Down Corporate Reports Shake Investors

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Stocks had a mixed, see-saw week as disappointing corporate reports unsettled investors who appeared to rotate away from some leading groups in favor of other names.

The Dow Jones Industrial Average picked up 0.75 percent. Meanwhile, the Standard & Poor’s 500 Index declined 0.83 percent, and the Nasdaq Composite Index dropped 2.08 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, fell 1.49 percent for the week through Thursday’s close.¹

Q2 Corporate Reports Start

Last week began with some positive momentum, but after Tuesday’s close, two influential tech companies reported disappointing Q2 numbers, which soured sentiment. On Wednesday, the S&P dropped 2 percent, and the Nasdaq fell more than 3 percent.

Stocks attempted to rebound on Thursday on news that gross domestic product grew much faster than expected in Q2, but sellers swooped in near the close.³

Stocks rallied broadly on Friday after a positive inflation report. The personal consumption expenditures index, widely considered the Fed’s preferred inflation measure, showed only a slight uptick in June—in line with expectations.⁴

“Every man is working out his destiny in his own way and nobody can be of any help except by being kind, generous, and patient.”

– Henry Miller

Start a New Business Off on the Right Foot

Starting a new business? Here are some essential tax tips from the IRS to help you get started on the right foot. First, choose the proper business structure, as this determines which income tax return you need to file. The most common structures are sole proprietorship, partnership, corporation, S corporation, and LLC. Second, apply for an Employer Identification Number (EIN) to identify your business for tax purposes. You can apply for an EIN through the IRS website. Following these tips will help ensure your new business is set up for success and compliance with tax regulations.

*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

Summer Quinoa Salad

Ingredients:

• 1 cup quinoa, cooked and cooled
• 1 cup cherry tomatoes, halved
• 1 yellow bell pepper, diced
• 1 cup black beans, rinsed and drained
• 1 cup corn kernels (fresh or canned)
• 1/4 cup fresh cilantro, chopped
• 1 avocado, sliced
• Lime wedges for garnish
• 2 tablespoons olive oil
• 1 tablespoon lime juice
• Salt and pepper to taste

Instructions:

1. Prepare Ingredients:Cook the quinoa according to package instructions and let it cool. Halve the cherry tomatoes, dice the bell pepper, rinse and drain the black beans, and chop the cilantro.
2. Mix Salad:In a large bowl, combine the cooked quinoa, cherry tomatoes, bell pepper, black beans, corn, and cilantro.
3. Dress Salad:Drizzle the olive oil and lime juice over the salad. Toss gently to combine.
4. Season:Add salt and pepper to taste.
5. Add Garnishes:Top with sliced avocado and garnish with lime wedges.
6. Serve:Chill the salad in the refrigerator for about 30 minutes before serving for a refreshing and tasty summer dish.

This summer quinoa salad is a perfect blend of vibrant colors and fresh flavors, making it an ideal healthy and delicious option for warm weather. Enjoy it as a light meal or a side dish at your next summer gathering.

Summer Skincare Tips

The first and most important tip is always to wear sunscreen, even if you spend little time in the sun. Some skincare products, including makeup, have sunscreen built-in, but you should consider using a moisturizer with at least SPF 30 for extra protection. 

Another good summer tip is to lighten up your skincare routine. In the summer, you're likely sweating, swimming, and spending time outside so you might not need as much makeup or products as you do in the winter.

Tip adapted from Allure⁷

Stay Cool and Protected: Essential Summer Clothing Tips

During the summer, it's important to wear the right clothes to stay cool and comfortable. Choose clothes made of light, breathable materials like cotton or linen to allow air to circulate and absorb sweat. Light-colored clothing, such as whites, pastels, and other light shades, reflects the sun's rays and helps keep you cool. Wear loose-fitting clothes to allow better air circulation and stay relaxed. Wearing a wide-brimmed hat can protect your face, neck, and ears from direct sunlight, and sunglasses that block UV rays will safeguard your eyes. Also, wearing long sleeves and lightweight pants can provide added protection from the sun while keeping you cool. Stick to these simple guidelines to stay comfortable and protected during the hot summer.

I am usually only as wide as a thumb and typically travel across the nation for less than a dollar, all while lying flat. What am I?

Last week’s riddle: What has two hands but will never clap?Answer:A clock.

Flamingos in Flight
San Pablo, Potosí, Bolivia

Footnotes and Sources

^{1.The Wall Street Journal, July 26, 2024}

^{2.The Wall Street Journal, July 26, 2024}

^{3.The Wall Street Journal, July 25, 2024}

^{4.CNBC.com, July 26, 2024}

^{5.The Wall Street Journal, July 26, 2024}

^{6. IRS.gov, May 8, 2024}

^{7. Allure, May 8, 2024}