Stocks Down
U.S. stock indexes got off to a shaky start on Monday and Tuesday but reversed course as the week progressed to remain only slightly below their recently established record highs. The NASDAQ and the Dow finished down around 1% for the week while the S&P 500 posted a fractional decline.
February’s jobs growth figure of 275,000 came in above most economists’ expectations for around 200,000 and extended a recent run of solidly positive labor market momentum. However, initial jobs gain estimates for December and January were revised downward, the unemployment rate rose to 3.9%, and wage growth slowed.
In testimony before Congress, U.S. Federal Reserve Chair Jerome Powell reiterated the central bank's intention to cut interest rates at some point this year, provided inflation data continues to show continued easing. “We want to see a little bit more data,” Powell said during one of the week’s two congressional hearings.
The price of gold futures surged more than 6% for the week to a record high of around $2,200 an ounce on Friday afternoon. The price was up from a recent low of about $1,990 on February 14.
A week after eclipsing $60,000, the price of the most widely traded cryptocurrency climbed to a record high and touched $70,000 at one point on Friday. In the afternoon, Bitcoin was trading around $69,000. Year to date, the cryptocurrency was up more than 60%.
The European Central Bank kept its key interest rate unchanged at a record high as policymakers signaled that they want to see further progress in reducing inflation before cutting rates. The bank kept its deposit rate at 4% for the fourth meeting in a row and said that future rate decisions would be based on incoming data.
The yield of the 10-year U.S. Treasury bond fell to its lowest level in five weeks. The yield closed around 4.08% on Friday, down from a recent closing high of 4.33% on February 22. However, the yield remained well above its year-end 2023 level of 3.88%.
A Consumer Price Index report scheduled for release on Tuesday will show whether a recent trend of slightly hotter-than-expected inflation extended into February. Last month’s CPI report showed an annual rate of 3.1% in January; a separate report on wholesale prices showed the fastest monthly price rise in five months.
Source: John Hancock Investment Management
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March 27th Deadline to Enroll in Schwab Paperless | |
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For clients that had accounts at TD Ameritrade, you may have opted in to paperless statement delivery on www.advisorclient.com. To keep those same preferences at Schwab, you will need to create your Schwab Alliance login credentials before March 27, 2024.
Fortunately, creating credentials is as easy as logging in to Schwab Alliance. Once you log in for the first time, your settings will automatically roll over.
For those that opted in to paperless preferences at TD and do not have Schwab Alliance credentials, please take action before March 27, 2024. Schwab sent the first invitation email from Schwab Advisor Services the week of January 15, 2024 and will send a reminder on March 19, 2024.
As we communicated a few weeks ago, the best way to download copies of your 2023 TD and Schwab tax documents is on the Schwab client website. Once logged in, click on the Statements & Tax Forms tab to view the 1099 Dashboard. For many accounts, you will receive two 1099s – one for TD pre-merger, and one for Schwab post-merger. You will also see tax documents for accounts that you opened or closed in 2023. Make sure to provide all 1099s to your CPA before filing your 2023 tax return.
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Scams usually start with a phone call, email, text, or another form of communication. The person typically claims to be from an agency or organization you know – or one that sounds like it might benefit you, such as the National Sweepstakes Bureau or a lottery.
The person may know your name and address. They may give you their official title or an identification number. No matter how official they seem, you can be confident it’s a scam if the person contacting you:
- Indicates there is a problem with your benefits.
- Asks you to pay to receive a prize.
- Suggests that paying will increase the chance of winning.
- Requests financial information, such as a bank account or credit card number.
- Pressures you to act immediately.
- Tells you to pay using a specific method, such as a gift card or cryptocurrency.
If this happens, remember that the Social Security Administration, the Internal Revenue Service, Medicare, and your bank do not call, email, or text to ask for money or personal information. They do not demand that you pay immediately, and they do not accept payment by gift card, prepaid debit card, cryptocurrency, or another untraceable form of money transfer.
When you suspect a scam:
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Hang up or close the message. Do not respond in any way.
- Remain calm.
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Think back over the call. Write down any personal information you may have inadvertently shared.
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Report the scam. Contact the Federal Trade Commission at ReportFraud.ftc.gov. You may also want to report the incident to your state’s attorney general or your local consumer protection agency.
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Share your knowledge. Talk with family, friends, and neighbors about your experience so they know what to look out for.
When you receive a digital message, no matter how official it seems, do not click on any links. Do not give or confirm any personal information, including your name, birth date, phone number, address, email address, place of birth, driver’s license, passport, or Social Security numbers, bank or other account numbers, and PIN numbers.
Being skeptical can keep you safe. Remove yourself from the situation. Do not share information. If you feel anxious and need to confirm that it was a scam, contact the organization using a method provided on their official website.
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AJ Advisors
www.ajadvice.com
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Phone: (615) 709-8709
Fax: (615) 505-3306
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John Stauffer, CFP®
Partner
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Andrew Quinn, CFP®
Partner
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Past performance does not guarantee future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, strategy, or product (including those recommended or undertaken by AJ Advisors, LLC), or any non-investment related content, made reference to directly or indirectly in this communication will be profitable, equal any indicated historical performance level(s), be suitable for your portfolio or individual circumstances, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. You should not assume that any discussion or information contained in this communication serves as the receipt of, or as a substitute for, personalized investment advice. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to their individual situation, they are encouraged to consult with the professional adviser of their choosing. AJ Advisors, LLC is neither a law firm nor a certified public accounting firm and no portion of the content herein should be construed as legal or accounting advice. If you are an AJ Advisors, LLC client, please remember to contact the firm, in writing, if there are any changes in your financial situation or investment objectives or if you wish to impose, add, or modify any reasonable restrictions on our investment advisory services. Until so notified, AJ Advisors, LLC will continue to rely on the most recent information provided. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available upon request. | | | | |