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May 31st, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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ECONOMIC EVENTS |
The Conference Board Consumer Confidence Index fell in May to 102.3, down from an upwardly revised 103.7 in April. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—decreased to 148.6 from 151.8 last month. The Expectations Index—based on consumer’s short-term outlook for income, business and labor market conditions—decreased slightly to 71.5 from 71.7.
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MARKET MIRROR |
Tuesday, the Dow fell 50.56 points (0.15%) to close at 33,042.78, the Nasdaq rose 41.74 points (0.32%) to close at 13,017.43 and the S&P 500 rose 0.07 points (0.00%) to close at 4,205.52. The Russell 2000 lost 5.73 points (0.32%) to close at 1,767.29, and the Wilshire 5000 gained 9.33 points (0.02%) to close at 41,446.59.
The price of the 10-year Treasury note decreased 4/32, bringing the yield to 3.692%. The price of the 30-year Treasury bond decreased 2/32, bringing the yield to 3.894%.
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Inside Angle
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It’s Complicated
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Recent litigation says the definition of investment advice is still unclear.
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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 1910, Louis Botha formed the first government of the Union of South Africa. In 1921, the Tulsa race massacre began as mobs of white residents attacked Black residents and destroyed homes and businesses in the Greenwood District in Tulsa, Oklahoma. The event is considered one of the worst incidents of racial violence in American history. In 1943, National Football League football player Joe Namath, who was one of the game’s best passers and a cultural sports icon of the 1960s, was born in Beaver Falls, Pennsylvania. In 1962, the State of Israel hanged German official Adolf Eichmann, who had escaped from a prison camp in 1946 and spent some 14 years in hiding, for his part in the Nazi extermination of Jews during World War II. In 1977, the Trans-Alaska Pipeline—which connected the oil fields of Prudhoe Bay in northern Alaska with the harbor at Valdez, 800 miles to the south—was completed. In 2005, it was publicly revealed that former FBI official Mark Felt was the anonymous informant at the center of the Watergate scandal that that led to President Richard Nixon’s resignation. In 2009, Millvina Dean, the last known person to have survived the sinking of the Titanic in 1912, died in Southampton, England; she was nine weeks old at the time of the disaster.
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Industry Intel Roundup—Featured White Paper | PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring white papers offering key insights and analysis about the industry. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance. | | |
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