Your Money

The enthusiasm for trends like artificial intelligence and large-cap tech stocks has driven significant gains in indexes like the S&P 500. However, investors are anticipating a Federal Reserve rate cut in September, which could catalyze a rotation from overvalued, popular stocks to undervalued, neglected ones. Many believe that the bull market will continue but that lower interest rates will drive investment into underperforming sectors.

JPMorgan's David Kelly predicts that the Fed will cut rates twice this year, beginning in September, due to a cooling economy. While rate cuts are generally bullish, Kelly warns some caution is advised in areas of market momentum because of the higher valuations and the ever-present potential for market corrections.

At PWM, we remain committed to diversifying portfolios between stocks and bonds, foreign and domestic, large and small, public and private.

Investors bet a Fed rate cut to spur rotation from crowded stocks to neglected as bull market continues
by Michael Santoli

Your Life

Currently, 11 states have active digital driver’s license programs: Arizona, Colorado, Connecticut, Georgia, Iowa, Louisiana, Maryland, Mississippi, Missouri, New York, and Utah. At least a dozen more states are either working on a digital ID program or have announced plans to do so. In states that use digital IDs, your ID is stored inside a secure app on your phone instead of your physical wallet. It contains the same information as your regular license. You show the app when needed, just like a physical license. For now, enrollment in participating states is voluntary; digital IDs aren't replacing physical copies yet. If you're involved in a traffic stop, you hand your phone to the officer as you would with a regular license. In some states, your digital license appears as a code that must be scanned. In some, it looks just like your regular license. TSA accepts mobile IDs at about 30 security checkpoints nationally, so check before going to the airport to see if you need to grab your regular wallet. Remember that you'll need a Real ID by May 7, 2025, whether you opt for digital or physical. US travelers must be REAL ID-compliant to board domestic flights and access certain federal facilities.

This state is introducing digital driver's licenses. Here's what you need to know
by Artie Beaty

Complexity Simplified

For all coffee lovers, here are 10 healthy reasons to drink coffee. According to the Mayo Clinic, up to 400 milligrams of caffeine daily (about 3 or 4 cups) appears to be safe for most healthy adults.

10 healthy reasons to drink coffee
by Nikki Jong

Trivia