Financial News and Portfolio Management Discussion through September 3rd

US stocks continued to sell off last week, as comments from Fed Chairman Powell from the week prior put recession concerns back in focus. The S&P 500 dropped 4.0% and the Dow fell by 4.2% for the week. Foreign markets also fell sharply with the FTSE All World Ex US down 3.2% for the week. US crude declined for the week ending at $86.87 per barrel, down from $93.06 the week prior. The yield on the 10-year Treasury ended the week higher at 3.19% up from 3.03% the week prior.

US employers added 315,000 jobs in August slightly below the 318,000 projected and well below the 526,000 added in July. The unemployment rate increased to 3.7% from 3.5% in July. Wages also rose with average hourly earnings up 5.2% from a year ago.

Eurozone inflation hit a record high in August with consumer prices up 9.1% from a year earlier, an increase from the 8.9% recorded in July. Core inflation, which excludes food and energy, increased to 4.3% in August from 4% in July.

There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. Past performance does not guarantee or predict future results. You should not assume that any discussion or information contained herein serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Wealth Management, LLC. This information was gathered from reliable sources, but we cannot guarantee accuracy. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated. Source: FMG Suite, LLC.
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