Stocks were weighed down for much of the week by stumbling debt ceiling negotiations, which appeared to reach an impasse at one point. Technology stocks, which have led the market this year, were under pressure as traders began to anticipate the possibility of rate hikes in June and July.

Sentiment turned more optimistic after the release of an above-consensus earnings report and strong guidance from a mega-cap chip giant. The momentum continued into Friday as stocks surged on hopes of a debt ceiling agreement, undeterred by an inflation read that may induce the Fed to raise interest rates further.

The minutes of the Federal Open Market Committee (FOMC) May meeting reflected division among committee members over whether further rate increases were necessary, with more than half suggesting that they were ready to pause. Those members supporting additional rate hikes said inflation was moving too slowly toward the Fed’s two percent target inflation rate

The minutes also reaffirmed the Fed’s expectation of a recession beginning around the fourth quarter. In comments last Wednesday, Fed governor Christopher Waller manifested this division, saying that it was a toss-up as to whether rates should be raised, suggesting that he could support a rate hike in June or wait on voting for an increase until July’s meeting.

Tuesday: Consumer Confidence.

Wednesday: Job Openings and Labor Turnover (JOLTS)

Thursday: Automated Data Processing (ADP) Employment Report. Jobless Claims. Institute of Supply Management (ISM) Manufacturing Index.

Friday: Employment Situation.

Tuesday: HP, Inc. (HPQ)

Wednesday: Salesforce, Inc. (CRM), CrowdStrike (CRWD

Thursday: lululemon athletica, inc. (LULU), Broadcom, Inc. (AVGO), Dollar General Corporation (DG), Dell Technologies, Inc. (DELL)

The Internal Revenue Service is on a constant lookout for tax-related scams. In most cases, “phishing” scams are bogus phone calls and emails that claim to come from the IRS.

Remember, the IRS will never:

• Call you without mailing an official notice first.
• Demand that you immediately pay your taxes over the phone.
• Take a debit or credit card number over the phone.
• Threaten to call law enforcement or immigration services to arrest you for failure to pay

 Keeping your records well-organized will save you time, effort, and money.

*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.gov.⁴ 

The rise of self-care over the past decade has brought attention to the concept of loving oneself – the basic philosophy behind it being that if we love and take care of ourselves with intention, the happier and healthier we’ll be, and all the people in our lives will benefit.

Loving ourselves isn’t always easy. And it doesn’t mean always being overly indulgent, but rather making choices that help support our overall well-being. For some people, that may look like taking time to relax if they have a lot of stress. For others, it can be making a to-do list to organize and accomplish tasks if they tend toward procrastination. It can also mean being more self-aware and cheering ourselves on if we’re often overly harsh or being more introspective and searching for ways to improve if we are myopic about our shortcomings. All these things and many more not mentioned are intentional actions we can take to be our best selves.

Take some time to reflect on the ones you love. Just make sure you don’t forget about the one you should love the most.

Tip adapted from Everyday Health.⁵ 

Pink flamingos, Celestun, Mexico

As a small business owner, your recordkeeping is of utmost importance. These records show your income, expenses, business transactions, and much more. You can choose whatever recordkeeping system you want if you and the IRS have the necessary information.

As a business owner, you will need to keep track of supporting documents such as:

• Purchases
• Sales
• Payroll
• Sales slips
• Paid bills
• Invoices
• Receipts
• Deposit slips
• Canceled checks
• Travel, transportation, entertainment, and gift expense
• Assets

 Keeping your records well-organized will save you time, effort, and money.

*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.gov.⁶