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May 30th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
New orders for manufactured durable goods in April, up two consecutive months, increased $3.1 billion or 1.1% to $283.0 billion, the U.S. Census Bureau announced. This followed a 3.3% March increase. Excluding transportation, new orders decreased 0.2%. Excluding defense, new orders decreased 0.6%. Transportation equipment, also up two consecutive months, drove the increase, $3.5 billion or 3.7% to $97.6 billion.
Tuesday, the Conference Board will report the Consumer Confidence Index for May. 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 new construction spending for April. Friday, the Bureau of Labor Statistics will report the unemployment rate for May.
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| MARKET MIRROR |
Friday, the Dow rose 328.69 points (1.00%) to close at 33,093.34, the Nasdaq rose 277.59 points (2.19%) to close at 12,975.69 and the S&P 500 rose 54.17 points (1.30%) to close at 4,205.45. The Russell 2000 gained 18.42 points (1.05%) to close at 1,773.02, and the Wilshire 5000 gained 537.43 points (1.31%) to close at 41,437.26.
The price of the 10-year Treasury note increased 1/32, bringing the yield to 3.806%. The price of the 30-year Treasury bond increased 28/32, bringing the yield to 3.961%.
For the week ending May 26, the Dow fell 1.00%, the Nasdaq rose 2.51% and the S&P 500 rose 0.32%. The Russell 2000 fell 0.04%, and the Wilshire 5000 finished 0.27% higher.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Cambridge Associates names Davidson as president, head of investing; retirement consultant Mischell Joins Agilis as managing director; ACA Group appoints Olson as CEO; and more. 
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Fiduciary Forum
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Time for the SOCs
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Systems and organization control reports can confirm cybersecurity.
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EVENTS
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Get your SECURE 2.0 Questions Answered
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During a special session at the PLANSPONSOR National Conference in June, Mark Iwry will participate in a lightening round about the new SECURE 2.0 Act. Mark brings a unique insider’s perspective on the legislation, having been Senior Advisor to the Secretary of the Treasury (2009-2017) and the U.S. Treasury Department’s Deputy Assistant Secretary for national Retirement and Health Policy, as well as having advised Hill staff on the development of important parts of the law. It will be a perfect opportunity for you to have your questions answered. Please take a few minutes to complete this short survey to let us know what provisions of the law you want to hear about and what questions you have for Mark.
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ON THIS DATE: In 1431, having left the French army in a victory over England at Orleans during the Hundred Years’ War, Joan of Arc was charged with heresy and witchcraft and was burned at the stake. In 1814, the first of the Treaties of Paris was signed, ending the Napoleonic Wars. In 1868, Memorial Day was observed widely for the first time in the U.S. In 1909, jazz musician and bandleader Benny Goodman, who was known as the “King of Swing,” was born. In 1922, the Lincoln Memorial—honoring Abraham Lincoln, the 16th president of the U.S—was dedicated in Washington, D.C. In 1942, during World War II, the British Royal Air Force dispatched more than 1,000 bombers against Cologne, Germany. In 1961, Rafael Trujillo, an army officer who had become dictator of the Dominican Republic following a military revolt in 1930, was assassinated. In 2012, Charles Taylor, the former president of Liberia, was sentenced to 50 years in prison after being convicted of crimes against humanity and war crimes that were committed during Sierra Leone’s civil war.
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