Weekly Market Update

The Week on Wall Street

Stocks fell last week as the chip-stock trade entered a selloff phase, despite upbeat news on inflation.

The Standard & Poor’s 500 Index fell 1.55 percent, while the Nasdaq Composite Index declined 2.90 percent. The Dow Jones Industrial Average slipped 0.93 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, lost 0.80 percent.

Chip Stocks Under Pressure

Renewed tensions in the Middle East gripped investors as the week kicked off. Stocks slid broadly as oil prices climbed.

On Tuesday, investors cheered news of the first drop in consumer inflation in six years. The following day, an unexpected drop in wholesale inflation prompted investors to rethink the Fed’s next move on short-term interest rates.

But on Thursday, the S&P 500 opened lower as chip stocks dragged the broader market lower once again.

As the week wrapped up, the S&P lost over 1 percent on Friday, while the Nasdaq fell 1.4 percent as investors appeared to rotate out of chip stocks and other tech names in favor of other sectors.

Inflation Declines

The Consumer Price Index (CPI) surprised Wall Street last week, falling 0.4 percent in June from the prior month. While month-over-month inflation has decelerated at times over the past six years, this was the first monthly decline in consumer prices since April 2020.

Wednesday’s Producer Price Index report showed that monthly wholesale inflation unexpectedly declined 0.3 percent in June. Later in the day, New York Fed President John Williams said that he believed inflation had likely peaked.

Key Economic Data

Monday: Leading Indicators. Three-Month Treasury Bill Auction. Fed Board of Governors (closed) meeting.

Tuesday: Treasury Buyback Announcement.

Wednesday: Atlanta Fed Business Inflation Expectations. 20-Year Treasury Bond Auction. EIA Petroleum Status Report.

Thursday: Weekly Jobless Claims. Kansas City Fed Survey. EIA Natural Gas Report. Fed Balance Sheet.

Friday: Purchasing Managers Index (PMI) Composite–Manufacturing. PMI Composite–Services. New Home Sales.

Source: Econoday

Companies Reporting Earnings

Tuesday: The Charles Schwab Corporation (SCHW), Interactive Brokers Group, Inc. (IBKR), Danaher Corporation (DHR), Capital One Financial Corporation (COF), Marsh (MRSH), 3M Company (MMM), Northrop Grumman Corporation (NOC), General Motors Company (GM)

Wednesday: Alphabet Inc. (GOOG/GOOGL), Tesla, Inc. (TSLA), GE Vernova Inc. (GEV), Philip Morris International Inc. (PM), Texas Instruments Incorporated (TXN), AT&T Inc. (T), ServiceNow, Inc. (NOW), CSX Corporation (CSX), CME Group Inc. (CME), Moody’s Corporation (MCO), Kinder Morgan, Inc. (KMI)

Thursday: Intel Corporation (INTC), RTX Corporation (RTX), T-Mobile US, Inc. (TMUS), Thermo Fisher Scientific Inc. (TMO), Union Pacific Corporation (UNP), Lockheed Martin Corporation (LMT), Newmont Corporation (NEM), Blackstone, Inc. (BX), Freeport-McMoRan Inc. (FCX), Comcast Corporation (CMCSA)

Friday: American Express Company (AXP), NextEra Energy, Inc. (NEE), Verizon Communications Inc. (VZ), HCA Healthcare, Inc. (HCA)

Source:Zacks.com

Brain Health Supplements: Are They Worth The Hype?

Many brain health supplements contain omega-3 fatty acids, such as those found in fish oil. Rather than choosing a supplement, some health professionals recommend eating a healthy diet full of vitamins, minerals, and healthy fats. Also, exercising your brain may help improve memory; that can mean puzzles like crosswords or Sudoku, or other mind-stimulating activities. Ongoing education, for one, can be a great way to keep your brain moving. Concerns? Check with your medical professionals if you have questions.

Tip adapted from Healthline

Serves: 8

Ingredients:

• Eight 10-oz. bone-in pork chops, about 1-inch thick
• 2 tbsp. garlic powder
• 2 tbsp. ground mustard
• 1 tbsp. pimentón (smoked paprika)
• 2 tsp. freshly ground black pepper
• Kosher salt
• 1⁄3 cup olive oil, divided
• Peach jam, for serving (optional)

Directions:

1. Place the pork chops in a 9-by-13-inch baking dish. In a small bowl, stir together the garlic powder, ground mustard, pimentón, and black pepper. Season to taste with salt, then rub the spice mixture all over the pork chops. Cover with plastic wrap and set aside at room temperature for up to 1 hour or refrigerate overnight.
2. In a large cast-iron skillet, heat 3 tablespoons of oil over medium high heat. Working in batches and adding more oil as needed, cook the chops, flipping once, until browned and cooked through, about 5 minutes per side. Transfer to a serving platter and serve hot, with peach jam, if desired.

Recipe adapted from Saveur

Repeatable Putting Stroke

The next golf skill is building a repeatable putting stroke. If you have confidence on the greens, you will beat your golf buddies fast and reach your potential quicker than ever.

To build a solid putting stroke, use this three-part plan:

• Choose the right putter. This will help you stare down at a club with confidence and find one that is right for your unique stroke.
• Improve your putting tempo. To improve speed control, use a metronome or the Tour Tempo app to find more flow in your putting stroke.
• Use a putting mirror. Refer back to the first golf skill you need for your full swing – a consistent setup. The same goes for putting, you need a consistent setup with putting to get your eyes over the ball properly.

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.