Stocks edged lower in the final week of May as fresh news on economic growth and inflation failed to inspire investors.

Stocks Slide

Markets shrugged off news that the Q1 Gross Domestic Product was revised lower to 1.3 percent from the initial estimated 1.6 percent. Despite concerns that the economy was cooling faster than expected, investors didn’t believe the update was enough to influence the Fed’s decision about adjusting short-term rates.¹

On Friday, investors were on edge waiting for the update on inflation. The Fed’s preferred inflation indicator, called the personal consumption and expenditures (PCE), rose 0.2 percent in April, which was in line with forecasts.²

Stocks rose slightly in pre-market trading on the news but were under pressure throughout the day as investors digested the inflation update. But in the last hour of trading, stock staged a powerful rally led by the Dow, which had its best day of the year.

^{Source: YCharts.com, June 1, 2024. Weekly performance is measured from Friday, May 24, to Friday, May 31.
TR = total return for the index, which includes any dividends as well as any other cash distributions during the period.
Treasury note yield is expressed in basis points.}

Is Bad News Good News?

On the economic front, last week’s news was generally disappointing. The update on Q1 GDP was a bit discouraging, and several Fed officials gave seemingly more hawkish updates. Also, the Fed’s “Beige Book” revealed modest economic growth nationwide.

Yet despite the drumbeat of bad news, stocks were resilient and closed only slightly lower for the holiday-shortened week.³

This Week: Key Economic Data

Monday: ISM Manufacturing Index. Construction Spending.

Tuesday: Motor Vehicle Sales. Factory Orders.

Wednesday: ADP Employment Report. EIA Petroleum Status Report.

Thursday: Jobless Claims. International Trade in Goods & Services. Productivity and Costs.

Friday: Employment Situation. Fed Official Lisa Cook speaks.

^{Source: Investors Business Daily – Econoday economic calendar;  May 31, 2024
The Econoday economic calendar lists 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.}

This Week: Companies Reporting Earnings

Tuesday: CrowdStrike (CRWD), Hewlett Packard Enterprise Company (HPE)

Wednesday: lululemon athletica Inc. (LULU), DollarTree, Inc. (DLTR)

^{Source: Zacks, May 31, 2024
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. 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.}

“Lasting change is a series of compromises. And compromise is all right, as long your values don’t change.”

– Jane Goodall

Tax Season May Be Over, But The Taxpayer Bill Of Rights Applies Year-Round

Although filing season might be over for most taxpayers, the IRS is available year-round for any questions. They also have a Taxpayer Bill of Rights, which promises the level of service and information you will receive when working with the IRS.

Here are the ten fundamental rights you have as a taxpayer when interacting with the IRS:

• The right to be informed: As a taxpayer, you must know what is required to comply with tax laws.
• The right to quality service: You will receive prompt, courteous, professional assistance.
• The right to pay no more than the correct amount of tax: You only pay what is legally due, including interest and penalties.
• The right to challenge the IRS’ position and be heard: You can object to IRS actions and provide further justification with documentation.
• The right to appeal an IRS decision in an independent forum: Taxpayers are entitled to a fair and impartial administrative appeal of most IRS decisions, including certain penalties.
• The right to finality: You have the right to know how much time you have to challenge an IRS position and how soon the IRS must audit your taxes.
• The right to privacy: All IRS inquiries, examinations, and enforcement will not be more intrusive than necessary.
• The right to confidentiality: Taxpayers have the right to expect that their tax information will remain confidential.
• The right to retain representation: Taxpayers have the right to retain an authorized representative of their choice to represent them in their interactions with the IRS.
• The right to a fair and just tax system: Taxpayers have the right to expect fairness from the tax system; this includes considering all facts and circumstances that might affect their liabilities and their ability to pay or provide information in a timely fashion.

*This information is not intended to be a substitute for specific, individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov⁴

Health Benefits Of Garlic

Not only is garlic delicious, but it also confers many potential health benefits.

One of the most potent benefits of garlic is that it may bolster your immune system and help you combat sickness, including the common cold. One large 12-week study found that a daily garlic supplement reduced the number of colds by 63% compared to a placebo. The average length of cold symptoms was also reduced by 70%, from 5 days in the placebo group to 1.5 days in the garlic group.

Garlic may also improve cholesterol levels, thus lowering the risk of heart disease. Garlic may reduce both total and LDL cholesterol (otherwise known as the “bad” cholesterol).

Therefore, consider adding a few garlic cloves next time you make your favorite dish.

Tip adapted from Healthline.com⁵

What runs around a field but doesn’t move?

Last week’s riddle: There is a word that starts and ends with T and contains “tea” as well. What word is this? Answer: Teapot.

Burj Khalifa Skyscraper
Dubai, United Arab Emirates

Footnotes And Sources

^{1. CNBC.com, May 30, 2024}

^{2. CNBC.com, May 31, 2024}

^{3. Investors Business Daily, May 30, 2024}

^{4. IRS.gov, May 1, 2023}

^{5. Healthline.com, January 29, 2023}

Market Splits

Stocks began trading in a narrow band last week. Still, mega-cap tech names rallied in anticipation of the Q1 corporate report from a key company that makes semiconductors for artificial intelligence (AI). The enthusiasm lifted the Nasdaq to fresh records.

Federal Reserve news mid-week unsettled investors, who reacted to Federal Open Market Committee meeting notes that stated some Fed officials worried over the lack of progress on inflation.¹

Technology was the sole winning group for the whole week, with all other Standard & Poor’s 500 industry sectors ending in the red.²

Bucking The Trend?

One of the handful of companies bucking the trend last week was Nvidia.

The semiconductor maker – the fifth largest company in the S&P 500 by market capitalization, thanks to their prominent role in AI – reported that its Q1 sales tripled from a year ago. The company also announced a 10-to-1 stock split. The news pushed its market cap to over $2 trillion.³

The companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities.

To some on Wall Street, Nvidia is the bellwether for the AI industry. By one estimate, the entire AI market is nearly $300 billion for this year – more than 3X the market’s size of $95 billion just three years ago. By 2030, that estimate may reach $1.8 trillion.⁴

Remember that forecasts rely on assumptions and may undergo revisions over time. Financial, economic, political, and regulatory issues may cause the actual results to differ from the expectations expressed in the forecast.

This Week: Key Economic Data

Tuesday: Consumer Confidence. Case-Shiller Home Price Index. Fed Official Loretta Mester speaks.

Wednesday: Beige Book. Survey of Business Uncertainty. Fed Official John Williams speaks for the first time during the week.

Thursday: GDP. Jobless Claims. International Trade in Goods. Pending Home Sales. Fed Official John Williams speaks again.

Friday: Personal Income and Outlays. Fed Official Raphael Bostic speaks.

^{Source: Investors Business Daily – Econoday economic calendar;  May 23, 2024
The Econoday economic calendar lists 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.}

This Week: Companies Reporting Earnings

Wednesday: Salesforce Inc. (CRM), Agilent Technologies, Inc. (A), HP Inc. (HPQ)

Thursday: Costco Wholesale Corporation (COST), Dell Technologies Inc. (DELL), Dollar General Corporation (DG)

^{Source: Zacks, May 23, 2024
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. 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.}

“Appreciation is a wonderful thing. It makes what is excellent in others belong to us as well.”

– Voltaire

Employee Vs Independent Contractor: Classifying Those Who Work For You Appropriately

Classifying workers as independent contractors or employees is essential for several tax reasons. The basis for this classification has two primary considerations: control and relationship.

Control refers to how much of the person’s work you control; this encompasses the completed work, its execution, and whether you control the financial aspects of the person’s job. In this manner, “control” means both behavioral and financial control.

Another critical factor is the relationship between the employer and the worker. How both parties perceive this relationship can guide you in determining the worker’s status. Some factors that influence relationships include the following.

• Written contracts that describe the relationship the parties intended to create.
• Whether the business provides the worker with employee-type benefits, such as insurance, a pension plan, vacation, or sick pay.
• The permanency of the relationship.
• The extent to which services performed by the worker are a pivotal aspect of the company’s regular business.
• The extent to which the worker has unreimbursed business expenses.

Classifying your workers is essential because independent contractors and employees face different tax needs and implications.

*This information is not intended to be a substitute for specific, individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov⁵

How To Take A Vacation Without Leaving Home

Vacations provide many benefits and are ideal for relaxing and taking a break from everyday stressors. But sometimes, you can’t swing a whole vacation. The good news is that you can still enjoy a little getaway without leaving the comfort of your own home.

Here are some fun ways to “get away” without actually getting away:

• Create a themed cocktail or drink based on the place you’re dreaming of. Whip up a fancy French cocktail and pretend you’re sitting on a terrace in Paris; order a local microbrew from a US destination you’ve always wanted to visit.
• You can also host a themed dinner night and take a culinary adventure worldwide. Bonus points if you design an authentic menu.
• Visit a museum (virtually). The Google Arts and Culture Project lets you visit the Tate, Reina Sofia, and Acropolis Museums from home.

Whether you want to visit a national park, learn a new language, or try a new recipe, there are countless methods to explore the world from your living room.

Tip adapted from Ideas.ted.com⁶

There is a word that starts and ends with T and contains “tea” as well. What word is this?

Last week’s riddle: Rigid is my spine, my innards are mostly pale, yet I am always ready to tell a tale. What am I? Answer: A book.

Footnotes And Sources

^{1. The Wall Street Journal, May 22, 2024}

^{2. Sectorspdrs.com, May 24, 2024}

^{3. The Wall Street Journal, May 22, 2024}

^{4. Statista.com, May 24, 2024}

^{5. IRS.gov, January 24, 2023}

^{6. Ideas.ted.com, January 24, 2023} 

Dow 40,000

The week began quietly as market averages traded in a tight range, awaiting fresh inflation news.

On Tuesday, markets rose steadily throughout the day after digesting a mixed wholesale inflation report.¹

The next day, a cooler-than-expected Consumer Price Index (CPI) report sparked a broad-based rally as the upbeat news raised investors’ hopes for a rate cut. The Nasdaq Composite and Standard & Poor’s 500 (which ended above 5300 for the first time) closed the day up 1.4 percent and 1.2 percent, respectively. Meanwhile, the bellwether 10-year Treasury yield fell to 4.35 percent.^2,3

Investors took a break as the week ended, mostly yawning at mixed economic data. Notably, the Dow closed just above 40,000 on Friday. 

^{Source: YCharts.com, May 18, 2024. Weekly performance is measured from Monday, May 13, to Friday, May 17.
TR = total return for the index, which includes any dividends as well as any other cash distributions during the period.
Treasury note yield is expressed in basis points.}

Inflated Expectations

With the two critical inflation updates last week, attention shifted to the Federal Reserve’s next steps with interest rates.

The top-level CPI numbers (known as headline inflation) tend to be less important than what’s underneath: core inflation (CPI minus volatile food and energy prices) in the Fed’s eye. Core CPI came in at 0.29 percent for April, just below the 0.30 percent from Wall Street. It was the first time the core CPI was lower than forecasts in three months. The news revived speculation that the Fed might consider a rate adjustment as early as September.^4,5

This Week: Key Economic Data

Monday: Fed Officials Michael Barr, Raphael Bostic, Christopher Waller, and Philip Jefferson speak for the first time. 

Tuesday: Fed Officials Michael Barr, Raphael Bostic, Christopher Waller, and Philip Jefferson speak again. John Williams speaks for the first time for the week.

Wednesday: Existing Home Sales. 20-Year Treasury Bond Auction. FOMC Meeting Minutes.

Thursday: Jobless Claims. New Home Sales. Fed Balance Sheet.

Friday: Durable Goods. Consumer Sentiment.

^{Source: Investors Business Daily – Econoday economic calendar;  May 17, 2024
The Econoday economic calendar lists 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.}

This Week: Companies Reporting Earnings

Monday: Palo Alto Networks, Inc. (PANW)

Tuesday: Lowe’s Companies, Inc. (LOW)

Wednesday: NVIDIA Corporation (NVDA), The TJX Companies, Inc. (TJX), Target Corporation (TGT)

Thursday: Intuit Inc. (INTU)

^{Source: Zacks, May 17, 2024
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. 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.}

“The most difficult thing is the decision to act, the rest is merely tenacity.”

– Amelia Earhart

Starting A New Hobby? These Tips Can Help You Understand The Tax Situation

Whether you pick up painting or cook new concoctions in your kitchen, starting a new hobby is always fun and a great avenue to learn something new. However, there are some important tax considerations when starting a new hobby, especially if you are considering turning your newfound passion into a business.

Taxpayers must report any income earned from hobbies, even if it does not involve a licensed business. While businesses should make a profit, hobbies are primarily recreation. The following nine factors can guide you in determining whether a hobby could also be considered a business, according to the IRS:

• Whether you execute the activity in a businesslike manner and maintain complete and accurate books and records.
• Whether you have personal motives in performing the activity.
• Whether the time and effort you expend in the activity indicate that you intend to make it profitable.
• Whether you depend on income from the activity for your livelihood.
• Whether your losses are due to circumstances beyond your control (or are normal in the startup phase of your type of business).
• Whether you or your financial professional understand how to parlay the activity into a successful business.
• Whether you successfully made a profit through similar activities in the past.
• Whether the activity will make a profit in some years and how much profit it will make.
• Whether you can profit from appreciating the assets used in the activity.

You can also deduct some of the expenses associated with your hobby. Within certain limits, taxpayers can typically deduct ordinary and necessary hobby expenses. An ordinary expense is common and accepted for the activity, while a necessary expense is appropriate.

*This information is not intended to be a substitute for specific, individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov⁶

3 Stretches For Your Lower Back

We spend so much time sitting in our cars and at our desks that it’s no wonder that our lower backs can become tight and even sore. These three lower back stretches will help improve your flexibility and recovery and may even help if you have lower back pain.

• Figure 4 Stretch: The Figure 4 stretch will stretch your glutes, hamstrings, and lower back. To do the stretch, lay on your back with both feet on the ground. Then, cross your left foot over your right knee. Gently bring your right leg to a 90-degree angle. If you would like to increase the intensity of the stretch, grab the back of your thigh and bring your right knee toward your torso. Repeat on the other side.
• Inner Thigh Stretch/Butterfly Stretch: This stretch addresses your inner thigh and lower back. Sit on the ground and bring your feet together in front of your knees with the soles of your feet touching. Let your knees fall to the side. To increase the stretch, bring your feet closer to your torso.
• Pigeon Pose: To assume the pigeon pose, bring one leg to 90 degrees from your torso and stretch the other leg behind you so your right calf is perpendicular to your hips. To intensify the stretch, bend at the hips over your front leg. Repeat on both sides.

Tip adapted from Very Well Fit⁷

Rigid is my spine, my innards are mostly pale, yet I am always ready to tell a tale. What am I?

Last week’s riddle: What should the following number be in this series: 103, 107, 109, 113, 127, ___ ?  Answer: 131, as the whole series is made up of prime numbers.

Bullring Shopping Centre Birmingham, England, UK

Footnotes And Sources

^{1. CNBC.com, May 14, 2024}

^{2. The Wall Street Journal, May 15, 2024}

^{3. CNBC.com, May 17, 2024}

^{4. CNBC.com, May 14, 2024}

^{5. The Wall Street Journal, May 15, 2024}

^{6. IRS.gov, November 15, 2023}

^{7. Very Well Fit, January 24, 2023}

^{The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.}

^{The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.}

^{The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. Nasdaq Composite is an index of the common stocks and similar securities listed on the NASDAQ stock market and is considered a broad indicator of the performance of technology and growth companies. The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) and serves as a benchmark of the performance of major international equity markets, as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. The S&P 500 Composite Index is an unmanaged group of securities that are considered to be representative of the stock market in general.}

^{U.S. Treasury Notes are guaranteed by the federal government as to the timely payment of principal and interest. However, if you sell a Treasury Note prior to maturity, it may be worth more or less than the original price paid. Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.}

^{International investments carry additional risks, which include differences in financial reporting standards, currency exchange rates, political risks unique to a specific country, foreign taxes and regulations, and the potential for illiquid markets. These factors may result in greater share price volatility.}

^{Please consult your financial professional for additional information.}

^{This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG is not affiliated with the named representative, financial professional, Registered Investment Advisor, Broker-Dealer, nor state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security.}

^{Copyright 2024 FMG Suite.}

Stocks notched a solid gain last week as rate-cut expectations paced the rally as the Q1 earnings season wound down.

Stocks Climb Steadily

Monday opened with stocks picking up where they left off the prior Friday. Stocks were still basking in the afterglow of fresh jobs data, which eased investor concerns of an overheating economy. That and reports of a possible Middle East ceasefire fueled Monday’s rally.¹

Stocks hung out in a narrow trading band Tuesday and Wednesday, yawning at the sparse economic news and a handful of negative earnings results. By contrast, the Nasdaq edged lower over those two days.^2,3

On Thursday, the S&P 500 closed above 5,200 for the first time since early April. The next day, stocks rallied, and the Dow clinched its eighth consecutive day of gains, the longest winning streak since December and its best weekly performance this year. Fresh data showed consumers continue to have inflation concerns for the year ahead, which was unsettling.^4,5

^{Source: YCharts.com, May 11, 2024. Weekly performance is measured from Monday, May 6, to Friday, May 10.
ROC 5 = the rate of change in the index for the previous 5 trading days.
TR = total return for the index, which includes any dividends as well as any other cash distributions during the period.
Treasury note yield is expressed in basis points.}

Jobs Market Shows A “Goldilocks” Outlook

Jobs data from the past few months have shown unemployment levels remain low while job growth stays strong—but not too hot.

And last week’s Conference Board’s employment trends index for April projected slower jobs growth in the second half. The markets all year have responded well when the “Goldilocks” outlook suggests that economic indicators are “just right.”⁶

This Week: Key Economic Data

Monday: Fed Official Loretta Mester Speech.

Tuesday: Producer Price Index. NFIB Small Business Optimism Index.

Wednesday: Consumer Price Index. Retail Sales. Business Inventories. Fed Official Neel Kashkari Speech.

Thursday: Housing Starts. Jobless Claims. Industrial Production. Import & Export Prices. Fed Official Speeches: Patrick Harker, Raphael Bostic.

Friday: Leading Indicators.

^{Source: Investors Business Daily – Econoday economic calendar;  May 10, 2024
The Econoday economic calendar lists 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.}

This Week: Companies Reporting Earnings

Tuesday: The Home Depot, Inc. (HD)

Wednesday: Cisco Systems, Inc. (CSCO)

Thursday: Walmart Inc. (WMT), Applied Materials, Inc. (AMAT), Deere & Company (DE)

^{Source: Zacks, May 10, 2024
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. 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.}

“The secret of happiness isn’t found in seeking more, but in developing the capacity to enjoy less.”

– Socrates

Are Social Security Benefits Taxable?

If you receive Social Security benefits, you may have to pay federal income tax on some of these benefits. Your payment will depend on your specific income and filing status.

To find out whether your Social Security benefits are taxable, if you are single, take half of the Social Security money you received throughout the year and add it to your other income, including pensions, wages, interest, dividends, and capital gains. If the total for an individual exceeds $25,000, part of your benefits may be taxable.

If you are married filing jointly, take half of the Social Security money you received throughout the year plus half of your spouse’s Social Security benefits; add both amounts to your combined household income. If the total is over $32,000, part of your benefits may be taxable.

The IRS’s website delineates the taxable percentage of benefits based on the above calculation. These percentages vary between 50% to 85% and depend on your filing status and income levels. For example, if you are filing as a single person with $25,000 to $34,000 income, 50% of your Social Security benefits may be taxable.

The Interactive Tax Assistant on IRS.gov can help you determine whether your Social Security benefits are taxable and, if so, by how much.

*This information is not intended to be a substitute for specific, individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov⁷

4 Benefits Of Yoga

In addition to helping you finally touch your toes, yoga may confer many other benefits, from helping you relax to even potentially helping your heart health. Below are some other potential benefits of yoga:

• Yoga can decrease stress and promote relaxation. Becoming more in tune with your body and where you hold stress is rewarding.
• Yoga may also be able to relieve anxiety. In one study, 34 women diagnosed with an anxiety disorder participated in yoga classes twice weekly for two months. At the end of the study, those who had practiced yoga had significantly lower levels of anxiety than the control group.
• Yoga may help improve heart health and reduce several risk factors for heart disease. One study found that participants over 40 who practiced yoga for five years had lower blood pressure and pulse rates than those who did not.
• Lastly, yoga may help fight depression; this may be because yoga can decrease cortisol levels, a stress hormone that influences serotonin levels, the neurotransmitter frequently associated with depression.

Tip adapted from Healthline⁸

What should the following number be in this series: 103, 107, 109, 113, 127, ___ ?

Last week’s riddle: I can’t be captured or held, and I certainly am not seen … yet I can occasionally be heard, and I am often all around you. What am I? Answer: The wind.

Doi Inthanon, Chom Thong District, Chiang Mai Province 

Footnotes And Sources

^{1. The Wall Street Journal, May 10, 2024}

^{2. The Wall Street Journal, May 7, 2024}

^{3. The Wall Street Journal, May 8, 2024}

^{4. CNBC.com, May 9, 2024}

^{5. The Wall Street Journal, May 10, 2024}

^{6. The Wall Street Journal, May 10, 2024}

^{7. IRS.gov, December 5, 2023}

^{8. Healthline, January 24, 2023} 

^{Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. 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.}

^{The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.}

^{The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.}

^{The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. Nasdaq Composite is an index of the common stocks and similar securities listed on the NASDAQ stock market and is considered a broad indicator of the performance of technology and growth companies. The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) and serves as a benchmark of the performance of major international equity markets, as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. The S&P 500 Composite Index is an unmanaged group of securities that are considered to be representative of the stock market in general.}

^{U.S. Treasury Notes are guaranteed by the federal government as to the timely payment of principal and interest. However, if you sell a Treasury Note prior to maturity, it may be worth more or less than the original price paid. Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.}

^{International investments carry additional risks, which include differences in financial reporting standards, currency exchange rates, political risks unique to a specific country, foreign taxes and regulations, and the potential for illiquid markets. These factors may result in greater share price volatility.}

^{Please consult your financial professional for additional information.}

^{This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG is not affiliated with the named representative, financial professional, Registered Investment Advisor, Broker-Dealer, nor state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security.}

^{Copyright 2024 FMG Suite.}