Mid-Year Market Update and Financial Checklist

By Kelley Muhsemann
Marketing Manager

It’s hard to believe we’re already halfway through the year, but this is the perfect time to take a step back and reflect on your financial journey so far. Whether you’re saving for a big purchase, planning for retirement, or just trying to get a better handle on your finances, a mid-year review can help you stay on track. It’s a great opportunity to reassess your goals, celebrate your progress, and make any necessary adjustments to ensure a strong finish to the year. Let’s explore recent market trends, and some key financial insights and tips to help you make the most of the second half of 2024!

Market Update

May was a great month for long-term investors with diversified portfolios. Major stock indexes made significant gains after a bit of a lull in April.  Consumer sentiment (how people feel about the economy) had a bit of a roller-coaster ride. According to a recent survey, May showed that consumer sentiment dropped by 13% from April, following three months of little change. On the flip side, consumer confidence (how optimistic people are about their personal financial situations) improved for the first time in four months. We’re getting some mixed signals from consumers, which means people might be feeling a bit uncertain about the future.

The job market data for April, released on May 3, showed an increase of 175,000 jobs. This was less than the expected 240,000 jobs but was actually seen as positive news. It marked the first time since November 2023 that job growth didn’t meet expectations, which might support the case for potentially lowering interest rates in the future.

Last week, during the Federal Open Market Committee (FOMC), The Federal Reserve kept interest rates unchanged at 5.25% to 5.5% and now expects only one rate cut in 2024. They mentioned some progress toward their 2% inflation goal, and Federal Reserve Chair Jerome Powell said they aren’t ready to lower rates yet, even though inflation has come down from its highest levels.

Mid-Year Financial Checklist

As we move beyond May’s positive momentum, it’s crucial to keep a finger on the pulse of economic indicators and market trends. The mixed signals from consumer sentiment and the labor market suggest that while there are reasons for optimism, caution is still warranted. Now is an ideal time to perform a mid-year financial review to reassess your goals and make necessary adjustments.

Download our comprehensive mid-year financial review checklist to ensure you’re well-prepared to capitalize on the opportunities and navigate the challenges that lie ahead. By staying informed and proactive, you can maximize your financial health and achieve your investment goals for 2024 and beyond.

If you have any questions, please contact our team of CERTIFIED FINANCIAL PLANNERTM (CFP®) professionals at 631.218.0077  or click here to get started.


R.W. Rogé & Company, Inc. is an independent, fee-only financial planning and investment management firm serving clients locally and virtually across the country, with Long Island, New York, Beverly, Massachusetts, and Naples, Florida office locations. R.W. Rogé & Company, Inc. was founded on a “client first” culture and proudly commits to acting in your best interest as a fiduciary. We help clients Plan, Achieve, and Live® the life they want since 1986. To learn more about how we do this, click here.

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