THE WEEK ON WALL STREET
Stocks notched a solid gain last week, driven by the Fed’s decision, May's inflation report, and Apple’s AI-related news. The S&P 500 Index rose 1.58 percent, while the Nasdaq Composite picked up 3.24 percent. The Dow Jones Industrial Average, which has lagged most of the year, slid 0.54 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, fell 1.44 percent for the week through Thursday’s close.
FACT OF THE WEEK
On June 17, 1885, the dismantled Statue of Liberty, a gift of friendship from the people of France to the people of America, arrived in New York Harbor after being shipped across the Atlantic Ocean in 350 individual pieces packed in more than 200 cases. The copper and iron statue, which was reassembled and dedicated the following year in a ceremony presided over by U.S. President Grover Cleveland, became known around the world as an enduring symbol of freedom and democracy.
Completed in Paris in the summer of 1884, the statue, a robed female figure with an uplifted arm holding a torch, reached its new home on Bedloe’s Island in New York Harbor on June 17, 1885. After being reassembled, the 450,000-pound statue was officially dedicated on October 28, 1886, by President Cleveland, who said, “We will not forget that Liberty has here made her home; nor shall her chosen altar be neglected.” Standing more than 305 feet from the foundation of its pedestal to the top of its torch, the statue, dubbed “Liberty Enlightening the World” by Bartholdi, was taller than any structure in New York City at the time. The statue was originally copper-colored, but over the years it underwent a natural color-change process called patination that produced its current greenish-blue hue.
Today, the Statue of Liberty is one of America’s most famous landmarks. Over the years, it has been the site of political rallies and protests (from suffragettes to anti-war activists), has been featured in numerous movies and countless photographs, and has received millions of visitors from around the globe.
MARKET MINUTE
S&P 500, Nasdaq Lead; Dow Lags
Market leadership took a familiar form. The tech-heavy Nasdaq led while the Dow trailed for the second week (and four out of the past six weeks). Stocks trended higher at the start of the week as investors cheered an artificial intelligence update from Apple. By midweek, the market had split, with the Nasdaq and S&P 500 moving higher while the Dow lagged. Investors were upbeat after learning that consumer prices rose less than expected in May and that the Fed decided to keep rates steady. However, some investors were unsettled after learning Fed officials had shifted their outlook and now only penciled in a single rate cut between now and year-end. A few months ago, the Fed had indicated as many as three cuts were possible.
Busy Week For News
Last week was chock full of market-moving events. Between Apple’s AI update, inflation, and the Fed, it was a toss-up which one influenced sentiment the most. AI’s outsized role in driving market momentum continued last week. OpenAI’s deal with Apple arrived at the start of last week, and the news followed OpenAI’s deal earlier this year with Microsoft. (These companies are mentioned for illustrative purposes only; it is not a recommendation to buy, sell, or hold this or any security.) Wednesday morning, the Consumer Price Index (CPI) was announced. A few hours later, the Federal Open Market Committee updated its monetary policy. Those pieces of news have only arrived together 13 times since 2008. The FOMC kept rates steady at the current 5.25-5.50 percent target range, a widely expected decision. However, the tame CPI report caused some volatility as investors grappled with how the report may influence Fed policy.
FINANCIAL STRATEGY OF THE WEEK
Retiring Wild: National Parks and You
For many older adults, finding time to experience nature can be one of the greatest pleasures in retirement. And what better place to take in America's splendor than one of our over 400 National Park Service sites? For over a century, generations of retirees have explored these stunning landscapes, marveled at the diverse wildlife, and discovered the physical benefits of a retirement spent in the great outdoors. Recent research suggests that the mental benefits could be even more important for retirees. Read on to learn more.
The Cortisol Connection
Have you ever had a stressful day? One that left you tired and irritable? Those feelings are most likely caused by the stress hormone, cortisol. Cortisol serves an essential purpose in the human body of helping to regulate your mood, motivation, and fear. However, when someone experiences sustained stress, their elevated levels of cortisol may greatly increase their risk of heart disease and depression and even negatively impact their memory. Luckily, multiple studies show that connecting with nature for at least 20 minutes each day may be correlated to significantly lower cortisol levels. But the benefits don't stop after 20 minutes. In fact, longer durations spent in a natural environment may further enhance feelings of peace and well-being as well as increase mental performance.
A Thrifty Option
The American National Park system is considered by some to be one of the healthiest and most financially smart ways to vacation in retirement. There are currently 425 National Park Sites spread across the United States, encompassing over 85 million acres. For those who want access to everything the National Park Service (NPS) offers, the Lifetime Senior Pass ($80) or the Annual Senior Pass ($20) are both a steal.
Regardless of which you purchase, remember that:
- The Senior Pass may provide a 50 percent discount on some amenity fees, such as those related to camping, swimming, and specialized interpretive services.
- The Senior Pass generally does NOT cover or reduce special recreation permit fees or fees charged by concessioners.
- There may be a service fee depending on how you purchase your pass. For more details, including the most recent ticket prices, visit the National Park Service website before planning your next trip.
A Prescription for Nature
Even though locations like Yellowstone, Yosemite, and Zion are the most popular destinations for retirees, many communities benefit from smaller parks and nature preserves as well. For those who haven't hiked or camped much, these local areas can be a great way to get started. Even those with more than a few years of national park experience stand to benefit, both physically and mentally, from visiting one of their local wildlife areas. So, before you pack your bags and load up the camper, do yourself a favor and look into what your home offers. You may discover that one of the best ways to stay happy, healthy, and sharp is closer than you think.
Transition Update: From Securities America to Osaic Wealth
Today, we are now officially with Osaic Wealth, Inc.
In case you missed it, watch the Video regarding our transition from Securities America to OSAIC Wealth.
Frequently Asked Questions - Re-Registering for Wealthscape
1) Can I re-register now? No, you should not re-register until June 24th, 2024. Your Wealthscape access will be inactivated on Friday, June 14th, 2024, at 3:00 PM CST. There will be a brief black-out period, during which you cannot access the information, until June 23rd, 2024.
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When is it time to re-register with Wealthscape? JUNE 24, 2024