Market Drama
Featuring Zoe CEO & Founder, Andres Garcia-Amaya, CFA
May 8, 2023
Watch Time: 4 minutes
Welcome to this week’s Market Drama!
- The S&P 500 was up 1.9 for the week%, meaning it’s up 8% year-to-date.
- Nasdaq was up 2.3% for the week and is now up 18% year-to-date.
- Economic Data:
- April’s growth came in at 253,000, above expectations.
- March payrolls were revised down significantly.
- The unemployment rate fell to 3.4%.
- Year-over-year wages were up 4.4% higher than expected.
- Earnings:
- Average hourly earnings went up more than expected.
- Earnings are coming in better than expected.
- First quarter 2023 earnings are now tracking toward negative 4.5% (the market was expecting even worse numbers).
What to look out for this week:
- Monday, Tuesday, and Friday we’ll have Fed presidents Goldsby, Jefferson, and Williams, speak.
- Keep an eye on April CPI data coming in on Wednesday, and PPI data on Thursday.
Stay tuned for next week.
– Andres
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