Stocks posted losses in a holiday-shortened trading week as the first-quarter earnings season kicked off and investors digested new inflation data. The Dow Jones Industrial Average declined 0.78%, while the Standard & Poor’s 500 fell 2.13%. The Nasdaq Composite index dropped 2.63% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, lost 1.20%.^1,2,3

This Week: Key Economic Data

• Tuesday: Housing Starts.
• Wednesday: Existing Home Sales.
• Thursday: Jobless Claims. Index of Leading Economic Indicators. 
• Friday: Purchasing Managers’ Index (PMI) Composite Flash.

This Week: Companies Reporting Earnings

• Monday: Bank of America Corporation (BAC), J.B. Hunt Transport Services, Inc. (JBHT).
• Tuesday: Netflix, Inc. (NFLX), Johnson & Johnson (JNJ), International Business Machines Corporation (IBM), Lockheed Martin Corporation (LMT), Prologis, Inc. (PLD).
• Wednesday: Tesla, Inc. (TSLA), The Procter & Gamble Company (PG), Lam Research Corporation (LRCX), CSX Corporation (CSX).
• Thursday: AT&T, Inc. (T), United Airlines Holdings, Inc. (UAL), Snap, Inc. (SNAP), Blackstone, Inc. (BX), Union Pacific Corporation (UNP), Dow, Inc. (DOW).
• Friday: Verizon Communications, Inc. (VZ), American Express Company (AXP), KimberlyClark Corporation (KMB). 

Electronic Filing Options for Military Families

The Internal Revenue Service (IRS) offers a number of online resources for military members and their families. Some of these resources include:

• IRS Free File. This program offers online tax preparation, electronic filing and direct deposit of refunds, at no cost.
• Members of military and their families who have income below $72,000 can choose from any of the Free File tax software companies that the IRS has compiled.
• Free File Fillable Forms is available for those who have income above $72,000.
• Using Free File can help taxpayers figuring things like their earned income tax credit, child and dependent care credit and Recovery Rebate Credit.
• Miltax is another free tax resource available for the military community, offered through the Department of Defense.

* This information is not intended to be a substitute for specific, individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional. Tip adapted from IRS.gov⁶

Footnotes and Sources

1. The Wall Street Journal, April 14, 2022
2. The Wall Street Journal, April 14, 2022
3. The Wall Street Journal, April 8, 2022
4. CNBC, April 12, 2022
5. The Wall Street Journal, April 13, 2022
6. IRS.gov, February 25, 2021
7. Gardeners.com, April 9, 2021

Paul Ellis, CIMA^® may be reached at 425.405.7720 or paul.ellis@elliswealthmanagement.net.

www.elliswealthmangement.net

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