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May 12th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
The Producer Price Index for final demand rose 0.2% in April. Prices for final demand services increased 0.3%, and the index for final demand goods advanced 0.2%, the Bureau of Labor Statistics reported. Prices for final demand moved up 2.3% for the 12 months ended in April.
In the week ending May 6, the advance figure for seasonally adjusted initial claims for unemployment was 264,000, an increase of 22,000 from the previous week’s unrevised level of 242,000, the Labor Department reported. The four-week moving average was 245,250, an increase of 6,000 from the previous week’s unrevised average of 239,250.
Interest on a 30-year fixed-rate mortgage averaged 6.35% for the week ending May 11, down from last week when it averaged 6.39%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.30%. Interest on a 15-year fixed-rate mortgage averaged 5.75%, down from last week when it averaged 5.76%. A year ago at this time, the 15-year FRM averaged 4.48%.
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| MARKET MIRROR |
Thursday, the Dow fell 221.82 points (0.66%) to close at 33,309.51, the Nasdaq rose 22.07 points (0.18%) to close at 12,328.51 and the S&P 500 fell 7.02 points (0.17%) to close at 4,130.62. The Russell 2000 lost 14.81 points (0.84%) to close at 1,744.71, and the Wilshire 5000 lost 91.13 points (0.22%) to close at 40,719.42.
The price of the 10-year Treasury note decreased 1/32, bringing the yield to 3.389%. The price of the 30-year Treasury bond decreased 2/32, bringing the yield to 3.743%.
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PRODUCTS
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Investment Product and Service Launches
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Savvy Ladies expands free financial helpline; GreenHill launches performance reporting solution; AI chatbot Mo debuts on Morningstar platforms; and more. 
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SURVEYS
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2023 DB Plan Administration Survey
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Do you provide defined benefit plan administration services? Make your brand and capabilities known to plan sponsors by completing the 2023 DB Plan Administration Survey by the FINAL deadline of May 23.
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ON THIS DATE: In 1780, during the American Revolution, Major General Benjamin Lincoln of the Continental Army was forced to surrender 7,000 troops at Charleston, South Carolina. In 1820, English nurse Florence Nightingale, credited with founding modern nursing as a profession for women, was born in Florence, Italy. International Nurses Day is celebrated on her birthday. In 1907, actress Katharine Hepburn was born. In 1925, baseball player, manager and coach Yogi Berra was born in St. Louis, Missouri. In 1926, aboard the semi-rigid airship Norge, Norwegian explorer Roald Amundsen, American scientist Lincoln Ellsworth and Italian engineer Umberto Nobile made the first undisputed flight over the North Pole. In 1937, King George VI of the United Kingdom was crowned following the abdication of Edward VIII. In 1949, the Soviet Union lifted its blockade of Berlin. In 1972, the Rolling Stones released Exile on Main Street, a double album that is considered one of their defining works. In 2008, a massive earthquake struck Sichuan province in China, causing great destruction and killing some 90,000 people.
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