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October 17th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
U.S. total business end-of-month inventories for August were $2,453.2 billion, up 0.8% from last month, the Census Bureau reported. U.S. total business sales were $1,843.2 billion, up 0.3% from last month.
Advance estimates of U.S. retail and food services sales for September, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $684.0 billion, virtually unchanged from the previous month, but 8.2% above September 2021. Total sales for July through September were up 9.2% from the same period a year ago. Retail trade sales were down 0.1% from August, but up 7.8% above last year.
Gasoline stations were up 20.6% from September 2021, while Nonstore retailers were up 11.6% from last year.
Wednesday, the Census Bureau will reveal housing starts for September. Thursday, the Labor Department will issue its initial jobless claims report, Freddie Mac will update average mortgage rates for the week and the National Association of Realtors will report existing home sales for September.
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| MARKET MIRROR |
Friday, the Dow decreased 403.89 points (1.34%) to finish trading at 29,634.83, the Nasdaq lost 327.76 points (3.08%) to close at 10,321.38 and the S&P 500 was down 86.84 points (2.37%) to close at 3,583.07. The Russell 2000 lost 46.01 points (2.66%) to close at 1,682.40 and the Wilshire 5000 was down 893.90 points (2.44%) to close at 35,778.84.
The price of the 10-year Treasury note decreased 28/32 bringing the yield up to 4.024%. The price of the 30-year Treasury note decreased 32/32 bringing the yield up to 3.995%.
For the week ending October 14, the Dow gained 1.15%, the Nasdaq decreased 3.11% and the S&P 500 was down 1.55%. The Russell 2000 was down 1.16%, and the Wilshire 5000 finished 1.76% lower.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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UBS hires seven in California; Principal Financial Group changes name; Dechert expands its transactional capabilities with New York-based ERISA partner; and more. 
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SURVEYS
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DC Survey Now Open
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For more than 20 years, PLANSPONSOR’s annual Defined Contribution Survey has provided benchmarking data for nearly 50 industries/business sectors and for 401(k), 403(b), and other DC plans, as well as nonqualified plans. Represent your industry and plan type by participating, and you’ll receive a free benchmarking report.
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ON THIS DATE: In 1777, British General John Burgoyne surrendered his troops following defeat in the Second Battle of Saratoga. In 1888, the first issue of “National Geographic Magazine” was released. In 1918, actress Rita Hayworth, who began as a dancing partner of Fred Astaire and Gene Kelly, was born. In 1931 , gangster Al Capone was sentenced to 11 years in prison for tax evasion and fined $80,000. In 1973, the Organization of Petroleum Exporting Countries began an oil embargo against several countries, causing a spike in worldwide energy prices. In 1979, Mother Teresa, founder of a Roman Catholic order of nuns dedicated to the poor and particularly to the destitute of India, was awarded the Nobel Prize for Peace. In 1989, a magnitude 6.9 earthquake rocked northern California during Game 3 of the World Series between the San Francisco Giants and Oakland Athletics at Candlestick Park, forcing postponement of the matchup. In 2003, in Taipei, Taiwan, construction crews finished the 1,676-foot-tall-building, Taipei 101.
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