Stocks ended a shortened week of trading mixed amid revived recession fears on Wall Street triggered by weak economic data.
The Dow Jones Industrial Average gained 0.63%, while the Standard & Poor’s 500 slipped 0.10%. The Nasdaq Composite index lost 1.10% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, advanced +0.37%.1,2,3
Recession Fears Resurface
Renewed recession worries dented investor sentiment, and the week kicked off with a weekend announcement by OPEC+ nations of their intention to cut oil production.
The prospect of higher oil prices not only revived inflation fears, possibly hurting the chances of a rate-hike pause by the Fed, but it raised concerns over future consumer spending. Stocks weathered the news well but buckled on weak manufacturing and services data in subsequent days. Stocks trended lower again after a lower-than-expected open-jobs number and a slowdown in private-sector hiring.
Stocks stabilized to close on Thursday, despite an increase in jobless claims and a pick up in March layoffs.
Cooling Labor Market
A string of labor reports last week reflected signs of a cooling labor market, beginning with an unexpectedly significant decline in the number of open jobs (falling below 10 million for the first time in nearly two years). The JOLTs report preceded payroll processor ADP’s employment report that saw a rise in private sector hiring of 145,000 (short of the consensus forecast of 210,000) and smaller wage gains.4, 5
After reports of a jump in initial jobless claims on Thursday and a 15% rise in layoffs in March, Friday’s March employment report showed the smallest increase in nonfarm payrolls (+236,000) since December 2020.6
This Week: Key Economic Data
Wednesday: Consumer Price Index (CPI). FOMC Minutes.
Thursday: Jobless Claims. Producer Price Index (PPI).
Friday: Retail Sales. Industrial Production. Consumer Sentiment.
Source: Econoday, April 7, 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
Thursday: Delta Air Lines, Inc. (DAL)
Friday: JPMorgan Chase & Co. (JPM), Blackrock (BLK), UnitedHealth Group Incorporated (UNH), Citigroup, Inc. (C), The PNC Financial Services Group, Inc. (PNC)
Source: Zacks, April 7, 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.
Battle of The Beasts – Are The Bears Getting Tired Yet?
The HCM-BuyLine® is positive, and pullbacks are buyable. We have heard a lot about capitulation to the downside, which means a big sell-off day sitting in the bottom of a bear market. In my opinion, there have already been a number of big sell-off days in the last 15 months of this bear market that could be viewed that way. But could the market...[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.
How to Choose a Tax Preparer
It’s essential to choose a tax preparer that is suitable for your needs as well as reliable and ethical. After all, taxpayers are responsible for the info on their return, regardless of who prepared it.
Here are some tips from the IRS on how to choose a tax preparer who meets your needs:
- Check the IRS Directory of Federal Tax Return Preparers
- Check the preparer’s history with the Better Business Bureau
- Ask about fees
- Ask if the preparer plans to use e-file
- Make sure the preparer is available
- Ensure the preparer signs and includes their preparer tax identification number
- Understand the preparer’s credentials
Choosing a reputable and reliable tax preparer can help protect you and your tax return.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.
Two Top Benefits of Garlic
Not only is garlic delicious, but it also has many potential health benefits (and no, one of them isn’t warding off vampires). Here are just two of the top benefits of garlic:
One of the most potent benefits of garlic is that it may help your immune system. A robust immune system can help combat sickness, including the common cold.
One large, 12-week study found that a daily garlic supplement reduced the number of colds by 63% compared to a placebo. The average length of cold symptoms was also reduced by 70%, from 5 days in the placebo group to just 1.5 days in the garlic group.
In addition, garlic may also improve cholesterol levels, lowering the risk of heart disease. Garlic may lower both total and LDL cholesterol (otherwise known as the "bad" cholesterol).9
Time: 1hr 15 mins
These Papaya Bars are a silky smooth custard using fresh papaya fruit on a bed of short bread crust. Perfect for picnics or summer-y get togethers.
- 3/4 cup all-purpose flour
- 1/4 teaspoon kosher salt
- 2 tablespoons light or dark brown sugar
- 1/4 cup very cold unsalted butter diced
- 1/2 cup white granulated sugar
- 1 1/2 tablespoons all-purpose flour
- 1/4 teaspoon kosher salt
- *3/4 cup red papaya puree from a red papaya that weighed: 1.5 pounds
- 2 large eggs
- 2 teaspoons lemon juice
- 2 tablespoons good-flavored honey I used wildflower
- Powdered sugar optional
Equipment: 9-INCH BAKING DISH
- Preheat the oven to 350 degrees F. Prepare this 9-inch baking dish by buttering it, placing a piece of parchment on the bottom of the dish and then flouring it. Set aside.
- To the jar of a food processor, add the flour, salt and dark brown sugar. Pulse until combined. Add the cubes of butter and then pulse once more until the mixture resembles a coarse meal with a few larger chunks throughout. Transfer the butter and flour mixture to the prepared baking dish and press firmly so the layer is even. Place in the oven to bake for about 15 minutes, and until the edges are set.
- Meanwhile, let's make the filling! To medium bowl, add the sugar, flour and salt, and mix. Whisk in the papaya puree, eggs, lemon juice and honey. The filling should appear glossy and smooth.
- Pour the filling over the hot crust and transfer back to the oven for a remaining 20-25 minutes. You'll know the papaya bars are done when the filling appears set. Cool in the pan on a cooling rack until it reaches room temperature. Run a sharp knife along the sides and gently lift the parchment.
- Dust the top with powdered sugar & enjoy!
Footnotes and Sources
1. The Wall Street Journal, April 6, 2023
2. The Wall Street Journal, April 6, 2023
3. The Wall Street Journal, April 6, 2023
4. CNBC, April 4, 2023
5. CNBC, April 5, 2023
6. CNBC, April 7, 2023
7. howardcm.com, March 23, 2023
8. IRS.gov, September 20, 2022
9. Healthline, May 5, 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.
Copyright 2023 FMG Suite.