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June 5th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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Compliance
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Churchill Holdings ESOP Participants Sue
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The lawsuit plaintiffs are ESOP participants holding vested shares of Churchill stock in their accounts who were employed at Churchill Mortgage Corporation for several years. 
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| ECONOMC EVENTS |
Total nonfarm payroll employment increased by 339,000 in May, and the unemployment rate rose by 0.3 percentage point to 3.7%, the Bureau of Labor Statistics reported. Job gains occurred in professional and business services, government, health care, construction, transportation and warehousing, and social assistance.
Monday, the Census Bureau will report new factory orders for April. Thursday, the Department of Labor will issue its initial jobless claims report, Freddie Mac will update average mortgage rates for the week and the Census Bureau will report U.S. total business end-of-month inventories for April.
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| MARKET MIRROR |
Friday, the Dow rose 701.69 points (2.12%) to close at 33,762.76, the Nasdaq rose 139.78 points (1.07%) to close at 13,240.77 and the S&P 500 rose 61.35 points (1.45%) to close at 4,282.37. The Russell 2000 gained 62.97 points (3.60%) to close at 1,830.91, and the Wilshire 5000 was unavailable Friday. It last updated May 31 after the market close.
The price of the 10-year Treasury note rose 30/32, bringing the yield to 3.702%. The price of the 30-year Treasury bond rose 1 2/32, bringing the yield to 3.888%.
For the week ending June 2, the Dow rose 2.02%, the Nasdaq rose 2.04% and the S&P 500 gained 1.83%. The Russell 2000 rose 3.31%, and the Wilshire 5000 finished 1.49% lower, as of market close May 31.
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COVER
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Role Call
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How to utilize current providers, or add third-party players, when rethinking plan services.
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ON THIS DATE: In 1933, the United States went off the gold standard, a monetary system in which currency is backed by gold, when Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold. In 1944, during World War II, Allied forces entered Rome. In 1947, during an address at Harvard University, Secretary of State George C. Marshall advanced the idea that became the Marshall Plan, a European self-help program to be financed by the United States. In 1968, while running for President, Robert F. Kennedy was fatally shot by Sirhan Sirhan at the Ambassador Hotel in Los Angeles; he died the following day. In 1981, AIDS was reported for the first time, following the detection of a rare form of pneumonia in five men in Los Angeles. In 2004, former President Ronald Reagan died at age 93. In 2012, Ray Bradbury, author of the dystopian novel “Fahrenheit 451,” died at age 91.
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