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June 2nd, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending May 27, the advance figure for seasonally adjusted initial claims was 232,000, an increase of 2,000 from the previous week’s revised level of 230,000, the Department of Labor reported. The four-week moving average was 229,500, a decrease of 2,500 from the previous week’s revised average of 232,000.
Interest on a 30-year fixed-rate mortgage averaged 6.79% for the week ending June 1, up from last week when it averaged 6.57 %, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.09%. Interest on a 15-year fixed-rate mortgage averaged 6.18%, up from last week when it averaged 5.97%. A year ago at this time, the 15-year FRM averaged 4.32%.
Construction spending during April 2023 was estimated at a seasonally adjusted annual rate of $1,908.4 billion, 1.2% above the revised March estimate of $1,885.0 billion, the Census Bureau reported. The April figure is 7.2% above the April 2022 estimate of $1,780.9 billion.
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| MARKET MIRROR |
Thursday, the Dow gained 153.30 points (0.47%) to close at 33,061.57, the Nasdaq gained 165.70 points (1.28%) to close at 13,100.98 and the S&P 500 gained 41.19 points (0.99%) to close at 4,221.02. The Russell 2000 rose 18.29 points (1.05%) to close at 1,767.94, and the Wilshire 5000 rose 606.59 points (1.46%) to close at 42,053.18.
The price of the 10-year Treasury note decreased 1/32, bringing the yield to 3.600%. The price of the 30-year Treasury bond decreased 1/32, bringing the yield to 3.816%.
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PRODUCTS
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Investment Product and Service Launches
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Orion client portal connects with Redtail CRM; Thrivent adds new Multi-Year Guarantee Annuity; VIU by Hub launches mobile app and enhanced digital wallet; and more. 
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ON THIS DATE: In 1865, Confederate soldiers yielded to Federal troops in Galveston, Texas, marking the end of one of the final land operations of the American Civil War. In 1886, Frances Folsom, age 21, married President Grover Cleveland in the White House and became the youngest first lady in American history. In 1941, professional baseball player Lou Gehrig, who was nicknamed the “Iron Horse” for his record-setting number of consecutive games played, died at age 37, two years after being diagnosed with ALS. In 1946, in the aftermath of World War II, the people of Italy passed a referendum to replace the governing monarchy with a republic. In 1953, 27-year-old Elizabeth II, the elder daughter of King George VI, was crowned queen of the U.K. at Westminster Abbey, having taken the throne upon her father’s death in February 1952. In 1997, a jury in Denver found Timothy McVeigh of the militia movement guilty of murder and conspiracy in the deaths of 168 people in the 1995 Oklahoma City bombing of the Alfred P. Murrah Federal Building; he was executed in June 2001. In 2008, singer, songwriter and guitarist Bo Diddley, who was one of the most influential performers of rock music’s early period, died at age 79.
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