In a holiday-shortened week of volatile trading, stocks surrendered some of the previous week’s strong gains.
The Dow Jones Industrial Average fell 0.94%, while the Standard & Poor’s 500 declined 1.20%. The Nasdaq Composite index lost 0.98% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, slipped 0.17%.1,2,3
An Uncertain Market
Stocks experienced wild swings last week, in part, due to ongoing uncertainty over economic health and the path of inflation. Investors seemed conflicted when interpreting the data, in some instances viewing economic strength as a negative since it may mean more aggressive rate hikes from the Fed.
Illustrative of how this uncertainty has played out, stocks surged higher on Thursday despite comments from Fed Vice Chair Lael Brainard indicating it’s unlikely that the Fed will pause on rate hikes. Then on Friday, stocks dropped as a better-than-expected jobs report raised concerns about monetary policy.
Strong Job Growth
The U.S. economy added 390,000 jobs in May, a slowdown from recent months but higher than consensus estimates. Job gains registered in several categories, led by leisure and hospitality, professional and business services, and warehousing and transportation. The retail sector lost jobs.4
The unemployment rate remained unchanged at 3.6%. Wage growth cooled off, with a 12-month increase of 5.2%, down from April’s year-over-year jump of 5.5%. Finally, the labor participation rate ticked higher again, reflecting how job availability is helping to pull Americans off the labor-market sidelines.5
This Week: Key Economic Data
Thursday: Jobless Claims.
Friday: Consumer Price Index (CPI). Consumer Sentiment.
Source: Econoday, June 3, 2022
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
Monday: Coupa Software, Inc. (COUP).
Wednesday: Campbell Soup Company (CPB).
Thursday: DocuSign (DOCU).
Source: Zacks, June 3, 2022
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.
Wealth Watch: 7-Week Losing Streak Finally Broken. Is Optimism Coming Back?
The S&P Index jumped 6.7% last week, the best since the week ending November 6, 2020. What’s more, the rally ended the losing streak at seven, avoiding a tie for the most consecutive weekly declines in the history...[READ MORE]6
Vance Howard on CNBC: Investors should be patient, and not buying right now-Watch here
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 To Do if You Didn’t Receive Your W-2
If you don’t receive your W-2 or 1099 by January 31 of the year, you are filing taxes, or if the information on these forms is incorrect, contact your employer/payer. If you still haven’t received the forms you need by the end of February, you can contact the IRS at 800-829-1040, and they may be able to help.
When you contact the IRS, they will also reach out to the employer/payer for the information you need, and they will also send you Form 4852, which is a substitute for a W-2 or 1099. To do this, they will ask for your employer/payer’s name, address, and phone number (as well as your information).7
* 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.
How to Make Hummus
Hummus is a dip made primarily from garbanzo beans and is great on pita bread, veggies, or chicken. Here’s how to make hummus:
- In a food processor or blender, combine ¼ cup tahini (sesame paste) with ¼ cup fresh lemon juice—process for one minute.
- Add 2 tablespoons olive oil, ½ teaspoon ground cumin, ½ teaspoon of salt, and 1 minced garlic clove to the mix and process until well-blended in 30-second increments (about a minute).
- Add half a can (¾ cup) of rinsed chickpeas and process for 1 minute. Then, add the other half of the can and process another 1-2 minutes.
- If your hummus still has bits of chickpeas, process the hummus a bit more while slowly adding 2-3 tablespoons of cold water.8
Asparagus with Poached Egg and Prosciutto
Total Time: 20 mins
- 32 spears asparagus, (or 1 bunch)
- 1 tablespoon olive oil
- 3 cloves of garlic, minced
- 1 lemon, juiced and zested
- 4 eggs
- 4 slices of prosciutto
- parmigiano reggiano, for garnish (optional)
- salt and pepper
- Bring a large pot of water to a boil.
- Separately, heat the oil in a large sauté pan on medium heat. Add the minced garlic, lemon juice and zest and asparagus spears. Sauté and use tongs to move the asparagus around until they are cooked through, approximately 3-5 minutes.
- Once the pot of water has come to a boil, reduce the heat to low and ensure that no bubbles are breaking the surface. Add each egg to a ramekin, then gently add to the pot of water. Cook each egg for 3 minutes. Then remove the egg with a slotted spoon and dab and excess water on a paper towel.
- To assemble, add a few asparagus spears to a plate, top with a slice of prosciutto, add a poached egg, season with salt and pepper and garnish with freshly grated parmigiano reggiano.
Footnotes and Sources
1. The Wall Street Journal, June 3, 2022
2. The Wall Street Journal, June 3, 2022
3. The Wall Street Journal, June 3, 2022
4. CNBC, June 3, 2022
5. CNBC, June 3, 2022
6. howardcm.com, June 1, 2022
7. IRS.gov, January 13, 2021
8. inspiredtaste.net, February 22, 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 2022 FMG Suite.