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November 28th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending November 19, the advance figure for seasonally adjusted initial claims for unemployment insurance was 240,000, an increase of 17,000 from the previous week’s revised level, the Labor Department reported. The previous week’s level was revised up by 1,000 from 222,000 to 223,000. The four-week moving average was 226,750, an increase of 5,500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 221,000 to 221,250.
New orders for manufactured durable goods in October, up seven of the last eight months, increased $2.8 billion or 1.0% to $277.4 billion, the Census Bureau reported. This followed a 0.3% September increase. Excluding transportation, new orders increased 0.5%. Excluding defense, new orders increased 0.8%. Transportation equipment, up six of the last seven months, led the increase, $2.0 billion or 2.1 percent to $97.8 billion.
Sales of new single‐family houses in October were at a seasonally adjusted annual rate of 632,000, the Census Bureau and the Department of Housing and Urban Development reported. This is 7.5% above the revised September rate of 588,000 but is 5.8% below the October 2021 estimate of 671,000.
Interest on a 30-year fixed-rate mortgage averaged 6.58% for the week ending November 23, down from last week when it averaged 6.61, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.10%. Interest on a 15-yar fixed-rate mortgage averaged 5.90%, down from last week when it averaged 5.98%. A year ago at this time, the 15-year FRM averaged 2.42%.
Tuesday, the Conference Board will report the Consumer Confidence Index for November. Thursday, the Labor Department will issue its initial jobless claims report, the Census Bureau will report construction spending for October and Freddie Mac will update average mortgage rates for the week. Friday, the Bureau of Labor Statistics will report total nonfarm payrolls and the unemployment rate for November.
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| MARKET MIRROR |
Wednesday, the Dow gained 95.96 points (0.28%) to end trading at 34,194.06, the Nasdaq increased 110.91 (0.99%) to close at 11,285.32 and the S&P 500 increased 23.68 points (0.59%) to close at 4,027.26. The Russell 2000 gained 3.08 points (0.17%) to close at 1,863.52 and the Wilshire 5000 increased 233.88 points (0.59%) to close at 40,013.61.
Friday, the Dow increased 152.97 points (0.45%) to close at 34,347.03, the Nasdaq lost 58.96 points (0.52%) to end trading at 11,226.36 and the S&P 500 lost 1.14 points (0.03%) to close at 4,026.12. The Russell 2000 gained 5.67 points (0.30%) to close at 1,869.19 and the Wilshire 5000 increased 5.32 points (0.01%) to close at 40,018.88.
The price of the 10-year Treasury bond increased 1/32, bringing the yield down to 3.688%. The price of the 30-year Treasury bond decreased 2/32, bringing the yield up to 3.741%.
For the week ending November 25, the Dow gained 1.78%, the Nasdaq increased 0.72% and the S&P 500 gained 1.53%. The Russell 2000 gained 1.05% and the Wilshire 5000 finished 1.47% higher.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Ritholtz Wealth Management appoints president; Heffernan Financial Services acquires Osland Financial Group; Modera Wealth Management announces new additions and more. 
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PRODUCTS
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Investment Product and Service Launches
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Hartford Funds launches new factor-based equity ETF; BenchMine creates free search engine for 401(k) industry plan data; and Corebridge Financial introduces Dimensional Index designed for Power Series of Index Annuities.
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EVENTS
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Plan Progress Webinar: Student Loan Debt Benefits
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Join PLANPSONSOR and a panel of experts on December 15 to learn what options are available for student loan debt benefits, their structure and cost; how student loan repayment help fits into an employer’s overall financial wellness benefits; what communications employees need about student loan debt and saving for retirement, and more.
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SURVEYS
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CIO’s Transition Management Survey
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Are you a provider of transition management services and want to make your services known to institutional investors? If so, you are invited to respond to CIO’s Transition Management Survey.
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ON THIS DATE: In 1520, Portuguese navigator Ferdinand Magellan reached the Pacific Ocean after passing through the South American strait. In 1872, Wilhelm Reiss became the first climber to reach the top of Cotopaxi, the world’s highest active volcano, in Ecuador. In 1914, the New York Stock Exchange reopened for bond trading after nearly four months, the longest stoppage in the exchange’s history. In 1919, American-born Lady Astor was elected the first female member of the British Parliament. In 1925, the Grand Ole Opry made its radio debut on station WSM. In 1943, the Tehran Conference, attended by President Franklin D. Roosevelt, British Prime Minister Winston Churchill, and Soviet Premier Joseph Stalin, at which Stalin pressed for an invasion of France, opened. In 1958, the African nation of Chad became an autonomous republic within the French Community. In 1960, Mauritania declared its independence and left the French Community. In 1961, Syracuse University football player Ernie Davis became the first African American to win the Heisman Trophy. In 1963, President Lyndon B. Johnson announced that Cape Canaveral would be renamed Cape Kennedy in honor of his assassinated predecessor, President John F. Kennedy. The name was changed back to Cape Canaveral in 1973. In 2012, director Peter Jackson’s film, The Hobbit: An Unexpected Journey, based on J.R.R. Tolkien’s book, premiered in New Zealand.
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