Weekly Market Update

The Week on Wall Street

Stocks pushed through another volatile summer week as diverging Q2 corporate reports and the Fed’s rate decision whipsawed prices.

The Standard & Poor’s 500 Index rose 1.05 percent, while the Nasdaq Composite Index advanced 1.59 percent. The Dow Jones Industrial Average added 1.04 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, increased 2.13 percent.

Tech Stocks Steal Spotlight

Chip stocks were under pressure at the start of the week as investors fretted over fresh competition from China and higher-than-expected AI capital expenditures. But the Dow pushed higher as oil prices slid and investors rotated out of technology.

On Wednesday, the Federal Reserve said it was holding interest rates steady, a move that was initially well received by markets. But as the day progressed, selling picked up as investors expressed concern that the Fed was not doing enough to battle inflation.

Markets rebounded on Thursday with semiconductors and big-tech names leading the way. The Nasdaq rose nearly 3 percent, ending its 6-day losing streak.

Momentum from Thursday’s rally extended into Friday. Markets rose at open despite diverging Q2 earnings results from two influential tech companies. While it wasn’t a straight line, all three major averages built on gains throughout the day to end the week higher.

Fed Watch

The Federal Open Market Committee voted 9-3 to hold rates steady: 9 voted to hold, while 3 voted to increase. The decision to hold rates was initially met with enthusiasm, but traders became increasingly unsettled as the day progressed.

At the Fed’s press conference, Chair Kevin Warsh explained the decision, but some were concerned that the Fed was underestimating inflation. The next scheduled two-day Fed meeting ends on September 16, so traders will have plenty of economic reports to assess overall consumer prices.

Key Economic Data

Monday: Purchasing Managers Index (PMI)—Manufacturing. Construction Spending.

Tuesday: Trade. Job Openings & Labor Turnover. Factory Orders.Wednesday: FOMC meeting—Day 2. Fed Interest Rate Decision.

Wednesday: ADP Employment Report. PMI–Services.

Thursday: Productivity & Costs. Weekly Jobless Claims. Wholesale Trade.

Friday: U.S. Employment Report. Consumer Credit.

Source: Econoday

Companies Reporting Earnings

Monday: Palantir Technologies Inc. (PLTR), Vertex Pharmaceuticals Incorporated (VRTX), Marriott International, Inc. (MAR), The Williams Companies, Inc. (WMB)

Tuesday: Space Exploration Technologies Corp. (SPCX), Advanced Micro Devices, Inc. (AMD), Caterpillar Inc. (CAT), Merck & Co., Inc. (MRK), Arista Networks, Inc. (ANET), Amgen Inc. (AMGN), The McDonald’s Corporation (MCD), Gilead Sciences, Inc. (GILD), Pfizer Inc. (PFE), Booking Holdings Inc. (BKNG), Duke Energy Corporation (DUK), Spotify Technology (SPOT)

Wednesday: Eli Lilly and Company (LLY), Sandisk Corporation (SNDK), Western Digital Corporation (WDC), The Walt Disney Company (DIS), Shopify Inc. (SHOP), CVS Health Corporation (CVS), Uber Technologies, Inc. (UBER), AppLovin Corporation (APP), McKesson Corporation (MCK)

Thursday: ConocoPhillips (COP), Parker-Hannifin Corporation (PH), Howmet Aerospace Inc. (HWM), Constellation Energy Corporation (CEG)

Friday: Berkshire Hathaway Inc. (BRK.A / BRK.B)

Source:Zacks.com

Wellness Retreats: Travel That Restores You

Sometimes the best trip is the one that brings you back to yourself. Wellness retreats have evolved well beyond spa weekends. Today’s options combine movement, nutrition, mindfulness, and even preventive health guidance into immersive, restorative experiences. Asia has long been celebrated for its wellness traditions, but exceptional retreat options can also be found closer to home across the United States. If your ideal vacation leaves you feeling genuinely renewed rather than just rested, a wellness retreat might be exactly what you’re looking for.

Tip adapted from TravelandLeisure.com

Choripán (Chorizo Sandwich)

For the choripán:

• 4 fresh chorizo sausages, preferably Argentine-style
• Four 6-in. hero rolls, split lengthwise almost all the way through

For the chimichurri:

• ¼ cup finely chopped white onion
• ¼ cup finely chopped parsley leaves
• 1 small garlic clove, finely grated
• ¼ cup plus 3 Tbsp. extra-virgin olive oil
• 3 Tbsp. red wine vinegar
• ½ tsp. kosher salt
• ¼ tsp. freshly ground black pepper

Directions:

1. Make the choripán: Heat a grill pan to medium-high or a grill to medium heat. Add the chorizo and cook, turning occasionally with tongs, until the sides are deeply seared and the centers are cooked through, 30–35 minutes.
2. Meanwhile, make the chimichurri: In a medium bowl, stir together the onion, parsley, and garlic. Stir in the oil, vinegar, salt, and black pepper. Set aside for at least 15 minutes, or up to 12 hours.
3. If desired, briefly grill the insides of the rolls to toast lightly. Place a sausage in each roll and slather generously with the chimichurri (you can also split the sausages lengthwise before serving).

Recipe adapted from Saveur

Playing off Hardpan

In this situation, one thing you have to keep in mind, is that you cannot hit the ground first. Because the ground is so firm, there’s very little forgiveness in it. If you hit the ground first, your club will likely stop quickly or bounce off in a strange way.

To hit a solid shot off the hardpan, move the ball back in your stance. This will help you make contact with the golf ball first.

Since your club will be making contact with the ball sooner, it’ll have less time to square up to your target. So, you might also want to close down your club face a bit, so that you make sure it closes down at impact, especially if you struggle with slicing or fading the golf ball.

Finally, take a little more loft on your golf club and focus on good tempo. A hardpan lie makes it more difficult to hit a solid golf shot, so don’t take too much club because longer clubs are harder to hit anyway.

Tip adapted from theleftrough.com

Reporting Cash Payments

Individuals, companies, corporations, and others must report cash transactions of more than $10,000. These cash payments can include jewelry sales, gifts from family members, overseas purchases, or any other cash transactions. You also need to report cash payments received in one lump sum, in two or more related payments within 24 hours, or as part of a single transaction or two or more transactions in the previous year.

All you need to do is file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. The form requires information about the giver and the recipient of the cash, a description of the transaction, and details about any other parties involved.

This information is not a substitute for individualized tax advice. Please consult with a qualified tax professional to discuss your specific tax issues.

This information is not a substitute for individualized tax advice. Please consult with a qualified tax professional to discuss your specific tax issues.

Tip adapted from IRS.gov

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.