This week I hope you were all able to get out of this world and enjoy the “Buck” Supermoon and visit galaxies far, far away with the amazing images from the James Webb Space Telescope (JWST). Here in this world, Elon Musk is getting cold feet on his acquisition of Twitter (TWTR), on a sadder note we lost two prominent, out-of-this-world figures with the assassination of former Prime Minister of Japan, Shinzo Abe, and the death of Ivana Trump, who passed today.
Hopefully, you have all been able to see the beautiful moon this week. This is the third supermoon of the year which is also known as a Buck Moon. This name comes from the Old Farmer’s Almanac, since it occurs in July and that is when the antlers of male deer (bucks) are in full-growth mode. Bucks shed and regrow their antlers each year, producing a larger and more impressive set as the years go by. It is also a supermoon which is when a full moon coincides with the Moon’s closest approach to Earth in its elliptical orbit according to NASA. You will be able to view the moon until Friday morning. The next and final supermoon of the year will take place on August 11th and is known as the sturgeon moon. Looking beyond the moon, NASA released the first images from the James Webb Space Telescope, which is a partnership with ESA (European Space Agency) and CSA (Canadian Space Agency). On Tuesday, NASA revealed the telescope’s first full-color images and spectroscopic date during a televised broadcast. The five targets that were selected for this first wave were Carina Nebula, Stephan’s Quintet (pictured below), Southern Ring Nebula, WASP-96 b, and SMACS 0723. This marks the official beginning of Webb’s general science operations of the world’s largest and most powerful telescope to unfold the infrared universe. Click here to view the other photos.
Beloved former Prime Minister of Japan, Shinzo Abe, was assassinated last week. Abe was shot while giving a speech in the city of Nara last Friday morning. He was the longest-serving prime minister and was known for his hawkish foreign policy and his economic strategy which came to be known as “Abenomics”. He was only 67-years old at the time of his passing. Today, we also lost former wife of President Donald Trump, Ivana Trump. She fled from communism in the 1970s from Czechoslovakia and became a prominent businesswoman in the U.S. She worked and helped design interiors for the Grand Hyatt Hotel, authored multiple best-selling books and created her own clothing line. She was only 73-years old at the time of her passing.
Elon Musk, the Tesla (TSLA) and SpaceX CEO, struck an agreement to buy Twitter (TWTR) for $54.20 a share in late April. He wanted to make the platform a place for all users to have freedom of speech and clean up spam and automated bots. Musk is now wanting out and launched a fight with the company, alleging that Twitter was not being forthcoming with the number of fake accounts on the platform. Twitter has filed a lawsuit to compel the billionaire to buy the company. The lawsuit is expected to be a long battle and does not look to be settled any time soon.
For the fourth time this year, the infamous yield curve that plots the rate of return for owning different length U.S. Treasury bonds inverted. When this happens, historically it signaled that a potential recession was on the horizon. The inversion occurred just after the release of the Consumer Price Inflation (CPI) data this Wednesday which came in hotter than expected. It revealed that consumers are paying on average 9.1% more for everyday items compared to one year ago. This is no surprise for anyone who drives or eats, but it seems to be a surprise to the Federal Reserve, which now faces the decision of hiking 0.75% or a full 1% later this month. Thinking of traveling? If you can put aside the challenges facing international travelers now, your buck can go further in Europe as the Euro is now equal to one U.S. Dollar, which hasn’t been the case since the start of the 2000s. As we look forward, second-quarter earnings begin this week, which will give investors a clearer understanding of the environment companies look to navigate. For the week, the S&P 500, Dow Jones Industrial Average, and Nasdaq are all down -2.78%, -2.26%, and -3.30%, respectively, as of today’s close.
We are looking forward to our next webinar on “Medicare Essentials” with Carol Chap, M.S., HICAP Community Education and Outreach Coordinator and will take place on Wednesday, July 27, 2022, at 1pm. Click here to register and learn more. Check out the recordings of our previous webinars to watch on our website here. Please share these links with your friends and family if you think they are topics they will find interesting.
Your second quarter 2022 reports will be delivered to your client portal or via mail on July 15th. We encourage you to schedule an in-person or virtual review with your Wealth Manager. Please call our office at (888) 253-0288 or email Kellie@apriem.com.
Rhonda Ducote, AIF®
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