The S&P 500 had its second 5% pullback of the year to start the month of August, but the index rebounded to have a small gain by the middle of the month. Bond yields and mortgage rates recently hit 1-year lows. Expectations for a Fed cut in mid-September have been solidified, with the only argument being will it be 0.25% or 0.50% to start this easing cycle?
With the recent news of the National Public Data security breech, Buckingham Advisors wants to take this time to remind everyone of some best practices to protect their identity.
The Tax Cut and Jobs Act (TCJA) was passed in 2017 and made significant changes to the Tax Code. The changes were not permanent and most tax provisions sunset at the end of 2025. Absent additional legislation, beginning in 2026, the tax law will revert to the way it was before the TCJA passed.
The S&P 500 declined 2% last week and sold off over 3% at the open this morning. As of this writing, the stock market is about 8% below recent all-time highs reached on July 16th and is back to a level that was a new high earlier this year and at a level last seen just three months ago.
The Federal Reserve will have a rate announcement on July 31st, but no change is expected until mid-September. The S&P 500 hit new highs in July, but as of this writing, the index had a small loss for the month; there was quite a bit of rotation beneath the surface of the stock market. Bond yields remain attractive, but Fed cuts may change how cash needs to be managed.
Social media is a place that can connect people in many ways. As more people are connecting and sharing information and ideas, it is important to note that while you can get incredibly helpful tips, social media can also circulate inaccurate or misleading information.
The second quarter ended near a new closing high for the S&P 500. For the second time in a row, the index marked a new intraday high on the final trading day of the quarter. Broadly, the economy continued to grow, though the rate of change slowed for some indicators. Bond yields rose then fell on various inflation reports and shifting expectations for Fed rate cuts.
The S&P 500 rose above 5,500 for the first time this month on strength from the largest Technology stocks. Inflation readings generally improved and it will be more than a year from the last Fed hike (July) to the first Fed cut.
The U.S. Department of Labor’s Wage and Hour Division adopted a rule that significantly increases the level of income below which employers are required to pay overtime for executive, administrative and professional employees.
Stocks climbed to new highs this month after a good corporate earnings season and modest inflation reports.