The Week on Wall Street
Traders paid close attention to coronavirus developments and earnings last week, while wondering how the former might eventually impact the latter. Concern over updated infection numbers moderated risk appetite.
A pair of key stock benchmarks posted similar weekly losses. In New York, the S&P 500 declined 1.25%; the MSCI EAFE index (of developed stock markets away from North America) lost 1.24%. The Dow Jones Industrial Average retreated 1.38% for the four-day trading week; the Nasdaq Composite, 1.59%.
Minutes from the Federal Reserve’s January Meeting
Last month, members of the Federal Open Market Committee felt the near-term outlook for the economy had improved slightly since the last Fed meeting in December. The minutes did note that the COVID-19 coronavirus outbreak “warranted close watching.”
Some analysts have wondered, if the coronavirus threat heightens whether the Fed might cut short-term interest rates this year. The FOMC voted 11-0 in January to leave rates alone.
Fewer Home Sales, But More Building Permits
Sales of existing homes weakened 1.3% in January, according to a new National Association of Realtors report. On the new home front, the Census Bureau said that the rate of permits for new residential construction neared a 13-year high last month.
At Friday’s closing bell, gold was worth $1,646.60 on the New York Mercantile Exchange. Gold futures traded at a seven-year peak on Friday morning.
THE WEEK AHEAD: KEY ECONOMIC DATA
Tuesday: The Conference Board’s monthly Consumer Confidence Index.
Wednesday: A January new home buying report from the Census Bureau.
Thursday: The second estimate of fourth-quarter economic growth from the Bureau of Economic Analysis.
Friday: January consumer spending numbers from the Department of Commerce, and the final February Consumer Sentiment Index from the University of Michigan (an assessment of consumer confidence levels).
THE WEEK AHEAD: COMPANIES REPORTING EARNINGS
Monday: HP (HPQ), Intuit (INTU), Palo Alto Networks (PANW)
Tuesday: Home Depot (HD), Public Storage (PSA), Salesforce (CRM)
Wednesday: Booking Holdings (BKNG), Lowe’s (LOW), TJX Companies (TJX)
Thursday: Anheuser-Busch Inbev (BUD), Baidu (BIDU), Best Buy (BBY), Dell Technologies (DELL)
Friday: Dollar Tree (DLTR)
“What you get by achieving your goals is not as important as what you become by achieving your goals.”
– Zig Ziglar
Recipe of the Week
- 2 Tbsp. soy sauce
- ¼ cup water
- 1½ Tbsp. brown sugar
- 1 tsp. garlic, minced
- 1 tsp. ginger, minced
- 2 tsp. clover honey
- ½ tsp. toasted sesame oil
- 2 tsp. cornstarch
- 4 salmon fillets
- Salt and pepper, to taste
- 1 Tbsp. vegetable oil
- 1½ Tbsp. sesame seeds
- 1½ Tbsp. green onions
- Mix soy sauce, water, brown sugar, garlic, ginger, clover honey, and toasted sesame oil in a pot over medium-high heat. Keep stirring until the brown sugar dissolves.
- Bring to boil over high heat.
- Add 1 Tbsp. of cold water to cornstarch and stir until dissolved. Pour into sauce.
- Boil mixture for 1 to 2 minutes and set aside.
- Season salmon with salt and pepper.
- Oil skillet with vegetable oil.
- Sear salmon over high heat, skin side up, for five minutes or until achieving a golden crust.
- Turn over and cook the other side for five minutes or until fully cooked.
- Drizzle sauce over salmon and sprinkle with sesame seeds and green onions.
Recipe adapted from DinnerattheZoo.com
What You Should Know About Bartering and Taxes
- Both parties in a trade must report the fair market value of the products or services they receive as income on their tax returns.
- Barter exchanges, organized marketplaces where members trade goods or services, are required to issue Form 1099-B, “Proceeds from Broker and Barter Exchange Transactions.” You must include the amount earned on your tax return.
- Bartering is taxable in the year the trade occurs. Depending on your individual situation, you may owe income taxes, self-employment taxes, employment taxes, or excise taxes on your bartering income.
Mixing Golf and Business
Eating To Your Heart’s Content
- Hop to it with a rebounder (a mini trampoline) or a jump rope. If you have neither, fake it by keeping your hands to your sides and rotate them to mimic the exercise sans equipment.
- Find a YouTube video or other streaming guided workout. Can’t squeeze in a full half hour at once? Pause it and return when you’re ready.
- If you can afford it, invest in a piece of workout equipment you know you’ll use. If you run or hike, consider a treadmill with an adjustable incline. Like to ride your bike? Think about getting a stationary one.