Stocks made gains last week, even as megacap tech gains outweighed economic concerns.

The Standard & Poor’s 500 Index advanced 0.33 percent, while the Nasdaq Composite Index rose 1.14 percent. The Dow Jones Industrial Average descended 0.32 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, gained 0.04 percent.^1,2

Tech Gains, Jobs Slow

Markets started the week on shaky ground. The Dow Industrials, S&P 500, and Nasdaq each slipped downward more than half a percentage point. Tariff uncertainty rose again, as a court ruling injected fresh doubt. Meanwhile, rising Treasury yields amplified volatility and rattled megacap tech names.³

By Tuesday, stocks managed a partial rebound, and market direction shifted. Tech bounced back the next morning—led by two megacap tech stocks’ gains—with one soaring after avoiding an antitrust penalty.⁴

On Thursday, softer private hiring data and rising layoff trends fueled hopes of an imminent Fed rate move, with the S&P hitting a fresh record close. Treasury yields dropped significantly on rate-cut speculation, reinforcing risk appetite. The mood shifted again on Friday. A surprisingly weak jobs report undercut market optimism.^5,6

Focus on Jobs

Friday’s employment report fell short, as employers created fewer jobs last month.

Unemployment increased to 4.3 percent in August from 4.2 percent the prior month, hitting a 4-year high. Job growth slowed to 22,000 jobs in August, after much higher expectations of 75,000. In addition, a revision of the June estimate decreased the number by 27,000 jobs.⁷

This Week: Key Economic Data
Monday: Consumer Credit.

Tuesday: NFIB Small Business Optimism Index.

Wednesday: Producer Price Index (PPI). Wholesale Inventories.

Thursday: Consumer Price Index (CPI). Weekly Jobless Claims. Federal Budget.

Friday: Consumer Sentiment.

^{Source: Investors Business Daily – Econoday economic calendar; September 5, 2025
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: Oracle Corporation (ORCL)

Thursday: Adobe Inc. (ADBE)

^{Source: Zacks, September 5, 2025. 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.}

“Challenging power structures from the inside, working the cracks within the system, however, requires learning to speak multiple languages of power convincingly.”

– Patricia Hill Collins

Learn About Backup Withholding

Backup withholding is when a taxpayer must withhold at the current rate of 24%, taken from any future payments, to help the IRS receive the tax due on this income; this can happen for many reasons, including failing to provide a correct taxpayer identification number (TIN) or failing to report or underreport interest and dividend income.

Many types of payments are subject to backup withholding, and you can view the complete list on the IRS’ website, but some include:

• Interest payments
• Dividends
• Rents, profits, or other gains
• Commissions, fees, or other payments for work you do as an independent contractor
• Royalty payments

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS⁸

Easy Houseplants That Anyone Can Grow

Houseplants can bring joy and nature to every corner of your home. Even if you don’t consider yourself someone with a green thumb, this list of easy houseplants can help get you started. They are low-maintenance. Perfect for those of us who have killed a few too many plants in the past! Here are some of the easiest houseplants that anyone can grow:

• Monstera
• Sansevieria a.k.a. snake plant
• ZZ plant
• Spider plant
• Heart-leafed philodendron
• Dracaena
• Ponytail palm
• Pothos

Most of these plants are easy to care for because they tolerate watering and light conditions. Some are fine in indirect or low-light situations, while some prefer a sunny corner. Research each one to see which ones will fit into your home.

Tip adapted from Bloomscape⁹

A lone pine tree stands on a cliff. The wind is blowing from the east through the mountains. Which way do the tree’s leaves blow?

Last Week’s Riddle: It has no crown, yet when the chips are down, it is more powerful than a king or queen. What is it?
Answer: An ace in a deck of cards.

Hagia Sophia
Istanbul, Turkey

Stocks were mixed last week despite a powerful Friday rally sparked by Federal Reserve Chair Jerome Powell, who opened the door to adjusting short-term interest rates.

The Standard & Poor’s 500 Index picked up 0.27 percent while the Nasdaq Composite Index lost 0.58 percent. The Dow Jones Industrial Average rose 1.53 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, increased 0.80 percent.^1,2

All Eyes on Powell

Stocks traded in a narrow band to start the week as investors awaited fresh economic data and comments from Fed officials at their annual symposium in Jackson Hole, Wyoming.

After a big retailer reported quarterly results on Tuesday and gave encouraging guidance, stocks pushed higher. But markets took a breather later in the day as pressure on megacap tech and chipmakers led the Nasdaq and the broader market lower.³

The S&P 500 and Nasdaq fell after minutes from the Federal Reserve’s July meeting were published; they revealed that most Federal Open Market Committee (FOMC) members were more concerned about inflation than the job market.⁴

On Friday, markets rebounded after Fed Chair Powell opened the door to a rate move at the Fed’s September meeting. The day’s gain was strong enough to regain the week’s lost ground for the S&P and nearly all of it for the Nasdaq—and put the Dow solidly ahead for the week.⁵

Watch the Rotation

Investors appeared to rotate out of megacap tech as some expressed concern about valuations and the durability of the AI-driven rally. Two facts helped support this observation: the S&P fared better than the tech-heavy Nasdaq for the week, and the Russell 2000 Index of small-cap stocks (+3.25 percent) beat all three major stock averages.⁶

The Federal Reserve also rotated a bit. In contrast to the Fed’s July meeting—where inflation was the bigger concern for most Committee members—Fed Chair Powell’s Friday morning speech at Jackson Hole revealed the FOMC was now more concerned with the jobs market.⁷

This Week: Key Economic Data

Monday: New Home Sales. Dallas Fed President Lorie Logan and New York Fed President John Williams speak.

Tuesday: Durable Goods. Case-Shiller Home Price Index. Treasury Buyback Announcement. Consumer Confidence.

Wednesday: Survey of Business Uncertainty. Richmond Fed President Thomas Barkin speaks.

Thursday: Gross Domestic Product (GDP). Jobless Claims (weekly). Pending Home Sales. Corporate Profits. Fed Balance Sheet.

Friday: Personal Consumption & Expenditures (PCE) Index. International Trade Balance in Goods. Retail & Wholesale Inventories. Consumer Sentiment.

^{Source: Investors Business Daily – Econoday economic calendar; August 22, 2025
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: NVIDIA Corporation (NVDA), CrowdStrike (CRWD)

Thursday: Dell Technologies Inc. (DELL)

^{Source: Zacks, August 22, 2025. 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.}

“To expect truth to come from thinking signifies that we mistake the need to think with the urge to know.”

– Hannah Arendt

Meet the Taxpayer Advocate Service

Did you know an independent organization within the IRS is fighting for your rights as a taxpayer? The Taxpayer Advocate Service (TAS) protects taxpayers’ rights, allowing all taxpayers to be treated fairly and know and understand their rights under the Taxpayer Bill of Rights. Here are some things to know about TAS:

• TAS can help taxpayers resolve problems they haven’t been able to settle with the IRS on their own.
• The service is free.
• TAS helps all taxpayers and their representatives, including individuals, businesses, and exempt organizations.
• If taxpayers qualify for TAS help, an advocate will be with them at every turn and do everything possible to assist throughout the process.
• TAS also handles large-scale problems that affect many taxpayers.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS⁸

What is Compostable?

Composting is a great way to go green and keep more waste out of landfills that don’t need to be there. It has many benefits, including waste management and reduction, soil enhancement, and greenhouse gas reduction.

Plus, composting doesn’t have to be hard! Let’s break down what is compostable to help you understand where to start. There are two types of compostable waste, green and brown:

• Green materials are nitrogen-rich, like live plant material (ex, grass clippings) and fruit/veggie waste.
• Brown materials like dead plant matter, bread, cardboard, or wood are carbon-rich.

As you can see, starting composting is easy. You don’t need a complicated setup or special process. These two compost categories provide the foundation for everything you need to know.

Tip Adapted from Sustainable Jungle⁹

I’m usually standing on a city sidewalk, and I’ll always stand by your car. But if you don’t feed me, you may get into trouble. What am I?

Last Week’s Riddle: Create a 13-letter word using all 13 of the following letters: O A I I S T T R R D N A M.
Answer: ADMINISTRATOR.