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June 28th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
New orders for manufactured durable goods in May, up three consecutive months, increased $4.9 billion or 1.7% to $288.2 billion, the U.S. Census Bureau announced. This followed a 1.2% April increase. Excluding transportation, new orders increased 0.6%. Excluding defense, new orders increased 3.0%. Transportation equipment, also up three consecutive months, led the increase, $3.9 billion or 3.9% to $102.6 billion.
The Conference Board Consumer Confidence Index increased in June to 109.7, up from 102.5 in May. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—rose to 155.3 from 148.9 last month. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—rose to 79.3 from 71.5 in May. Expectations have remained below 80—the level associated with a recession within the next year—every month since February 2022, with the exception of a brief uptick in December 2022.
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| MARKET MIRROR |
Tuesday, the Dow rose 212.03 points (0.63%) to close at 33,926.74, the Nasdaq rose 219.90 points (1.65%) to close at 13,555.67 and the S&P 500 rose 49.59 points (1.15%) to close at 4,378.41. The Russell 2000 gained 26.67 points (1.46%) to close at 1,849.93, and the FT Wilshire 5000 Index gained 532.83 points (1.22%) to close at 44,144.44.
The price of the 10-year Treasury note increased 1/32, bringing the yield to 3.767%. The price of the 30-year Treasury bond increased 1/32, bringing the yield to 3.842%.
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ON THIS DATE: In 1914, Archduke Franz Ferdinand, heir to the Austro-Hungarian throne, and his consort, Sophie, were assassinated by Gavrilo Princip in Sarajevo, Bosnia, precipitating the outbreak of World War I. In 1919, the Treaty of Versailles was signed at the Palace of Versailles in France, signifying the end of World War I. In 1969, a series of violent confrontations between police and gay rights activists began outside the Stonewall Inn, a gay bar in New York City; the riots helped launch an international gay rights movement. In 1981, Canadian activist Terry Fox—who, after losing part of one of his legs to cancer, attempted to run across the country to raise money for cancer research—died at age 22. Fox ran 3,339 miles in 143 days in 1980. In 1997, in a boxing match for the heavyweight title, Mike Tyson was disqualified after he twice bit Evander Holyfield’s ears; as a result of the infraction, he temporarily lost his boxing license. In 2007, the bald eagle was removed from the U.S. list of endangered and threatened species. In 2009, Honduran President Manuel Zelaya was ousted by the country’s military on the same day as a national referendum that, if passed, would have allowed him to run for reelection.
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| Industry Intel Roundup—Thought Leadership | | PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring content from thought leadership authorities. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance. | | | | |
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