Stocks surged higher in the closing days of a holiday-shortened trading week, ignited by a political resolution on raising the debt ceiling and a strong employment report.
The Dow Jones Industrial Average rose 2.02%, while the Standard & Poor’s 500 advanced 1.83%. The Nasdaq Composite index gained 2.04% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, slipped 0.52%.1,2,3
A Sigh of Relief
The weight of uncertainty over negotiations to raise the federal debt ceiling was lifted last week by the news of an agreement between President Biden and House Speaker McCarthy and its subsequent passage in Congress.
After a modest gain on Thursday following the House vote, stocks rallied on Friday, responding to the Senate passage of the debt ceiling bill, which eliminated a significant overhang to the market. A robust federal employment report also contributed to the Friday rally. The report exceeded market expectations in the growth of new jobs while reflecting a deceleration in wage growth.
The Irrepressible Labor Market
Last week’s employment data showed that the labor market remains stout after over a year of sharp interest rate hikes.
Job openings in April increased to more than 10 million, reversing three straight months of declines, while private sector employment increased by 278,000 jobs in May, according to a survey by Automated Data Processing (ADP), a significant payroll processor.4,5
In line with these strong numbers, the Department of Labor reported 339,000 new jobs were added in May. That came above the consensus estimate of 190,000 and marked the 29th consecutive month of positive growth.6
This Week: Key Economic Data
Monday: Factory Orders. Institute of Supply Management (ISM) Services Index.
Tuesday: Jobless Claims.
Source: Econoday, June 2, 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
Tuesday: The J. M. Smucker Company (SJM)
Wednesday: Campbell Soup Company (CPB)
Thursday: DocuSign (DOCU)
Source: Zacks, June 2, 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.
Revving Up For The Bull – Markets Showing Signs Of Optimism
Are we in a new bull market? Most, if not all, indicators are pointing in that direction. The HCM-BuyLine® is clearly positive, and pullbacks are buyable. As I wrote about last week, it is the tale of two markets: if you are not heavily invested in...[READ MORE] 7
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.
Owe the IRS Money? Here’s How to Pay
If you owe federal taxes, you may be required to pay by the April deadline. Remember, if you get an extension to file your taxes, payment is still due by the April deadline. You can set up a payment plan if you can’t pay the full amount you owe now.
Here are some choices for making your payment:
- Use Direct Pay: Internal Revenue Service (IRS) Direct Pay is a free and secure way to pay directly from your checking or savings account.
- Pay by Debit or Credit Card: If you don’t want to link a bank account, you can use your credit or debit card. Remember that you’ll have to pay a processing fee and may incur interest charges.
- Pay When You E-File: If you file your federal tax return electronically, you can pay directly from your bank account using Electronic Funds Withdrawal.8
*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.
Eating To Your Heart’s Content
Deciding to change your diet can feel daunting. It can be challenging to figure out which one is “best” for you. Many fad diets come and go, but a few have stuck around, the most popular being the Mediterranean diet.
The Mediterranean diet is more of a lifestyle shift toward healthier eating patterns. Modeled after principles of Italian and Greek cuisine, which have remained relatively unchanged since the 1960s, this diet may lead to lower rates of heart disease, type 2 diabetes, and other chronic illnesses. The diet emphasizes eating more fruits, vegetables, legumes, nuts, seeds, fatty fish, whole grains, olive oil, and fewer meats and dairy products. The diet is flexible. Elimination isn’t the intention, but rather favoring more nutrient-rich foods over energy-dense ones.
Food is life, and healthy choices can help support a healthier life. While the Mediterranean diet could be a good option, no single diet will ideally fit everyone’s lifestyle, preferences, and health needs. So, discuss your dietary choices with your physician or registered dietitian first.9
Baked Asparagus with Parmesan
Servings: 4
Time: 15 mins
It is a quick, easy dinner side, extremely versatile and healthy too, loaded with fiber, antioxidants, vitamins and minerals!
Ingredients:
- 1 bunch asparagus (1 pound) ends trimmed
- 2 Tablespoons olive oil
- 1 Tablespoon lemon juice
- 1/2 tsp EACH garlic powder, salt
- 1/4 tsp EACH pepper, dried oregano, dried basil
- 1/8 tsp EACH ground nutmeg, dried thyme
- 1/2 cup freshly grated Parmesan cheese or to taste
Buttery Panko Topping (optional)
- 1 tablespoon unsalted butter
- 1/3 cup panko breadcrumbs
Instructions:
- Preheat oven to 425 degrees F. Line a baking sheet with foil and lightly spray with cooking spray.
- Add asparagus to the baking sheet and add olive oil, lemon juice and all seasonings. Toss to evenly coat then arrange asparagus in a single layer. Evenly top with Parmesan cheese.
- Bake at 425 degrees F for 7-10 minutes or until tender but still crisp.
- While the asparagus is baking, make Panko topping. Melt one tablespoon butter in a skillet over medium heat. Add panko and stir to coat then continue to cook and stir until panko is golden.
- Sprinkle toasted panko all over baked asparagus. Serve immediately
Footnotes and Sources
1. The Wall Street Journal, June 2, 2023.
2. The Wall Street Journal, June 2, 2023.
3. The Wall Street Journal, June 2, 2023.
4. The Wall Street Journal, May 31, 2023.
5. CNBC, June 1, 2023.
6. CNBC, June 2, 2023.
7. howardcm.com, June 1, 2023
8. IRS.gov, February 15, 2023
9. Mayo Clinic, February 15, 2023
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.
Copyright 2023 FMG Suite.