Summer Road Trips and Stock Market Near Highs

Summer is the time to hit the open road and explore this big country. But with long road trips can come high expenses – make sure you don’t let unexpected costs creep in while planning the perfect trip. Managing finances is a lot like taking a road trip: You’re setting your sights on a goal and planning the best route to get there. Keep in mind it’s optimal to get an early start (saving), stay on the right roads (budget), and arrive safely at your destination (retirement).

Last week, stocks posted slight gains of 1-2%+ to close out the month of May. Overall, the rapidly expanding U.S. economy continued to forge ahead, with jobless claims hitting another pandemic-era low of 406,000. Inflation is still running hot. Oil prices jumped 4% after an inventory draw of 1.7 million barrels. Bitcoin finished with a small gain but remained volatile, and several Fed governors commented on the benefits of a digital dollar backed by the central bank.

This short week kicks off with inflation updates from the Europe. Last Friday, President Biden laid out a $6 trillion fiscal 2022 budget proposal. Likely to stir up debates lasting through the summer and possibly longer. The end of the week is busy with labor reports. Might we see jobless claims fall under 400,000 for the first time in 14 months? After last month’s surprise drop in non-farm payrolls, analysts anticipate 670,000 jobs to have been created in May. The U.S. unemployment rate is expected to tick down under 6%, steady progress but still a long way away from where the Fed would consider any major monetary policy changes. Year-to-date index performance; Dow up 12.8%, S&P up 11.9%, and Nasdaq up 6.6% through the close on Friday.

If you have any questions on your road trip journey, please reach out – I’m here to help guide you. And don’t forget, I’m happy to assist as your automatic blind spot detection for things you may not see that could put you at risk. Just ask! So rest easy, enjoy the ride, and let’s make this one of the best summers ever. Take care, be safe, and post a picture or two of your road trip.

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