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Unemployment rate spooks stock market

August 4, 2024

From the desks of Stanley Katz & Lauren Madera

STAY SAFE & HAVE FUN!

Last week, we hit the trifecta but not in a good way. All three major US stock market indices posted losses (i.e., DJIA: -2.10%, S&P 500: -2.06%, Nasdaq: -3.35%). At this juncture, there’s no question that the Federal Reserve’s eleven rate hikes from March 17, 2022 through July 26, 2023 have taken effect in slowing the US economy. Friday’s reported unemployment rate increased to 4.3%, causing interest rates on the 10-year US Treasury Note to plunge week-over-week from 4.19% to 3.79%. The Nasdaq has dropped into correction territory (down 10%+) from its July 10, 2024 all-time high. Click the J.P. Morgan Asset Management link below for further details.

Some of you may be enjoying the excitement and views of Paris while watching the 2024 Summer Olympics. Will the throngs of spectators and corporate sponsors engulfing the Eiffel Tower, Arc de Triomphe, and Seine River positively impact the French and broader European economies? We thought this Goldman Sachs research piece, “How investable is Europe?,” might be of interest. Click the link below.

Below are links to a number of third-party research reports that we have read and analyzed over the past week. We hope you will find the information interesting, useful, and worthwhile.

J.P. Morgan Asset Management:

  • 2Q24 Earnings: Bring on the broadening

Goldman Sachs:

  • How investable is Europe?

Nuveen:

  • Infrastructure adds stability amid market crosscurrents

Argus:

  • Summer Shakeout Amid Positive EPS Season

Capital Group:

  • 3 reasons utilities could be the next growth sector

Stanley Katz & Lauren Madera, Financial Advisors
ClientFirst Financial Strategies, Inc.
937-293-5500

Investing involves risk, including the possible loss of principal. The information contained herein has been prepared solely for informational purposes. Nothing contained herein should be construed as a recommendation to either buy or sell any security or economic sector, or implement any strategy discussed. Please consult with your financial advisor, accountant, and/or attorney before acting on this information. ClientFirst Financial Strategies, Inc. is a DBA of OneSeven.  OneSeven is an investment advisor registered with the U.S. Securities and Exchange Commission (SEC).  Registration with the SEC does not imply a certain level of skill or training.  Securities offered through Fortune Financial Services, Inc. (Fortune), Member FINRA/SIPC.  OneSeven and Fortune are separate entities.  Investment Products are Not FDIC Insured, Offer No Bank Guarantee, and May Lose Value.

OneSeven and Fortune do not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third parties.

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Disclosures: OneSeven (“OneSeven”) is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training. Services are provided under the name ClientFirst Financial Strategies (“ClientFirst”), a DBA of OneSeven. Investment products are not FDIC insured, offer no bank guarantee, and may lose value.

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