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By Staff Reporters
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The US Senate passed a disapproval resolution formally killing a Department of Labor rule that encourages private retirement plan fiduciaries to consider environment, social and governance (ESG) factors when making investment decisions for over 150 million Americans. ESG is a framework that helps stakeholders understand how an organization is managing risks and opportunities related to environmental, social, and governance criteria (sometimes called ESG factors). ESG is an acronym for Environmental, Social, and Governance. ESG takes the holistic view that sustainability extends beyond just environmental issues. While the term ESG is often used in the context of investing, stakeholders include not just the investment community but also customers, suppliers, and employees, all of whom are increasingly interested in how sustainable an organization’s operations are.
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Stocks Shake Off Fed Uncertainty, Rise in Interest Rates: U.S. equities rallied into the close to finish near the highs of the day, as investors appeared to shake off the persistent rise in interest rates. The markets also digested some earnings reports, as shares of Dow member Salesforce jumped after topping expectations, and Macy’s also moved solidly higher after besting the Street’s forecasts.
However, disappointing guidance from Best Buy took some of the luster of its earnings beat. Elsewhere, the economic calendar added to the Fed uncertainty, as jobless claims unexpectedly dipped, while Q4 productivity was revised lower and unit labor costs were adjusted to the upside. Treasury yields continued their ascent, and the U.S. dollar gained solid ground, while crude oil prices edged higher in choppy trading, and gold was slightly lower.
Asia finished mixed, and Europe posted gains across the board, as the global markets continued to wrestle with recent data.
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Finally, Marc Benioff is bracing for a recession that shows shades of the dot-com crash and financial crisis. The Salesforce CEO is shifting his focus from sales and deals to efficiency and profitability. Benioff warned that falling stocks and recession fears dampen corporate spending.
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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Ethics, Investing, LifeStyle, Retirement and Benefits | Tagged: Asian stocks, DJIA, DOL, DOW, ESG, ESG down, ESG investing, European stocks, governance, Marc Benioff, NASDAQ, retirement, S&P 500, Salesforce, social, Treasury yields, us markets | Leave a comment »
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