SPY
S&P 500
Last Week: -.68%
YTD: 13.03%
1 Year: 21.59%
DIA
Dow Jones Industrial Average
Last Week: -1.36%
YTD: 2.62%
1 Year: 18.93%
ONEQ
NASDAQ
Last Week: .04%
YTD: 27.63%
1 Year: 26.60%
Russell 2000
Month: .52%
YTD: 2.50%
1 Year: 8.86%
Large Growth
YTD: 27.25%
1 Year: 28.60%
*As of 8/31/2023
Large Value
YTD: 3.53%
1 Year: 19.68%
*As of 8/31/2023
Biden Signs Funding Extension
The Senate passed a last-minute spending bill while burning the midnight oil Saturday night. President Joe Biden signed the bill into law allowing the government to stay open for 45 days. This will give the House and Senate more time to finish their funding legislation.
Student Loans Resume
Federal student loan repayments have been paused since the beginning of the pandemic. As of Sunday, these loan repayments will begin for nearly 40 million Americans. Economists warn already strained budgets will be even tighter. Factoring in monthly student loan payments, consumer discretionary spending will almost certainly be impacted and ultimately the economy and GDP.
Automakers vs UAW
Tensions rise in the standoff between automakers and the United Auto Workers. General Motors, Ford, and Stellantis have grown frustrated by the lack of urgency by the union and the UAW President Shawn Fain, despite the union’s counteroffer submitted to Stellantis. All three automakers say they have made substantial offers to the union. The deals on the table include hourly wage increases of roughly 20%, thousands of dollars in bonuses and enhancements to their benefits packages.
Treasury Yields Fall
The US 10-year Treasury yield fell on Friday fresh off a 15-year high. The Federal Reserve’s preferred inflation measure showed signs of easing. The Fed’s inflation measure is called core CPI, which strips out food and energy prices. This is good news on the inflation front and may be a signal to start locking in longer duration fixed income.
