Market Drama

Featuring Zoe CEO & Founder, Andres Garcia-Amaya, CFA

August 14, 2023 
Watch Time: 3 minutes

Welcome to this week’s Market Drama!

  • The Stock Market:
    • The S&P 500 was down and so was Nasdaq.
      •  S&P 500 was down 0.3% for the week.
      • Nasdaq was down 1.9% for the week. 
      • Drops were led by the magnificent 7 (mega large-cap stocks).
    • Earnings:
      • Second quarter S&P 500 earnings are likely to hit around negative 5% year-over-year, for the third straight quarter of negative earnings growth. 
  • Economic Data:
    • Macro is doing much better than people expected.
      • GPD and consumers have held up.
    • July CPI came in line with expectations.
      • Headline CPI came in at 3.2, expectations were 3.3.
    •  Core inflation came in at 4.7.
    • PPI rose 0.3% in July – above expectations.

Stay tuned for next week. 

– Andres

Disclosure: This page is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accounting, tax, legal or financial advisors. The observations of industry trends should not be read as recommendations for stocks or sectors.

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