THE WEEK ON WALL STREET
Stocks made gains last week, even as megacap tech gains outweighed economic concerns. The S&P 500 Index advanced 0.33 percent, while the Nasdaq Composite Index rose 1.14 percent. The Dow Jones Industrial Average descended 0.32 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, gained 0.04 percent.
FACT OF THE WEEK
"Star Trek" premieres September 8, 1966 on NBC, launching what would become the most "successful failure" in television history. While the series lasts for only three seasons due to low ratings, it eventually finds new life in syndication, growing into one of the longest-running and highest-grossing media franchises of all time.
MARKET MINUTE
Tech Gains, Jobs Slow
Markets started the week on shaky ground. The Dow Industrials, S&P 500, and Nasdaq each slipped downward more than half a percentage point. Tariff uncertainty rose again, as a court ruling injected fresh doubt. Meanwhile, rising Treasury yields amplified volatility and rattled megacap tech names.
By Tuesday, stocks managed a partial rebound, and market direction shifted. Tech bounced back the next morning—led by two megacap tech stocks’ gains—with one soaring after avoiding an antitrust penalty.
On Thursday, softer private hiring data and rising layoff trends fueled hopes of an imminent Fed rate move, with the S&P hitting a fresh record close. Treasury yields dropped significantly on rate-cut speculation, reinforcing risk appetite. The mood shifted again on Friday. A surprisingly weak jobs report undercut market optimism.
Focus on Jobs
Friday’s employment report fell short, as employers created fewer jobs last month.
Unemployment increased to 4.3 percent in August from 4.2 percent the prior month, hitting a 4-year high. Job growth slowed to 22,000 jobs in August, after much higher expectations of 75,000. In addition, a revision of the June estimate decreased the number by 27,000 jobs.
FINANCIAL STRATEGY OF THE WEEK
The Financial Literacy Crisis
Imagine driving a car without a basic understanding of the rules of the road or even how to operate it. Scary thought.
Here’s another scary circumstance – one that is all too real. Many Americans are making financial decisions with minimal financial knowledge of investing, budgeting, and credit. The TIAA Institute conducted a survey on U.S. financial literacy, asking 28 basic questions about retirement savings, debt management, budgeting, and other financial matters. The average respondent answered only about half of the questions correctly.1
Another recent survey conducted by the Census Bureau found that almost 40% of Americans say that it has been somewhat or very difficult to pay for usual household expenses in the last seven days.2
It has been said that knowledge is power, and if that’s true, then too many Americans lack the power to control their financial futures. Financial success rarely happens by accident; it is typically the outcome of a journey that starts with education.
One of the obstacles to greater financial literacy is the so-called “Lake Wobegon effect.” In other words, we all consider ourselves above average, and based on that belief, it only follows that our financial understanding is above average. Unfortunately, this assumption has a flaw: it may discourage us from learning as much as we need in order to continue adapting to an ever-changing financial landscape.
The more informed we are, the more informed our financial decisions may become. Fortunately, we can consult a wide range of resources in pursuit of greater financial knowledge.
If you are committed to increasing your financial literacy, think about turning to financial professionals with your questions or visiting a U.S. Treasury-sponsored website created for that very purpose.3
1.TIAAInstitute.org, 2025
2. Census.gov, 2025
3. MyMoney.gov, 2025