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May 2nd, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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New orders for manufactured durable goods in March, up following two consecutive monthly decreases, increased $8.6 billion or 3.2% to $276.4 billion, the Census Bureau reported. This followed a 1.2% February decrease. Excluding transportation, new orders increased 0.3%. Excluding defense, new orders increased 3.5%. Transportation equipment, also up following two consecutive monthly decreases, led the increase, $8.1 billion or 9.1 percent to $97.4 billion.
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| MARKET MIRROR |
Monday, the Dow lost 46.46 points (0.14%) to close at 34,051.70, the Nasdaq lost 13.99 points (0.11%) to close at 12,212.59 and the S&P 500 lost 1.61 points (0.04%) to close at 4,167.87. The Russell 2000 gained 0.22 points (0.01%) to close at 1,769.21 and the Wilshire 5000 lost 11.66 points (0.03%) to close at 41,052.39.
The price of the 10-year Treasury note decreased 1 2/32, bringing the yield to 3.572%. The price of the 30-year Treasury bond decreased 2 26/32, bringing the yield to 3.813%.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Marathon Asset Management adds Boyle as managing director; Fiduciary Trust announces Queler as head of wealth management; and more. 
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Benefits
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ERISA Lawsuit Against Kellogg Dismissed
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The retirement plan lawsuit, originally filed in 2020, alleged fiduciary breaches committed by the ERISA finance and administrative plan committee.
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ON THIS DATE: In 1803, the United States purchased the Louisiana Territory from France at a rate of less than three cents per acre for 828,000 square miles, or nearly 5.3 million acres. In 1918, General Motors Corporation acquired Chevrolet Motor Company. In 1920, the Negro National League, founded by Rube Foster, held its first game; the NNL was considered the first successful professional baseball league for African Americans, and notable players included Cool Papa Bell and Satchel Paige. In 1939, New York Yankee great Lou Gehrig, the “Iron Horse” of Major League Baseball, ended his streak of consecutive games played at 2,130, setting a record that stood until 1995, when it was broken by Cal Ripken, Jr. In 1946, an attempted prison escape by six inmates at Alcatraz resulted in two days of violent fighting, which became known as the Battle of Alcatraz. In 1997, British Labor Party leader Tony Blair became prime minister of the United Kingdom; he was the youngest person to hold the office since 1812. In 2000, President Bill Clinton announced that highly accurate global positioning system would be made available to the public; the satellite system had previously been degraded for nonmilitary use. In 2011, Osama bin Laden—founder of the militant Islamist organization al Qaeda and mastermind of numerous terrorist attacks, notably the September 11, 2001, attacks—was killed by U.S. forces in Abbottabad, Pakistan.
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