It was a positive week with all 3 indexes rising for the week. The Dow and Nasdaq climbed 2% while the S&P 500 was up 1.8%. That’s six straight weeks of growth for the tech heavy Nasdaq. Politics and wages drove the market’s gains late last week. A massive late-week rally was sparked by the combination of a debt-ceiling resolution and renewed hope for a Fed pause. The latest jobs report on Friday increased speculation that the Fed may pause with the rate hikes. Hiring remains strong but wage growth is starting to slow. Wages grew by 4.3% in May that is the slowest pace since June 2021. The market gets overly excited about any number that could give the Fed a reason to stop with the rate hikes which is what you saw on Friday. I continue to believe the Fed is going to raise rates one more time in June and won’t be surprised if some of the exuberance that has lifted the market the past couple of days fades next week.
TD Ameritrade Transition to Charles Schwab
As to the transition of TD Ameritrade accounts to Charles Schwab. If you have a TD Ameritrade you may have already received or will be receiving at some point in the next two weeks a DocuSign to click through as part of the transition to Charles Schwab. Nothing changes with your relationship as the fee structure remains the same. Though you will start receiving statements from Schwab and if you have been using the www.advisorclient.com website you will need to register for Schwab version which is: https://client.schwab.com/Login/SignOn/CustomerCenterLogin.aspx
If you have trouble completing the DocuSign let me know and I can either walk you through how to do it myself or have somebody from the Schwab transition team walk you through it. The email is time sensitive so please try to complete it shortly after receiving it. The email you will receive will look like the example at the bottom of this email. I am here to help. My contact information is below as well as my calendar link, I also have a 5-person team dedicated to helping with this transition.