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WEEKLY QUOTE
“One
man practicing sportsmanship is better than a hundred teaching it.”
- Knute Rockne
WEEKLY TIP
Business
owners should dedicate one hour per month to collect and sort receipts. This
is vital for independent contractors, whose tax liability is linked to the
expenses they deduct.
WEEKLY RIDDLE
I
follow you during the daytime, but at night I can’t be seen. What am I?
Last week’s riddle:
Shake me and I’ll do what you want, but first you must extract me
from the earth. I may be on the tip of your tongue and over your shoulder.
What am I?
Last week’s answer:
Salt.
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August 22,
2017
RETAIL SALES
RISE IMPRESSIVELY
In July, they were up 0.6% – the largest monthly increase
seen so far in 2017. This gain suggests the economy has gathered momentum in
the third quarter. Core retail sales (which do not include food,
construction, gas, and auto buying) advanced 0.6% for July as well. The Department
of Commerce also revised some spring numbers: retail purchases improved 0.3%
in June and were flat a month earlier.1
AN UPTURN FOR
CONSUMER SENTIMENT
The University of Michigan’s monthly gauge of how U.S.
households view current and future economic conditions rose 4.5 points in its
preliminary August edition to 97.6. Not since January has the index been so
high. In the past 12 months, it has gained 8.7 points.2
HOUSING STARTS
RETREAT
Groundbreaking decreased 4.8% in July, according to the
latest monthly Census Bureau snapshot of American construction activity.
Building permits were also down for the month, with the pace of permits
issued declining by 4.1%.3
WALL STREET
BENCHMARKS SEE WEEKLY LOSSES
The Barcelona terror attack and concerns over the federal
government’s potential to adjust U.S. economic policy impeded equities last
week. During August 14-18, the S&P 500 lost 0.65%, settling at 2,425.55
Friday. In its fourth straight weekly retreat, the Nasdaq Composite fell
0.64% to 6,216.53. Like the S&P, the Dow Jones Industrial Average took a
second straight weekly loss, ceding 0.84% to reach 21,674.51. In contrast, the Dow Jones Utility Average
notched a 1.09% gain across five days. At the end of Friday’s trading
session, gold stood at $1,291.60, and WTI crude, at $48.51.4,5
THIS WEEK: Ruby Tuesday announces earnings on Monday.
Coty, DSW, Intuit, Kirkland’s, La-Z-Boy, Medtronic, Salesforce, and Toll
Brothers join the earnings parade Tuesday. Wednesday offers a Census Bureau
report on July new home sales and earnings from American Eagle Outfitters,
Eaton Vance, Express, HP, Lowe’s, Regis Corp., and Williams-Sonoma. Wall
Street learns about July existing home sales Thursday, while also
scrutinizing new initial unemployment claims numbers and earnings news from
Abercrombie & Fitch, Autodesk, Broadcom, Burlington Stores, Dollar Tree,
GameStop, Hormel Foods, Michaels Companies, J.M. Smucker, Staples, Toro, and Ulta
Beauty. Federal Reserve chair Janet Yellen speaks on the topic of “financial stability”
at the Kansas City Fed’s annual Jackson Hole economic symposium Friday; investors
will also consider a report on July hard goods orders.
Sources: wsj.com, bigcharts.com, treasury.gov - 8/18/175,6,7,8
Indices
are unmanaged, do not incur fees or expenses, and cannot be invested into
directly. These returns do not include dividends. 10-year TIPS real yield =
projected return at maturity given expected inflation.
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«RepresentativeDisclosure»
This material was prepared by
MarketingPro, Inc., and does not necessarily represent the views of the
presenting party, nor their affiliates. The information herein has been
derived from sources believed to be accurate. Please note - investing
involves risk, and past performance is no guarantee of future results.
Investments will fluctuate and when redeemed may be worth more or less than
when originally invested. This information should not be construed as
investment, tax or legal advice and may not be relied on for the purpose of
avoiding any Federal tax penalty. This is neither a solicitation nor
recommendation to purchase or sell any investment or insurance product or
service, and should not be relied upon as such. All market indices discussed
are unmanaged and are not illustrative of any particular investment. Indices
do not incur management fees, costs and expenses, and cannot be invested into
directly. All economic and performance data is historical and not indicative
of future results. The Dow Jones Industrial Average is a price-weighted index
of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is a
market-weighted index of all over-the-counter common stocks traded on the
National Association of Securities Dealers Automated Quotation System. The
Standard & Poor's 500 (S&P 500) is a market-cap weighted index
composed of the common stocks of 500 leading companies in leading industries
of the U.S. economy. NYSE Group, Inc. (NYSE:NYX) operates two securities
exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly
known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange).
NYSE Group is a leading provider of securities listing, trading and market
data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is
the world's largest physical commodity futures exchange and the preeminent
trading forum for energy and precious metals, with trading conducted through
two divisions – the NYMEX Division, home to the energy, platinum, and
palladium markets, and the COMEX Division, on which all other metals trade.
Additional risks are associated with international investing, such as
currency fluctuations, political and economic instability and differences in
accounting standards. This material represents an assessment of the market
environment at a specific point in time and is not intended to be a forecast
of future events, or a guarantee of future results. MarketingPro, Inc. is not
affiliated with any person or firm that may be providing this information to
you. The publisher is not engaged in rendering legal, accounting or other
professional services. If assistance is needed, the reader is advised to
engage the services of a competent professional.
Citations.
1 - reuters.com/article/us-usa-economy-retail-idUSKCN1AV1BZ
[8/15/17]
2 - sca.isr.umich.edu/
[8/18/17]
3 - tradingeconomics.com/united-states/housing-starts
[8/16/17]
4 - marketwatch.com/story/dow-set-to-fight-for-direction-but-flirts-with-biggest-two-week-drop-in-nearly-a-year-2017-08-18
[8/18/17]
5 - markets.wsj.com/us
[8/18/17]
6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=8%2F18%2F16&x=0&y=0
[8/18/17]
6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=8%2F18%2F16&x=0&y=0
[8/18/17]
6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=8%2F18%2F16&x=0&y=0
[8/18/17]
6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=8%2F17%2F12&x=0&y=0
[8/18/17]
6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=8%2F17%2F12&x=0&y=0
[8/18/17]
6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=8%2F17%2F12&x=0&y=0
[8/18/17]
6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=8%2F17%2F07&x=0&y=0
[8/18/17]
6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=8%2F17%2F07&x=0&y=0
[8/18/17]
6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=8%2F17%2F07&x=0&y=0
[8/18/17]
7 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield
[8/18/17]
8 -
treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll
[8/18/17]
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Tuesday, August 22, 2017
Economic Update for the week of August 22nd, 2017
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