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June 6th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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DEALS AND PEOPLE
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Retirement Industry People Moves
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TIAA appoints chief institutional client officer, and Wilshire enhances investment capabilities with new senior vice president. 
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| ECONOMIC EVENTS |
Total nonfarm payroll employment rose by 390,000 in May, and the unemployment rate remained at 3.6%, according to the Bureau of Labor Statistics. Notable job gains occurred in leisure and hospitality, in professional and business services, and in transportation and warehousing. Employment in retail trade declined.
Wednesday, the Census Bureau will report about the sales of merchant wholesalers for April. Thursday, the Department of Labor will reveal weekly initial claims for unemployment insurance, and Freddie Mac will update average mortgage rates for the week. Friday, the Bureau of Labor Statistics will report the consumer price index for May.
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| MARKET MIRROR |
Friday, the Dow dropped 348.58 points (1.05%) to close at 32,899.70, the Nasdaq was down 304.16 points (2.47%) at 12,012.73, and the S&P 500 lost 68.28 points (1.63%) to finish at 4,108.54. The Russell 2000 fell 14.62 points (0.77%) to 1,883.05, and the Wilshire 5000 dropped 672.49 points (1.62%) to 40,945.41.
The price of the 10-year Treasury note decreased 2/32, bringing its yield up to 2.940%. The price of the 30-year Treasury bond decreased 3/32, bring its yield up t0 3.095%.
For the week ending June 3, the Dow declined 0.94%, the Nasdaq lost 0.98%, and the S&P 500 was down 1.20%. The Russell 2000 lost 0.25%, and the Wilshire 5000 fell 1.08%.
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ON THIS DATE: In 1683, The Ashmolean, the world’s first university museum, opened in Oxford, England. In 1833, in Ellicott’s Mills, Maryland, President Andrew Jackson boarded a Baltimore & Ohio Railroad train for a pleasure trip to Baltimore. Jackson, who had never been on a train before, was the first president to take a ride on the “Iron Horse,” as locomotives were known. In 1925, the Chrysler Corporation was founded by Walter Percy Chrysler. In 1934, President Franklin Roosevelt signed the Securities Exchange Act, which established the Securities and Exchange Commission. In 1944, Supreme Allied Commander General Dwight D. Eisenhower gave the go-ahead for the largest amphibious military operation in history: Operation Overlord, the Allied invasion of northern France, commonly known as D-Day. In 1971, “The Ed Sullivan Show” aired for the last time. In 1978, “20/20” debuted on ABC. In 2013, Americans learned that their government was spying broadly on its own people. That’s when The Guardian and The Washington Post published the first of a series of reports put together from documents leaked by an anonymous source. The material exposed a government-run surveillance program that monitored the communications records of not just criminals or potential terrorists, but law-abiding citizens as well.
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