Stocks finished the last week of June and Q2 mixed as investors digested a fresh round of economic data. The Standard & Poor’s 500 Index slipped 0.08%, while the Dow Jones Industrial Average also dipped 0.08 percent. The tech-heavy Nasdaq Composite gained 0.24 percent. The MSCI EAFE Index tracks developed overseas stock markets and rose 0.27 percent for the week through Thursday’s close.1 Nasdaq Regains LeadLast week opened with the S&P 500 and Nasdaq heading lower, while the Dow rallied on momentum from the prior week. But by mid-week, the leadership shifted with the Nasdaq pushing higher.2 With the back half of the week packed with fresh economic data, conflicting stories developed about the economy. New home sales fell 11.3 percent in May—the largest month-over-month drop in a year and a half—while the supply of new homes hit a 16-year high. Meanwhile, first-quarter GDP revised slightly to 1.4 percent higher, and durable goods increased in May.3,4,5 Friday's personal consumption and expenditure (PCE) data showed that core inflation slowed to 0.1 percent in May over the prior month and 2.6 percent year-over-year—its lowest annual rate in three years. Both figures were in line with expectations. Stock prices initially rallied on the upbeat inflation news, but the early gains faded as the trading day progressed.6 |
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Source: YCharts.com, June 29, 2024. Weekly performance is measured from Monday, June 24, to Friday, June 28. |
Divergent SpeakersFederal Reserve officials have worked to communicate that despite the progress made on inflation in recent months, it remains above the Fed’s 2 percent target. This Week: Key Economic DataMonday: ISM Manufacturing Index. Construction Spending. Tuesday: Fed Chair Jerome Powell speaks. Motor Vehicle Sales. JOLTS. Wednesday: Jobless Claims. International Trade in Goods and Services. FOMC Minutes. Friday: Employment Situation. Fed Balance Sheet. Source: Investors Business Daily - Econoday economic calendar; June 25, 2024 This Week: Companies Reporting EarningsWednesday: Constellation Brands Inc. (STZ) Friday: KalVista Pharmaceuticals, Inc. (KALV) Source: Zacks, June 25, 2024 |
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"If you have passion, a chip on the shoulder, a sense of humor, and you can explain what you do very well, it doesn't matter if you're a plumber or a singer or a politician. If you have those four things, you are interesting." – Larry King |
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Think About Credits and Deductions Now to Prepare for FilingHere are a few facts about credits and deductions that can guide you through your year-round tax preparation:
Taxpayers can subtract tax credits from the total amount of tax they owe. To claim a credit, taxpayers should keep records demonstrating their eligibility. Some major tax credits include the child tax credit, the child and dependent care credit, the American opportunity credit or lifetime learning credit, and the earned income tax credit. *This information is not intended to be a substitute for specific, individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional. Tip adapted from IRS.gov8 |
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Macro Dieting is a New Way to Approach Calorie CountingMacro dieting is a diet that transcends basic calorie counting. Rather than counting simply the number of calories, you count the macronutrients, including proteins, carbs, and fats. How much of each macronutrient you need depends on your body type, goal, lifestyle, and activity level. Rather than depriving your body of nutrients, you instead focus on meals that give your body the nutrients it needs to be more efficient. To start a macro diet, you must first calculate how many grams of each macro you should eat. A standard breakdown is 50-25-25, meaning that 50% of your calories come from carbs, 25% from protein, and 25% from fat. However, this breakdown will depend on your goals. For example, if you focus on strength training, eat more protein. Tip adapted from Eatingwell.com9 |
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This house attracts travelers with its brightness, yet it is often the loneliest home on the coast. What kind of house is this?
Last week’s riddle: At a stop sign on a rural road, there are two trucks in front of a truck, two trucks behind a truck, and one truck in the middle of two trucks. How many trucks are there in total? Answer: Three |
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Lake Eibsee |
Footnotes and Sources
2. The Wall Street Journal, June 28, 2024 3. CNBC.com, June 27-28, 2024 4. AP News, June 27, 2024 5. Reuters, June 26, 2024 6. CNBC.com, June 28, 2024 7. CNBC.com, June 25, 2024 8. IRS.gov, March 1, 2023 9. Eatingwell.com, January 29, 2023 |
![Weekly Market Insights: Mixed Message From Fed Chair, Governor](http://static.fmgsuite.com/media/ContentFMG/variantSize/f402dc65-2fa3-4ac1-98e5-64e8e24285d9.png)
Weekly Market Insights: Mixed Message From Fed Chair, Governor
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