringing the yield to 4.282%. The 30-year Treasury bond rose 31/32, bringing the yield to 4.476%.
For the week ending July 5, the Dow rose 0.66%, the Nasdaq rose 1.96% and the S&P 500 rose 3.50%. The Russell 2000 fell 1.02%, and the FT Wilshire 5000 Index ended 1.69% higher.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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BNY hires Minaya as global head of investments and wealth; Itami joins Lathrop GPM from Groom Law Group; Maxwell joins Pentegra as head of strategic accounts; and more. 
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PRODUCTS
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Product & Service Launches
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OneAmerica Financial to offer nonqualified compensation plans; Netchex partners with Vestwell on 401(k) plan for small and midsize employers; Orion launches stand–alone trading solution, bundle for new advisers.
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ON THIS DATE: In 1815, Louis XVIII returned to Paris—following the Hundred Days—between March 20, 1815, the date on which Napoleon arrived in Paris after escaping from exile on Elba, and July 8, 1815, the date of the return of Louis XVIII to Paris. In 1889, John L. Sullivan beat Jake Kilrain in 75 rounds to defend his title in the last heavyweight championship bout held under London Prize Ring rules. In 1896, politician William Jennings Bryan delivered his “Cross of Gold” speech to defend the idea gold was the only sound backing for currency, closing the debate on the party platform at the Democratic National Convention in Chicago during the 1896 presidential election campaign. In 1906, architect Philip Johnson was born in Cleveland. In 1947, a local newspaper erroneously reported that a “flying saucer” had been recovered near Roswell, New Mexico; although that claim was quickly refuted by authorities, the Roswell incident eventually became the center of a conspiracy theory involving UFOs and extraterrestrials. In 1950, Douglas MacArthur was appointed commander of UN forces in the Korean War. In 1996, the British pop band the Spice Girls released their debut single, “Wannabe,” which helped make them an international sensation. In 2011, the orbiter Atlantis was launched on the last space shuttle mission.
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