Weekly Market Update | June 14, 2021

The Week on Wall Street

Stocks ended the week mixed as investors appeared to shrug off a hotter-than-expected inflation report.

The Dow Jones Industrial Average slipped 0.80%, while the Standard & Poor’s 500 advanced 0.41%. The Nasdaq Composite index led, tacking on 1.85%. The MSCI EAFE index, which tracks developed overseas stock markets, rose 0.31%.

Another Quiet Week

The market traded in a narrow range for much of last week as investors anxiously awaited the release of the Consumer Price Index (CPI) on Thursday.

May’s CPI saw an increase in inflation that exceeded most expectations. Paradoxically, markets advanced on the news, sending the S&P 500 to a new record close and the technology-heavy NASDAQ Composite higher. Perhaps equally unexpected was the decline in the 10-year Treasury yield, which slipped to 1.45%, touching its lowest level in three months.

On Friday, stocks were unable to materially build on the previous day’s advance, though the S&P 500 managed to add onto its record Thursday close.

Inflation Trends

Consumer prices headed higher in May, rising 0.6% from April and by 5.0% from a year ago. It was the largest jump in the CPI since August 2008. Core inflation, which excludes food and energy prices, rose 3.8% — the sharpest increase in nearly three decades.

Automobile prices were one of the primary contributors to May’s number. Used car and truck prices jumped 7.3% month-over-month and by 29.7% from a year ago. New cars experienced their highest monthly increase since October 2009 as a result of an inventory shortage stemming from tightness in the semiconductor supply.

Key Economic Data

Tuesday:  Retail Sales. Industrial Production.

Wednesday: FOMC (Federal Open Market Committee) Announcement.

Thursday: Consumer Price Index (CPI). Jobless Claims.

Source: Econoday

Companies Reporting Earnings

Tuesday: Oracle Corporation (ORCL).

Thursday: The Kroger Co. (KR).


Quote of the Week

“One loyal friend is worth ten thousand relatives.”

– Euripides

Sources: The Wall Street Journal, June 11, 2021; Treasury.gov, June 11, 2021

Weekly performance for the Dow Jones Industrial Average, Standard & Poor’s 500 index, and NASDAQ Composite is measured from the close of trading Friday, June 4, to Friday, June 11 close. Weekly performance for the MSCI-EAFE is measured from Friday June 4, open to the Thursday June 10, close. Weekly and year-to-date 10-year Treasury note yields are expressed in basis points.

How to Take a Vacation Without Leaving Home

Vacations provide a ton of benefits and are a great way to relax and take a break from your everyday stressors. But sometimes, you can’t swing a whole vacation. The good news is that you can still enjoy a little getaway without leaving the comfort of your own home.

Here are some fun ways to “get away” without actually getting away:

  • Create a themed cocktail or drink based on the place you’re dreaming of. Whip up a fancy French cocktail and pretend you’re sitting on a terrace in Paris, or order a local microbrew from a US destination that you’ve always wanted to go to.
  • You can also create a themed dinner night and take a culinary adventure around the world. Bonus points if you design a real menu.
  • Visit a museum (virtually). The Google Arts and Culture Project makes it possible to visit the Tate, Reina Sofia, and Acropolis Museum all from the comfort of your own home.

Whether you want to visit a national park, learn a new language, or try a new recipe, there are countless ways to explore the world from your living room.

Tip adapted from  Ideas.ted.com

Grilled Chicken Wings with Summer Berry Agrodolce    

Serves: 4


  • 3 small handfuls any combination mint, cilantro, and/or parsley
  • 1 lemon
  • 1 shallot
  • 2 Tbsp. vegetable oil, plus more for baking sheet (optional)
  • 3 tsp. Diamond Crystal or 1½ tsp. Morton kosher salt, divided, plus more
  • 1 tsp. freshly ground black pepper, divided, plus more
  • ¼ tsp. crushed red pepper flakes
  • 1 10-oz. bag frozen mixed berries
  • ¼ cup honey
  • 3 Tbsp. (or more) apple cider vinegar
  • 2 lb. chicken wings, drumettes and flats separated



  1. Coarsely chop 3 small handfuls any combination mint, cilantro, and/or parsley to make about ⅓ cup chopped herbs. Transfer to small bowl, cover with a damp paper towel, and chill until ready to use. Cut 1 lemon into wedges; set aside. Thinly slice 1 shallot into rings.
  2. Heat 2 Tbsp. vegetable oil in a medium saucepan over medium. Cook shallot, stirring occasionally, until translucent, about 2 minutes. Stir in 1 tsp. Diamond Crystal or ½ tsp. Morton kosher salt, ½ tsp. freshly ground black pepper, and ¼ tsp. crushed red pepper flakes and cook, stirring, until fragrant, about 1 minute.
  3. Add one 10-oz. bag frozen mixed berries, ¼ cup honey, 3 Tbsp. apple cider vinegar, and ½ cup water to shallot mixture in pan and cook, stirring often to prevent sticking and burning, until berries are completely softened and falling apart and agrodolce is thickened, 15–20 minutes. Taste and season with more salt, pepper, and/or vinegar if needed. Remove from heat and set aside.
  4. Prepare a grill for medium heat. (Or, if you don’t have a grill, heat broiler with rack in upper third of the oven.) Pat 2 lb. chicken wings, drumettes and flats separated, dry with paper towels and arrange on a rimmed baking sheet. Sprinkle wings all over with remaining 2 tsp. Diamond Crystal or 1 tsp. Morton kosher salt and ½ tsp. freshly ground black pepper, pressing to adhere. (Lightly coat baking sheet with oil if broiling wings.)
  5. Grill chicken, turning occasionally with tongs to prevent excessive charring (some is delicious, a lot is not), until crisp and deeply browned and an instant-read thermometer inserted into thickest part of a wing registers 165°, about 15 minutes. (If using broiler, broil about 25 minutes, turning over after 15 minutes.) Transfer wings to a large bowl.
  6. Reheat agrodolce over medium until warmed through and loose, about 1 minute. Pour over wings and toss to coat.
  7. Transfer wings and agrodolce to a platter and top with chopped herbs. Squeeze juice from 1 reserved lemon wedge over wings. Serve wings with remaining lemon wedges for squeezing over as desired.

Recipe adapted from bonappetit.com /

Play the Forward Tees

There’s no shame in playing from the forward tees, especially as a beginning golfer. Playing your selected golf course at a shorter yardage is sure to make your round more manageable and, therefore, more fun.

Take advantage of these top golf tips as you continue to practice and take your game to the course!

Tip adapted from https://www.shipsticks.com/


Tax Tips for Children or Grandchildren with Part-Time Summer Jobs

As summer approaches, many of us have kids or grandkids who are coming home for the summer and working part-time. Whether they’re bussing tables, counseling summer camp, or mowing lawns, these tips will help them (and you) understand the tax implications of summer jobs:

  • Withholding: If your child is working for an employer, they will generally withhold taxes from their paycheck. If they are self-employed, however, they may be responsible for paying these taxes directly to the IRS.
  • Self-Employment: Speaking of self-employment, it’s a good idea to keep records of income and expenses related to self-employed work. Expenses associated with self-employment may be deductible.
  • New Employee Paperwork: Talk to your child or grandchild about the paperwork that they may need to fill out when starting a new job. This will likely include a W-4 form, which is a form that businesses use to calculate how much federal income should be withheld from their paycheck.
  • Tip Income: All tip income is taxable and if they make more than $20 in cash tips a month, they need to report it to their employer. In addition, they must report all yearly tips on their tax return.
  • Payroll Taxes: Even if your kids or grandkids earn too little to owe income tax, they may still have to either pay Social Security and Medicare taxes themselves or have them withheld from their paycheck.

Summer jobs are a great way to learn about responsibility and taxes, as well as earn a little extra income before returning to the school year.

* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov  



Photo of the Week

Kelp forest, Monterey, California

Financial planning and investment advisory services offered through Cleveland Wealth, LLC, a Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified wealth advisor and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.