Hello,

This week we’d like to discuss one of the fastest-growing scams aimed at investors – fake, but very convincing websites that appear to be run by legitimate businesses, including the financial institutions you rely on. 

To “spoof” a website*, bad actors purchase “sponsored links” to fake sites that appear at the top of search results.  Their goal is to trick you into clicking on these deceptive sites, which can expose you to malware, identity theft, and financial loss.
 

Not to worry!  We’re here to help you recognize spoofed websites and steer clear of them.

What to watch for:

• URL errors and issues:  Look for misspellings or unusual domain extensions. A single letter out of place might mean you are on a fake site.
• Grammar and spelling mistakes:  Legitimate sites take care to avoid errors.  Poor grammar, spelling, or formatting mistakes are often your first clue that it’s a fake site.
• False security notification:  Fake sites may present a screen notifying you of a login issue and directing you to a hotline number. Watch out for wording that mentions "unauthorized activity" designed to trigger anxiety.
• Request for personal information:  No financial institution will ask you for your account login password over the phone. If someone asks, don’t provide it.
• Missing privacy policy:  Genuine sites will have a privacy policy. If it’s missing, think twice.

How to protect yourself:

• Avoid searching for a site:  Use your saved bookmarks for visiting websites, especially financial ones, to avoid the risk of fake sites and malware.
• Question urgency:  Phishing attempts often create a sense of urgency.  Take a moment to verify the information through official channels.
• Use secure networks:  Access financial accounts only through secure networks (watch for HTTPS in the address) and consider enabling multi-factor authentication* where possible.
• Call Eagle Wealth before acting:  If you have concern about a site or link, it’s always best to call or email us before taking any action.

Remember, we’re here to help. Stay safe online!

Until next week,

Your Eagle Wealth Team

Business owners – we have a few reminders for you!

1.  Quarterly estimated tax payments are coming up soon – due June 17^th.
 

2. New BOI Reporting Requirement

Don’t forget about the new BOI reporting requirement we mentioned to you in February. 

This regulation requires businesses to report their beneficial owners to FinCEN by January 1, 2025, or within 90 days for new businesses started in 2024. Non-compliance can result in penalties of up to $500 per day.

This applies to corporations, LLCs, and other entities registered with the Secretary of State. Visit www.fincen.gov/boi for more info and to file your report.

Please note, this filing is your responsibility and we are unable to assist as it’s outside the scope of our work.

***This regulation only applies to current/future business owners or individuals with “substantial control” over a business. ***

Panzanella Salad

Panzanella is an Italian bread, tomato, and red onion salad that is packed with flavor and different textures. Try adding mozzarella cheese and olives too!
 

Prep Time: 30 mins
Cook Time: 20 mins
Total Time: 50 mins
Servings: 8

Ingredients
6 cups day old Italian bread, torn into bite-size pieces
⅓ cup olive oil
salt and pepper to taste
3 cloves garlic, minced
¼ cup olive oil
2 tablespoons balsamic vinegar
4 medium ripe tomatoes, cut into wedges
¾ cup sliced red onion
10 basil leaves, shredded
½ cup pitted and halved green olives
1 cup fresh mozzarella, cut into bite-size pieces

Directions
Preheat the oven to 400 degrees F (200 degrees C).

Toss bread with 1/3 cup olive oil, salt, pepper, and garlic in a large bowl; arrange on a baking sheet and toast in the preheated oven until golden, about 5 to 10 minutes. Transfer bread back into the bowl and set aside to cool slightly.

Whisk 1/4 cup of olive oil and balsamic vinegar together in a small bowl; set aside.

Add tomatoes, onion, basil, olives, and mozzarella cheese into the bowl with bread; toss with vinaigrette and let stand for 20 minutes before serving.

Recipe from https://www.allrecipes.com/recipe/104982/panzanella-salad/

The Week on Wall Street

Stocks rose last week despite conflicting stories from economic reports.

The Dow Jones Industrial Average inched up 0.29 percent while the Standard & Poor’s 500 Index powered ahead 1.31 percent. The Nasdaq Composite led, picking up 2.38 percent. The MSCI EAFE Index tracks developed overseas stock markets and rose 1.29 percent for the week through Thursday’s close.¹

All Eyes On The Jobs Report

Weak manufacturing data prompted declines early in the week, reflecting investor concerns over the economy's strength. But stocks rallied in anticipation of the jobs report on Friday.

However, the market reaction was mixed when the stronger-than-expected jobs report finally came. The S&P 500 touched a record high intraday before profit-taking late in the session.^2,3

The Catalyst That Wasn’t

The week closed with a jobs report that underscored the economy's resilience while highlighting the data's mixed nature.

The 272,000 jobs added in May were higher than the 190,000 economists expected. At the same time, wages rose 4.1 percent from a year ago. The strong jobs report and surprise wage increase supported the narrative that the Fed may now wait longer before considering a move on interest rates.⁴

Although inflation now exceeds the central bank’s 2 percent target, the jobs report suggests that economic growth remains powerful despite higher short-term rates.⁴

Source: YCharts.com, June 8, 2024. Weekly performance is measured from Monday, June 3, to Friday, June 7. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.

Footnotes And Sources

1. The Wall Street Journal, June 7, 2024

2. CNBC.com, June 6, 2024

3. The Wall Street Journal, June 7, 2024

4. The Wall Street Journal, June 7, 2024

Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. 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.

The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.

The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.

The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. Nasdaq Composite is an index of the common stocks and similar securities listed on the NASDAQ stock market and is considered a broad indicator of the performance of technology and growth companies. The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) and serves as a benchmark of the performance of major international equity markets, as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. The S&P 500 Composite Index is an unmanaged group of securities that are considered to be representative of the stock market in general.

U.S. Treasury Notes are guaranteed by the federal government as to the timely payment of principal and interest. However, if you sell a Treasury Note prior to maturity, it may be worth more or less than the original price paid. Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.

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Please consult your financial professional for additional information.

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