Stocks Descend from Recent Peaks
WEEKLY UPDATE - JULY 22, 2019
In This Issue
The Week on Wall Street
Stock benchmarks retreated during the first week of the second-quarter earnings season. As some big names shared quarterly results, investors seemed more interested in what might happen at the Federal Reserve's upcoming policy meeting.
For the week, the S&P 500 declined 1.23%. The Dow Jones Industrial Average lost 0.65%, and the Nasdaq Composite, 1.18%. International stocks, measured by the week-over-week performance of the MSCI EAFE index, were down 0.79%. [1][2]

Households Bought More Last Month
Retail sales were up 0.4% in June, according to the Department of Commerce. Consumer purchases account for more than two-thirds of America's gross domestic product, and data like this may rebut some assertions that the economy is losing steam. [3]

Traders still expect the Federal Reserve to make a rate cut at the end of this month, even with low unemployment, solid consumer spending, and stocks near record peaks. Ordinarily, the Fed lowers interest rates to try to stimulate business growth and investment when the economy lags. After ten years without a recession, its new challenge is to make appropriate moves to ward off such a slowdown. [4]

Will Wall Street's Expectations Be Met?
Thursday, Federal Reserve Bank of New York President John Williams noted that Fed policymakers could proactively adjust interest rates and take "preventative measures" to ward off a potential slowdown. A New York Fed spokesperson later said that Williams' comments were "academic" and did not concern "potential policy actions." Still, Fed Vice President Richard Clarida made similar comments last week, expressing the view that Fed officials "don't have to wait until things get bad to have a dramatic series of rate cuts." [5]

Two other Fed officials - Esther George and Eric Rosengren - have publicly stated that they are not in favor of a cut. [6]

What's Next
About 25% of S&P 500 companies report earnings this week. In addition, the federal government will present its first snapshot of the economy's second-quarter performance.

THE WEEK AHEAD: KEY ECONOMIC DATA
Tuesday: June existing home sales figures appear from the National Association of Realtors.
Wednesday: The Census Bureau presents its June report on new home buying.
Friday: The Bureau of Economic Analysis releases its initial estimate of Q2 economic growth.

Source: Econoday / MarketWatch Calendar, July 19, 2019
The Econoday and MarketWatch economic calendars list upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.

THE WEEK AHEAD: COMPANIES REPORTING EARNINGS
Monday: Celanese (CE), Halliburton (HAL), TD Ameritrade (AMTD)
Tuesday: Coca-Cola (KO), Texas Instruments (TXN), Visa (V)
Wednesday: AT&T (T), Boeing (BA), Facebook (FB), PayPal (PYPL)
Thursday: Alphabet (GOOGL), Amazon (AMZN), Anheuser-Busch (BUD), Intel (INTC), Starbucks (SBUX)
Friday: AbbVie (ABBV), Colgate-Palmolive (CL), McDonalds (MCD)

Source: Zacks, July 19, 2019
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Any investment should be consistent with your objectives, time frame and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.



" A vacation is having nothing to do and all day to do it in."

- Robert Orben
One-Pan, Cheesy Potato Casserole

[6 to 8 servings]

Ingredients:
  • 1 lb. of uncooked breakfast sausage without casings
  • 1 onion
  • 1 bell pepper
  • 1 tsp. of salt
  • 20 oz. of frozen hash browns
  • 10 eggs
  • 1 cup milk
  • 2 cups of cheddar cheese, shredded
  • A sprinkle of pepper
  • Optional: other toppings such as chives, mushrooms, spinach, etc. 
Directions:

This recipe is great when you're on vacation and want to make breakfast for the whole family, but have a limited kitchen. In addition, this simple casserole can be baked ahead of time and stored overnight, making it the perfect, go-to breakfast on busy vacation mornings.
  1. Preheat the oven to 375° F. Lightly grease a 9" x 13" baking dish (or whatever you can find in your hotel kitchen!).
     
  2. Cook the sausage in a large skillet.
     
  3. Add the toppings, stirring occasionally. Cook until softened, but not overdone.
     
  4. Transfer the sausage and veggie mix to the baking dish, then add the hash browns and combine. Spread into an even layer.
     
  5. Whisk the eggs, milk, salt, and pepper, then pour over the veggie and meat layer. 
     
  6. Bake until the top is golden brown, about 45 minutes. 

Recipe adapted from Kitchn [7]


How to Pack for the Perfect Golf Vacation

Planning a golf trip this summer? What (and how) you pack will make a big difference in how well your trip goes. While you can't always control the course or the conditions, you can control what you have handy on your trip. Here are some packing tips to consider for that ultimate golf vacation:
  • Make sure you have the perfect travel bag to hold your clubs. Our favorites are Sun Mountain and Club Glove.
     
  • Be ready for any weather with a waterproof golf bag, waterproof gloves, a rain jacket, and your favorite, moisture-wicking clothing. And don't forget an extra pair of shoes!
     
  • Have plenty of things to help you recover during your trip, including foam rollers, pressure point balls, and back massagers. Those 36-hole days will wear you out if you don't properly rest and recharge.

A golf vacation is every golf enthusiast's dream, so make sure you're prepared for your adventure with these tips.

 

Tip adapted from Golf.com[9]

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Broker dealer or Investment Advisor and should not be construed as investment advice. Neither the named representative nor the named Broker dealer or Investment Advisor gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your financial advisor for further information.

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[1]  www.wsj.com/market-data

[2] quotes.wsj.com/index/XX/990300/historical-prices

[3] www.cnbc.com/2019/07/17/the-feds-expected-rate-cut-not-supported-by-economic-data.html

[4] www.cnbc.com/2019/07/17/the-feds-expected-rate-cut-not-supported-by-economic-data.html

[5] www.thestreet.com/markets/stocks-climb-rate-cut-hopes-microsoft-earnings-15025435

[6] www.cnbc.com/2019/07/19/feds-rosengren-not-on-board-for-rate-cut-i-think-we-should-wait.html

[7] www.thekitchn.com/recipe-cheesy-hashbrown-breakfast-casserole-241992

[8] turbotax.intuit.com/tax-tips/rental-property/10-tax-tips-for-airbnb-homeaway-vrbo-vacation-rentals/L8CEWgLSP

[9] www.golf.com/courses-and-travel/2017/04/28/how-pack-golf-trip

[10] www.travelandleisure.com/slideshows/wellness-health-celebrity-tips-vacation?slide=378785#378785

[11] www.worldnomads.com/responsible-travel/make-a-difference/planet/top-10-tips-for-environmentally-friendly-travel


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