**Investors Take Note: Key News Items to Start Your Trading Day**
1. **Snapped**
After eight straight days of gains, the S&P 500 and Nasdaq Composite snapped their longest win streaks in two years, with the S&P 500 falling 0.8% and the Nasdaq Composite declining 0.9%. The Dow Jones Industrial Average also dropped nearly 0.7%. Heading into the final trading session, the S&P 500 and the Dow are down 0.3% and 0.5%, respectively, while the Nasdaq is up 0.3% week to date.
2. **Not confident**
Federal Reserve Chairman Jerome Powell expressed uncertainty about the central bank’s ability to curb inflation. Powell stated that the Fed is “not confident that we have achieved” the two percent inflation goal, despite maintaining interest rates unchanged at a target range of 5.25% to 5.5%.
3. **New thresholds**
The IRS announced adjustments to income tax brackets and standard deductions for 2024, reflecting a period of persistent inflation in the U.S. economy. The highest tax rate of 37% will now apply to individuals with taxable income above $609,350 and married couples earning $731,200.
4. **Ceding his seat**
Senator Joe Manchin’s announcement that he won’t run for reelection in 2024 sets the stage for the GOP to potentially win a majority in next year’s Senate elections. Manchin’s departure from the Senate could shift the balance of power in favor of the Republicans.
5. **Anti-aging Alphas**
Gen Alpha, the youngest generation of consumers, is showing a particular interest in skincare, driven by social media exposure and the influence of “skinfluencers.” The trend is expected to drive end-of-year spending and could impact the skincare industry.
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