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September 11th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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July 2023 sales of merchant wholesalers were $648.1 billion, up 0.8% from last month, the Census Bureau reported. End-of-month inventories were $902.3 billion, down 0.2% from last month. Wednesday, the Bureau of Labor Statistics will report the Consumer Price Index for August. Thursday, the Department of Labor will issue its initial jobless claims report, Freddie Mac will update average mortgage rates for the week, the Bureau of Labor Statistics will report the Producer Price Index for August, the Census Bureau will report retails sales for August and total business end-of-month inventories for July.
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| MARKET MIRROR |
Friday, the Dow rose 75.86 points (0.22%) to close at 34,576.59, the Nasdaq rose 12.69 points (0.09%) to close at 13,761.53 and the S&P 500 rose 6.35 points (0.14%) to close at 4,457.49. The Russell 2000 lost 4.21 points (0.23%) to close at 1,851.54, and the FT Wilshire 5000 Index rose 52.83 points (0.12%) to close at 44,941.44.
The 10-year Treasury note fell 24/32, bringing the yield to 4.271%. The 30-year Treasury bond fell was unchanged, bringing the yield to 4.340%.
For the week ending September 8, the Dow lost 0.75%, the Nasdaq lost 1.93% and the S&P 500 lost 1.29%. The Russell 2000 lost 3.61%, and the FT Wilshire 5000 Index finished 1.46% lower.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Newfront hires Lumban as retirement plan consultant; Vestwell selects new VP; PGIM hires Adler as private alternatives CEO and president; and more. 
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BENEFITS
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OSC Special Coverage: Benefits Equity
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A review of what plans sponsors are doing to ensure they provide equitable benefits for participants across gender, racial and age groups.
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EVENTS
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Cybersecurity Livestream 2023
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Cybersecurity is a huge concern in all areas of life, critically in the institutional investing and retirement plan industries. Plan sponsors, asset owners and their advisers want to ensure their data, assets and systems, as well as those of their providers, are safe. Learn what risks exist; optimal practices for protecting assets and data; and what regulations say, including how best to comply with them, at the 2023 Cybersecurity Livestream on October 12.
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ON THIS DATE: In 1777, British forces led by General William Howe defeated the Americans at the Battle of the Brandywine during the American Revolution. In 1814, U.S. naval forces under Thomas Macdonough defeated a larger British force at the Battle of Lake Champlain during the War of 1812. In 1941, construction began on the Pentagon, in Arlington County, Virginia; one of the largest office buildings in the world, it is the headquarters of the U.S. Department of Defense, including the Army, Navy and Air Force. In 1944, Winston Churchill and Franklin D. Roosevelt met in Canada at the second Quebec Conference. In 1973, General Augusto Pinochet led a coup d’état, overthrowing the democratically elected government of President Salvador Allende of Chile. In 1985, Major League Baseball player Pete Rose registered his 4,192nd career hit, breaking the record set by Ty Cobb. In 2001, 19 militants associated with the terrorist group al-Qaeda hijacked four planes in the U.S., crashing three into buildings in New York City and Washington, D.C. (the fourth crashed in Pennsylvania) and killing some 3,000 people. In 2002, National Football League player Johnny Unitas, one of the NFL’s all-time greatest quarterbacks, died in Maryland. In 2006, a major fire erupted in the Channel Tunnel, which runs under the English Channel and connects England with France, and the Chunnel (as it was sometimes called) did not resume full service until early the following year.
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