The Week on Wall Street
Stocks drifted lower last week, weighed down by Federal Reserve Chairman Jerome Powell’s unsettling comments on the economy and signs of renewed tensions with China.
The Dow Jones Industrial Average fell 2.65%, while the Standard & Poor’s 500 retreated 2.26%. The Nasdaq Composite Index slipped 1.17% for the week. The MSCI EAFE Index, which tracks developed stock markets overseas, slid 3.66%.
Stocks Pull Back
Stocks moved lower throughout most of last week on worries that the emerging economic reopening might accelerate the spread of COVID-19. Comments by Fed Chair Powell added to the downside pressure when he expressed concern about the path ahead for the U.S. economy.
The stock market managed to find some firmer footing, posting a strong gain on Thursday. Stocks rallied again on Friday, overcoming headlines that suggested a souring relationship with China and a report that showed U.S. retail sales dropped 16.4% in April.
Fed Chair Powell spoke last Wednesday and painted a somber economic outlook, remarking that “the path ahead is highly uncertain and subject to significant downside risks.” He urged the White House and Congress to pass additional financial relief to help the economic recovery, adding that there was no plan on the Fed’s part to cut the federal funds rate to below zero.
Powell also referenced internal Fed research that found those least able to weather the current economic environment were most impacted, with nearly 40% of households making less than $40,000 per year having lost a job in March.
THE WEEK AHEAD: KEY ECONOMIC DATA
Tuesday: Housing Starts.
Wednesday: FOMC (Federal Open Market Committee) Minutes.
Thursday: Jobless Claims. Existing Home Sales. Index of Leading Economic Indicators.
THE WEEK AHEAD: COMPANIES REPORTING EARNINGS
Monday: Baidu (BIDU)
Tuesday: Walmart (WMT), Home Depot (HD)
Wednesday: Kohls (KSS), Target (TGT), Lowes Cos. (LOW), Expedia Group (EXPE)
Thursday: Nvidia (NVDA), TJX Cos. (TJX), Ross Stores (ROST), Intuit (INTU)
Friday: Deere (DE), Alibaba Group (BABA), Pinduoduo (PDD)
“Let us make our future now, and let us make our dreams tomorrow’s reality.”
– Malala Yousafzai
Recipe of the Week
- 6 to 8 slices of bread cut into segments
- 1 cup chickpea flour
- 2 tsp. lemon juice
- ¼ tsp. baking soda
- Pinch of salt
- 1 tsp. green chili, chopped
- 2 Tbsp. coriander, chopped
- 1 tsp. ajwain
- ½ tsp. turmeric powder
- 1 cup water
- Preferred cooking oil
- Mix chickpea flour, lemon juice, baking soda, salt, green chili, coriander, ajwain, and turmeric in a bowl.
- Add water to create a batter.
- Heat oil in pan on high.
- Once hot, turn down to medium-low heat.
- Dip bread segments into batter and place into pan.
- Fry until golden brown on both sides.
- Place fried pakora pieces on to paper towel to remove excess oil.
- Serve hot with coriander chutney or grated cheese, to taste.
Recipe adapted from Whiskaffair.com
How to Amend Your Return
- Use Form 1040X to file an amended return.
- You’ll need to use separate forms for each year that you need to amend.
- If you use any other forms or need to submit new documentation, attach them to the 1040X form.
- Pay any additional taxes you owe as soon as possible to avoid accruing additional interest and penalties.
A Simple Drag Drill to Promote More Power
What Is Intermittent Fasting?
- The 16-8 method involves consuming all your daily meals in an eight-hour period and fasting for the remaining 16. Research shows that an 18-6 method is even more effective, but many people find this too restrictive. It’s also been shown that consuming your meals earlier in the day may be more beneficial.
- The Eat-Stop-Eat method and the 5:2 diet work similarly. They both recommend eating as usual for five days a week, but on two non-consecutive days, you either fast or eat around 500 to 600 calories, respectively.