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June 16th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending June 10, the advance figure for seasonally adjusted initial claims was 262,000, unchanged from the previous week’s revised level of 262,000, the Labor Department reported. The four-week moving average was 246,750, an increase of 9,250 from the previous week’s revised average of 237,500.
Interest on a 30-year fixed-rate mortgage averaged 6.69% for the week ending June 15, down from last week when it averaged 6.71%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.78%. Interest on a 15-year fixed-rate mortgage averaged 6.1 %, up from last week when it averaged 6.07%. A year ago at this time, the 15-year FRM averaged 4.81%.
Advance estimates of U.S. retail and food services sales for May 2023, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $686.6 billion, up 0.3% from the previous month, and up 1.6% above May 2022. Total sales for the March 2023 through May 2023 period were up 1.7% from the same period a year ago. Retail trade sales were up 0.3% from April, and up 0.7% above last year.
U.S. total business end-of-month inventories for April 2023 were $2,543.8 billion, up 0.2% from last month, the Census Bureau reported. U.S. total business sales were $1,821.6 billion, up 0.1% from last month.
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| MARKET MIRROR |
Thursday, the Dow rose 428.73 points (1.26%) to close at 34,408.06, the Nasdaq rose 156.34 points (1.15%) to close at 13,782.82 and the S&P 500 rose 53.25 points (1.22%) to close at 4,425.84. The Russell 2000 gained 15.18 points (0.81%) to close at 1,889.28, and the FT Wilshire 5000 Total Market Index gained 534.43 points (1.21%) to close at 44,656.48.
The price of the 10-year Treasury note increased 27/32, bringing the yield to 3.723%. The price of the 30-year Treasury bond increased 30/32, bringing the yield to 3.839%.
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PRODUCTS
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Investment Product and Service Launches
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Aptus Capital Advisors Launches New Enhanced Yield ETF; MetLife and Lyra Health Expand Workplace Mental Health Access; Alight Expands Global Employee Benefits Solution. 
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ON THIS DATE: In 1903, the Ford Motor Company was founded by Henry Ford and 11 associate investors. In 1917, publisher Katharine Graham, owner and publisher of The Washington Post and Newsweek magazine, was born in New York City. In 1933, the Hundred Days period of President Franklin D. Roosevelt came to a close, with the bulk of his New Deal legislation passed. The Federal Deposit Insurance Corporation was also created under authority of the Federal Reserve Act of 1933. In 1963, Soviet cosmonaut Valentina V. Tereshkova became the first woman to travel in space, having been launched into orbit aboard the spacecraft Vostok 6, which completed 48 orbits in 71 hours. In 1976, South African police fired on a group of Soweto students marching in protest against state plans to impose the Afrikaans language as a medium of instruction in Black schools, igniting a massive popular uprising. In 2012, Liu Yang became the first Chinese woman in space when she and two other crew members were launched aboard the spacecraft Shenzhou 9. In 2017, German politician Helmut Kohl, who presided over the integration of East Germany into West Germany in 1990 and became the first chancellor of a unified Germany since 1945, died at age 87.
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