Stocks extended their November rally last week as investors cheered lower-than-forecast inflation data. The Dow Jones Industrial Average gained 1.94%, while the Standard & Poor’s 500 added 2.24%. The Nasdaq Composite index rose 2.37% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, increased 3.36%.1,2,3 |
Stocks March HigherA better-than-anticipated consumer inflation number on Tuesday sent bond yields sharply lower, igniting a powerful, exceptionally broad-based rally that saw 91% of all New York Stock Exchange volume advancing in price and a similarly substantial advance (85%) on the NASDAQ. Small-cap stock performance was solid, surging 5.2%, more than double the advance of the S&P 500.4 Further gains came the following day as wholesale price inflation rose even slower than consumer prices. The rally paused in the final days of trading as stocks digested their gains and investors assessed weak retail sales and industrial production reports and a rise in continuing jobless claims. Inflation CoolsTwo inflation reports released last week, the Consumer Price Index (CPI) and the Producer Price Index (PPI), showed continued inflation progress. Consumer prices were flat in October from the previous month, while the 12-month increase was 3.2%. Both were below market forecasts. Core CPI (excluding food and energy) also moderated, rising just 0.2% in October and 4.0% from a year ago–below forecast. The climb in the annual core CPI was the lowest in two years.5 Producer prices confirmed the disinflationary picture, as wholesale prices declined 0.5% in October (versus a +0.1% forecast). It was the biggest decline in 3 ½ years. Over the last 12 months, wholesale prices rose just 1.3%.6 This Week: Key Economic DataTuesday: Existing Home Sales. FOMC Minutes. Wednesday: Durable Goods Orders. Jobless Claims. Consumer Sentiment. Friday: Purchasing Managers’ Index Composite Flash. Source: Econoday, November 17, 2023 This Week: Companies Reporting EarningsMonday: Agilent Technologies, Inc. (A) Tuesday: Nvidia Corporation (NVDA), Lowe’s Companies, Inc. (LOW), Analog Devices, Inc. (ADI) Wednesday: Deere & Company (DE) Source: Zacks, November 17, 2023 |
“Don’t be afraid of perfection. You will never attain it.” – Salvador Dalí |
Starting a New Hobby? These Tips Can Help You Understand the Tax SituationWhether picking up painting or cooking new concoctions in your kitchen, starting a new hobby is always fun and a great way to learn something new. Did you know there are some tax considerations when starting a new hobby? Especially if you are considering turning your newfound passion into a business. Taxpayers are expected to report any income earned from hobbies, even if it’s not a licensed business. To compare, businesses are done to make a profit, while hobbies are done for recreation, not to make a profit. Here are nine factors that can help you determine whether a hobby could also be considered a business, according to the IRS:
You may also be able to deduct some of the expenses associated with your hobby. Within certain limits, taxpayers can usually deduct ordinary and necessary hobby expenses. An ordinary expense is one that is common and accepted for the activity. A necessary expense is one that is appropriate for the activity. *This information is not intended to substitute for specific individualized tax advice. We suggest you discuss your specific tax issues with a qualified tax professional. Tip adapted from IRS.gov7 |
3 Yoga Poses for BeginnersThe first pose is downward-facing dog. This pose is used in most yoga practices. In it, you have your arms stacked under your shoulders and your bottom in the air with your back legs straight. Your body is in the shape of an upside down ‘V.” The next is Crescent Lunge. Stand in a forward lunge with one foot in front and bent. Your back leg is straight. Now, straighten your arms and lift them over your head. This pose is often used in yoga flow classes. Last, we have Triangle pose. Step your feet apart (wider than your shoulders). Then, hinge at your hip and lean over your front leg. If you can, reach down with the same arm that’s in front and rest it on the floor or on a yoga block. Tip adapted from SELF Magazine8 |
A man tells you there are 12 seconds in a year. This sounds absurd, but in what sense is he correct?
Last week’s riddle: It is found in the ground, round as a circle and yards deeper than a cup, and a hundred horses cannot pull it up. It isn’t going anywhere; it cannot think; it might provide you with something to drink. What is it? Answer: A well. |
A coastal road in the desert in Fuerteventura, Canary Islands, Spain. |
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Footnotes and Sources
2. The Wall Street Journal, November 17, 2023. 3. The Wall Street Journal, November 17, 2023. 4. CNBC, November 14, 2023. 5. CNBC, November 14, 2023. 6. CNBC, November 14, 2023. 7. IRS.gov, July 3, 2023. 8. Self.com, July 19, 2023. |