Financial News and Portfolio Management Discussion through September 4th

All the news you need to stay informed about what’s currently driving the market — courtesy of Raffa Wealth Management, LLC.

US stocks rose over the week despite mixed economic news. The S&P 500 rose 0.6%, while the Dow ticked down 0.2% for the week. Abroad, the FTSE All World Ex US climbed 2.3% for the week. The yield on the 10-year Treasury was flat over the week ending at 1.32%.

US job growth disappointed in August with only 235,000 hires, less than half of what was expected, though June and July were revised higher. The unemployment rate still fell to a new pandemic era low of 5.2% from 5.4%. Wages rose 0.6% and are up 4.3% for the past year.

US manufacturing activity increased in August.

Consumer spending rose 0.3% in July, slower than projected and much slower than June’s pace.

China’s service sector activity took a hit in August, falling into contraction territory for the first time since February 2020 during the pandemic. The reading fell well short of expectations.

Eurozone inflation hit its highest level in close to a decade, rising 3% in August from a year earlier.

The Case-Shiller Home Price index rose 18.6% in June from a year earlier.

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 in this newsletter 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.
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