Wealth Management News & Insights
Employment News Release, S&P 500 Rising, Increase in Adults Moving Back Home
Primary Sources
- Employment Situation News Release: Both total nonfarm payroll employment (+57,000) and the unemployment rate (4.2 percent) changed little in June, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in professional and business services, social assistance, and health care. [U.S. Bureau of Labor Statistics]
- Minutes of the Federal Open Market Committee: The Fed kept interest rates unchanged in June, noting that economic growth and the job market remain solid, but inflation is still elevated and poses ongoing risks. Policymakers emphasized that future rate decisions will depend on incoming economic data. [FRB]
Financial Markets
- Here’s How SpaceX’s Nasdaq-100 Inclusion Might Affect Options Pricing: SpaceX’s addition to the Nasdaq-100 could keep trading in its stock options busy, as investors continue to bet on and manage risk around the company. [CNBC]
- Stocks Notch Strongest Quarter Since 2020: The S&P 500 rose almost 15 percent for the three months through June, and many stock analysts remain optimistic that corporate earnings driven by artificial intelligence will keep growing. [NYT]
The graph above shows the quarterly change in the S&P 500 over the last decade.
Financial Planning
- Trump Accounts for Kids Launched July 4: What Parents Need to Know: July 4 was the official launch date for Trump Accounts, a new savings and investing vehicle for kids under 18 in the U.S. The funds are generally inaccessible before age 18, when the account converts into a traditional IRA. [CNBC]
- 5 Overlooked Social Security Benefits You Should be Taking Advantage of: Many Americans overlook Social Security benefits that could boost their retirement income, including spousal, survivor, divorced-spouse, dependent, and disability benefits. This article breaks down five lesser-known programs that may help you maximize the benefits you’ve earned. [MSN]
- Semiquincententacles: The US Grip on Markets on the 250th Anniversary of the Declaration of Independence: J.P. Morgan’s Semiquincententacles argues that, despite growing concerns about debt and policy uncertainty, the U.S. remains the dominant force in global markets thanks to its economic strength, innovation leadership, and the enduring role of the dollar. [JPM]
AI accelerator revenue is projected to roughly quadruple from ~$50B in 2023 to ~$200B by 2026 — still dominated by NVIDIA but with custom ASICs taking growing share as AI compute shifts from training to inference.
Business Strategy
- Bath & Body Works Is on a Quest for Another Billion-Dollar Scent: “Japanese Cherry Blossom” has brought in $1.5 billion over the last 20 years. Can the company’s close-knit network of suppliers come up with the next big thing and improve sales? [WSJ]
- AI Is Changing How Customers Choose Your Business: As AI increasingly shapes how customers find and evaluate vendors, companies must manage not only customer relationships but also how AI systems perceive and present their businesses. Success depends on continuously monitoring AI-driven feedback, adjusting strategy, and treating AI as a key intermediary in the buying process. [HBR]
Life & Work
- The U.S. Soccer Star at the Center of the World Cup’s Most Stunning Controversy: Folarin Balogun elected to represent the U.S. in 2023 for the chance to play at a home World Cup. He never imagined that a refereeing call against him would become an international incident. [WSJ]
- Moving Back Home Used to Be a Sign of Failure. Now It Shows Financial Savvy: Nearly half of American adults under 30, pinched by the high cost of housing, are living with a parent. It can be an adjustment for both. [WSJ]
Capital intensive businesses have been meaningfully outperforming since the beginning of 2025, at least a temporary reversal of the strong outperformance by capital light businesses in the prior decade.