Market Watch: Funding Extension, Student Loans Resume, Automakers vs UAW, and Treasury Yields Fall

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Treasury yields fall

Market Watch: Funding Extension, Student Loans Resume, Automakers vs UAW, and Treasury Yields Fall

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.
  • Alex Wolfe

    Alex is a Certified Financial Planner™. He brings nearly a decade of experience working with individuals, families, and business owners. Prior to working for Base Wealth Management, Alex worked for Fidelity Investments and an independent wealth management firm in Venice, FL. Through many years of practice, he specializes in helping clients navigate their financial goals through comprehensive financial planning. He received his bachelor’s degree in economics from Texas A&M University.

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