Trade Tensions Linger
In This Issue
The Week on Wall Street
Stocks drifted lower last week as investors considered the possibility that the world's two largest economies might take some time to resolve key trade issues.

The S&P 500 retreated 1.17%; the Nasdaq Composite, 2.29%; the Dow Jones Industrial Average, 0.69%. The concern over trade was felt elsewhere: the overseas developed markets benchmark, the MSCI EAFE, also lost 1.41% in five sessions.[1][2]
Market Waits for Further Trade Talk Cues
A compromise on tariffs between the U.S. and China did not seem forthcoming last week. Negotiations appeared stalled. Regardless, President Trump and Chinese President Xi are slated to meet at June's G20 summit in Japan.

The Department of Commerce has effectively banned U.S. companies from doing business with Chinese tech giant Huawei, a major global player in 5G technology. Some analysts think China may respond with retaliatory measures.[3]

Leading Retailers Report Earnings
Big-box stores and other major retail chains announced first-quarter results last week. While some traditional department store chains disappointed (Kohl's, JC Penney, Nordstrom), Macy's recorded its sixth straight quarter of comparable sales growth. Target reported a 10.8% jump in earnings in the first quarter, Walmart announced Q1 gains in earnings and revenue, and Urban Outfitters saw record sales in Q1.[4][5]

Any companies mentioned are for informational purposes only, and this should not be considered a solicitation for the purchase or sale of their securities. Any investment should be consistent with your objectives, time frame, and risk tolerance. 

Final Thought
As new chapters in the U.S.-China trade drama continue to unfold, remember that your investment approach is built around your long-term objectives and risk tolerance. There will always be day-to-day price changes; there will always be breaking news alerts. The disciplined, long-term investor stays the course through the ups and downs.

Tuesday: The Conference Board's latest monthly consumer confidence index.
Friday: May consumer spending numbers and May's final University of Michigan consumer sentiment index (another important measure of consumer confidence levels).

Source: Econoday / MarketWatch Calendar, May 24, 2019
The Econoday and MarketWatch economic calendars list upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.

Wednesday: Dick's Sporting Goods (DKS), PVH (PVH)
Thursday: Costco (COST), Dell (DELL), Dollar General (DG), Ulta Beauty (ULTA)

Source:, May 24, 2019
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Any investment should be consistent with your objectives, time frame and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.

"When obstacles arise, you change your direction to reach your goal; you do not change your decision to get there."

-Zig Ziglar
"Ice Cream Truck" Ice Cream Sandwiches

Serves 12

  • ½ gallon ice cream, any flavor you like and slightly softened
  • 2⅔ cups (about 13⅓ oz.) all-purpose flour
  • ⅔ cup, plus ¼ cup (about 3½ oz.), cocoa powder
  • ¾ tsp. salt
  • 1 cup (7 oz.) granulated sugar
  • 1¼ cups (10 oz.) unsalted butter
  • 2 egg yolks
  • 2 tsp. vanilla extract
  1. Begin by preparing the ice cream. Line a 9" x 13" pan with parchment paper, leaving enough extra paper to hang over the sides of the pan. Press the ice cream into pan and smooth top. Freeze until solid, at least 1 hour.
  2. Before turning on the oven, move oven racks to upper-middle and lower-middle positions, then preheat oven to 350˚F.
  3. Prep 2 baking sheets by lining with parchment paper. Sift flour, cocoa, and salt into a medium bowl; set aside.
  4. Mix sugar with butter and cream on medium speed in the bowl of standing mixer, using the paddle attachment, for about 1 minute. Add in yolks and vanilla, and once combined, add in dry mixture until all the ingredients are just combined.
  5. Divide the dough into 2 pieces and form each piece into a 5-inch square. Wrap up each piece with plastic wrap, and chill until firm, about 30 minutes.
  6. Working with 1 piece of dough at a time, on a lightly floured surface, roll the dough into an 8" x 12" rectangle. Use a ruler and a knife to measure and cut into 2-inch lengths along the 12" side, (you should have 6 pieces). Cut each length in half, creating 12 4" x 2" cookies. 
  7. Using a long, flat spatula, place cookies onto the prepared pans. Poke about 15 holes into each cookie with a sharp object, like a skewer. Bake about 10 to 12 minutes, until done, rotating pans halfway through baking. Cool completely before constructing.
  8. Remove ice cream from pan and cut the ice cream into 12 4" x 2" rectangles. To construct the sandwiches, place the ice cream between 2 cookies. You can wrap the ice cream sandwiches separately in parchment paper or foil, then store overnight or serve immediately.

Recipe adapted from Serious Eats [6]

Stop Caring for More Control

It's extremely common for golfers, pro or amateur, to have a hole or holes that they routinely play poorly. You know the ones; they aren't just adding bogeys to the scorecard. In fact, it's closer to a total meltdown. Hitting drives into the weeds, skulling chips, leaving balls in the bunker, and finishing things off with a putting exhibition might resemble slapstick comedy more than respectable sport.

So, the next time you tee up on your personal problem hole, pretend it's a brand-new hole. Maybe, select an iron instead of driver; perhaps, lay up short of the water hazard you normally try to carry. But most important of all, try not to care what anyone thinks of your approach.

Tip adapted from Golf Digest [8]

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Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.

Diversification does not guarantee profit nor is it guaranteed to protect assets.

International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors.

The Standard & Poor's 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general.

The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the NASDAQ. The DJIA was invented by Charles Dow back in 1896.

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