Weekly Market Update | September 25, 2023

The Week on Wall Street

Rising bond yields and fears of a government shutdown hammered stocks last week, with technology shares bearing the brunt of the retreat.

The Dow Jones Industrial Average lost 1.89%, while the Standard & Poor’s 500 dropped 2.93%. The Nasdaq Composite index tumbled 3.62% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, fell 1.77%.

Stocks Sell Off

Investor sentiment took a decidedly negative turn last week when investors were caught off-guard by the Fed signaling another potential rate hike this year, upending hopes that the Fed might finish its current rate-hike cycle.

Stocks declined sharply following the Federal Open Market Committee (FOMC) announcement and continued to fall the following day as bond yields spiked. The 10-year Treasury yield hit 4.48% on Thursday, touching its highest point in more than 15 years.

Stocks also reacted to news that the House of Representatives went into recess on Thursday, increasing the prospect of a government shutdown. The sell-off cooled on Friday, adding only incrementally to the week’s accumulated losses.

Fed Signals Rate Hike

As expected, the Fed held interest rates steady but surprised many investors by signaling another rate hike before year-end and suggesting that rates may need to remain high through 2024. In his post-announcement press conference, Fed Chair Powell remarked the inflation battle would continue, and upcoming economic data would inform the FOMC’s future rate hike decision.

In their economic projections, 12 of 19 Fed officials expect to raise rates once more this year. (The FOMC meets again on October 31-November 1, and in December.) The Fed also lowered their unemployment projection from their June estimate and revised their projection for annual core inflation to 3.7% in the fourth quarter, down from June’s 3.9% forecast.

Key Economic Data

Tuesday: Consumer Confidence. New Home Sales.

Wednesday:  Durable Goods Orders.

Thursday:   Jobless Claims. Gross Domestic Product (GDP).

Friday: Personal Income and Outlays.

Source: Econoday

Companies Reporting Earnings

Tuesday: Costco Wholesale Corporation (COST)

Wednesday: Micron Technology, Inc. (MU)

Thursday: Nike, Inc. (NKE)


Quote of the Week

“If you have passion, a chip on the shoulder, a sense of humor, and you can explain what you do very well, it doesn’t matter if you’re a plumber or a singer or a politician. If you have those four things, you are interesting.”

– Larry King

Sources: The Wall Street Journal, September 22, 2023; Treasury.gov, September 22, 2023

Weekly performance for the Dow Jones Industrial Average, Standard & Poor’s 500 index, and NASDAQ Composite is measured from the close of trading on Friday, September 15 to Friday, September 22 close. Weekly performance for the MSCI-EAFE is measured from Friday, September 15 open to the Thursday, September 22 close. Weekly and year-to-date 10-year Treasury note yields are expressed in basis points.

Macro Dieting Is A New Way To Approach Calorie Counting

Macro dieting goes a step further than just basic calorie counting. Instead of counting just the number of calories, you count the macronutrients, including proteins, carbs, and fats. How much of each macronutrient you need depends on your body type, goal, lifestyle, and activity level. Rather than depriving your body of nutrients, you are instead focusing on meals that give your body the nutrients it needs to be more efficient.

To start a macro diet, you must first calculate how many grams of each macro you should eat. A rough breakdown is 50-25-25, meaning 50% of your calories come from carbs, 25% from protein, and 25% from fat. But this breakdown will depend on your goals. For example, if you focus on strength training, you should eat more protein. Naturally, you will want to discuss any significant changes to your diet with your medical professionals.

Tip adapted from Eating Well

Lemon-Chicken & Pepe Soup


Servings: 8


  • 4 scallions (white and green parts separated), chopped
  • 2 celery stalks, chopped
  • 2 garlic cloves, minced
  • 1 small zucchini, diced
  • 1/2 teaspoon kosher salt
  • 1/4 teaspoon ground black pepper
  • 9 cups chicken stock, plus additional if needed
  • 3/4 cup acini de pepe pasta
  • 1 1/2 teaspoons lemon zest
  • 2 cups cooked, shredded chicken (from a rotisserie chicken)
  • 1 cup canned garbanzo beans, drained and rinsed
  • 1 1/2 tablespoons chopped fresh dill
  • 1 tablespoon chopped fresh parsley
  • 1 1/2 cups shredded romaine lettuce
  • 2 tablespoons fresh lemon juice
  • 1 pinch Red pepper flakes for garnish (optional)



  1. In a large saucepot, heat oil over medium heat. Add scallion whites and celery; cook 1 minute or until vegetables are tender, stirring frequently. Add garlic, zucchini, salt, and pepper; cook 2 minutes, stirring occasionally.
  2. Add stock, pasta and lemon zest; heat to boiling over high heat. Reduce heat to medium-high; cook 9 minutes, stirring occasionally.
  3. Stir in chicken, beans, dill, and parsley; cook over medium-low for two minutes, or until chicken and beans are heated through.
  4. Just before serving, stir in lettuce, lemon juice and scallion greens. If soup becomes too thick, stir in additional stock as needed. Serve garnished with red pepper flakes, if desired.

Recipe adapted from food52

Spin Angle Drill

For this drill, you need to take a video of your swing from a down-the-line angle and a face – on video.

  1. Try to take a slow-motion video if possible.
  2. Then, when you watch your swing from the down-the-line angle, either draw a line on your spine or imagine a line there.
  3. That line ought to stay the same the entire time until after impact. For the face-on video, you’re looking for the same thing, but the spin will be a straight line up and down. In order to fix a bad spine move, stand at address without a ball or club.
  4. Then, take a club and hold it against your spine. It ought to touch your spine in three places, your head, middle of the back (between shoulder blades) and tailbone.
  5. Make a rotation, simulating a swing, and check your spine at different points to make sure you are staying straight.

Tip adapted from theleftrough.com

Think About Credits And Deductions Now To Prepare For Filing

Here are a few facts about credits and deductions that can help you with year-round tax preparation:

  • Taxable income remains after someone subtracts any eligible deductions from their adjusted gross income, including the standard deduction. Some taxpayers may itemize their deductions to manage their adjusted gross income.
  • Generally, if a taxpayer’s itemized deductions are larger than their standard deduction, they should consider itemizing. Depending on the situation, some taxpayers may even be required to itemize.

Taxpayers can subtract tax credits from the total amount of tax they owe. To claim a credit, taxpayers should keep records showing their eligibility. Some major tax credits include the Child Tax Credit and the Child and Dependent Care Credit, the American Opportunity Credit or Lifetime Learning Credit, and the Earned Income Tax Credit.

* 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

A surface level sunrise view of Amsterdam at dawn


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.