Stocks rallied last week on receding fears of a widening banking crisis, led by resurging investor interest in technology and communication services names.
The Dow Jones Industrial Average gained 3.22%, while the Standard & Poor’s 500 added 3.48%. The Nasdaq Composite index rose 3.37% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, advanced by 3.34%.1,2,3
Tech Leads Rally
An absence of further bad news in the banking sector made for a good week, with high-quality technology and communication services stocks leading the market. While easing banking worries laid the groundwork for the week’s positive gains, growing conviction that Fed rate hikes were ending and positive inflation data out of Europe helped support the renewed enthusiasm for stocks.
Encouraging inflation data on the domestic front on Friday also added to the gathering optimism, igniting further gains to cap a satisfying week for investors.
Inflation Grinds Lower
In an otherwise news-light week, Friday saw the release of February’s personal income and outlays report, which provides insight into inflation and consumer expenditures, the dominant contributor to economic growth.
The Personal Consumption Expenditures Price Index (PCE), the Fed’s preferred measure of inflation, rose 0.3% for the month, below market expectations and below the prior month’s 0.6% jump. The year-over-year increase of 5.0% improved from January’s rise of 5.3%. Energy prices declined, partially offsetting increases in food, goods, and services. Personal income rose 0.3%, while consumer spending increased 0.2%.4
This Week: Key Economic Data
Monday: Institute for Supply Management (ISM) Manufacturing Index.
Tuesday: Factory Orders. Job Openings and Turnover Survey (JOLTS).
Wednesday: ADP (Automated Data Processing) Employment Report. Institute for Supply Management (ISM) Services Index.
Thursday: Jobless Claims.
Friday: Employment Situation.
Source: Econoday, March 31, 2023
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.
This Week: Companies Reporting Earnings
Wednesday: Conagra Brands (CAG).
Thursday: Constellation Brands (STZ).
Source: Zacks, March 31, 2023
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.
March Madness – Private sector strengthens despite banking turmoil
The HCM-BuyLine® is positive and held up well in the face of the very nasty storm the banking crises caused over the last three weeks. The technical patterns are shaping up, and I hope shaping up to the upside. If QQQ, which is tech heavy, can break above $313.00, we would consider this a bullish...[READ MORE]5
This communication is issued by Howard Capital Management, Inc. It is for informational purposes and is not an official confirmation of terms. It is not guaranteed as to accuracy, nor is it a complete statement of the financial products or markets referred to. Opinions expressed are subject to change without notice.
What is the IRS Alternative Media Center?
The IRS Alternative Media Center offers a variety of resources and accessibility services for visually impaired taxpayers. Using this platform, they provide tax-related content in several formats, including:
- Braille-ready files (available in English and Spanish)
- Browser-friendly HTML
- Accessible PDF (available in English and Spanish)
- Large print PDF (available in a variety of languages)
The IRS also offers enhanced accessibility services. Taxpayers can complete Form 9000, Alternative Media Preference, to choose how they would prefer to receive their tax notices (ex: in Braille, large print, audio, or electronic formats). They also have an accessibility helpline that can answer questions related to accessibility services.6
*This information is not intended to substitute for specific individualized tax advice. We suggest you discuss your specific tax issues with a qualified tax professional.
Controlling Different Kinds of Light to Help You Sleep Better
Controlling your environment, including your exposure to light, may help you sleep better at night.
Increase bright light exposure during the day
We know it’s beneficial to keep your room dark while you sleep, but it’s also helpful to get more bright light throughout the day! This contrast may help reset your circadian rhythm.
Reduce blue light exposure at least an hour before bed
Blue light may make it hard for our brains to relax and go to sleep. Because of this, some sleep experts recommend limiting blue light at least an hour before bedtime. You can also turn “night mode” on, giving your device screens a gentler yellowish hue than blue light.7
Crab Artichoke Toasts
Servings: 24 Toasts
Time: 25 mins
Easy, delicious crab appetizers recipe! Creamy crab and artichoke topping on toasted baguette slices. Serve warm or cold for an instant party favorite.
- 1 (10-ounce) whole-wheat baguette cut into 24 (1/4-inch-thick) slices
- 1/2 cup plain nonfat Greek yogurt
- 3 tablespoons finely chopped fresh flat-leaf parsley divided
- 1 teaspoon fresh lemon zest (1 small lemon will be plenty for both the zest and juice)
- 1 tablespoon fresh lemon juice (1 small lemon will be plenty for both the zest and juice)
- 1/4 teaspoon garlic powder
- 1/4 teaspoon kosher salt
- 1/4 teaspoon black pepper
- 1/8 teaspoon cayenne pepper
- 2 ounces gruyere cheese shredded, about 1/2 cup (fontina or gouda would be great too!)
- 1 ounce Parmesan cheese finely grated, about 1/4 cup
- 1 (14-ounce) can artichoke hearts drained, patted dry, and roughly chopped
- 1 (4-ounce) can lump crab meat drained
- Place the oven rack in the upper third of the oven. Turn on the broiler to high. Line a baking sheet with parchment paper.
- Cut the baguette into 1/4-inch slices (you should have about 24 total). Arrange in a single layer on the prepared baking sheet.
- In a large bowl, stir together the Greek yogurt, 2 tablespoons parsley, lemon zest, lemon juice, garlic powder, salt, pepper, and cayenne. Stir in the gruyere and Parmesan, then gently fold in the artichokes and crab. Taste and adjust seasoning as desired.
- Spoon 1 heaping tablespoon of the artichoke-crab mixture onto each baguette slice. Broil until the cheese begins to melt, about 3 minutes. Watch very carefully the entire time so that the toasts do not burn. Sprinkle with remaining 1 tablespoon fresh parsley. Serve warm or at room temperature.
NOTES: Make-ahead tips: Crab mixture can be prepared and refrigerated 1 to 2 days in advance (1 is ideal but 2 is doable). Baguette can be sliced 1 day ahead and stored in an airtight container at room temperature. Top the toasts and broil shortly before serving.
Footnotes and Sources
1. The Wall Street Journal, March 31, 2023
2. The Wall Street Journal, March 31, 2023
3. The Wall Street Journal, March 31, 2023
4. CNBC, March 31, 2023
5. howardcm.com, March 23, 2023
6. IRS.gov, January 4, 2023
7. WebMD.com, November 16, 2022
Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.
The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.
This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG is not affiliated with the named representative, financial professional, Registered Investment Advisor, Broker-Dealer, nor state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security.
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