THE WEEK ON WALL STREET
Rising bond yields and fears of a government shutdown hammered stocks last week, with technology shares bearing the brunt of the retreat.
The Dow Jones Industrial Average lost 1.89%, while the S & P’s 500 dropped 2.93%. The Nasdaq Composite index tumbled 3.62% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, fell 1.77%.
FACT OF THE WEEK
On September 26, 1969, American television audiences hear the soon-to-be-famous opening lyrics “Here’s the story of a lovely lady. Who was bringing up three very lovely girls…” as The Brady Bunch, a sitcom that will become an icon of American pop culture, airs for the first time. The show was panned by critics and, according to the Museum of Broadcast Communications, during “its entire network run, the series never reached the top ten ranks of the Nielsen ratings. Yet, the program stands as one of the most important sitcoms of American 1970s television programming, spawning numerous other series on all three major networks, as well as records, lunch boxes, a cookbook, and even a stage show and feature film.”
Created by Sherwood Schwartz (whose previous hit sitcom was Gilligan’s Island), The Brady Bunch followed the story of Carol (Florence Henderson), a widowed mother of three blonde daughters, who marries architect Mike Brady (Robert Reed), a widower and the father of three brown-haired boys. The blended family lives together in a suburban Los Angeles home with their cheerful housekeeper, Alice (Ann B. Davis). The show focused primarily on issues related to the Brady kids–Greg (Barry Williams), Marcia (Maureen McCormick), Peter (Christopher Knight), Jan (Eve Plumb), Bobby (Mike Lookinland), and Cindy (Susan Olsen)–who ranged from grade-school age to teenage. Although set in the late 1960s and early 1970s, a time of political and social upheaval in the United States, The Brady Bunch generally avoided controversial topics and instead presented a wholesome view of family life, tackled subjects such as sibling rivalry (including Jan’s now-famous complaint about the focus on her sister: “Marcia, Marcia, Marcia”), braces and dating.
After 177 episodes, ABC cancelled The Brady Bunch and the last original episode aired on August 30, 1974.
Fed Signals Rate Hike
As expected, the Fed held interest rates steady but surprised many investors by signaling another rate hike before year-end and suggesting that rates may need to remain high through 2024. In his post-announcement press conference, Fed Chair Powell remarked the inflation battle would continue, and upcoming economic data would inform the FOMC’s future rate hike decision.
In their economic projections, 12 of 19 Fed officials expect to raise rates once more this year. (The FOMC meets again on October 31-November 1, and in December.) The Fed also lowered their unemployment projection from their June estimate and revised their projection for annual core inflation to 3.7% in the fourth quarter, down from June’s 3.9% forecast.
FINANCIAL STRATEGY OF THE WEEK
Life changes come in all shapes and sizes – new jobs, marriages, grandchildren, layoffs – and they typically come with new roles and altered expectations. While many of us are focused on the day-to-day adjustments that come with these changes, it’s easy to overlook the importance of how they might impact our long-term financial goals. That is where we come in.
Analyzing how these life changes impact your financial goals is not only a valuable service we provide but can often mean the difference between future financial success or failure. Regular reviews of your beneficiaries and existing accounts – specifically IRAs and life insurance accounts – are extremely important, especially if you’ve had a recent life change.
Even if you haven’t experienced a recent life change, it’s always a good idea to get a baseline review of your accounts to identify gaps, mistakes, or improvements. Give us a call today to set up an appointment.