Market Drama

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

August 22, 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 2.1% this past week.
      • Nasdaq was down 2.6% for the week. 
    • There is a pullback, the question is: will we have a bear market?
    • Small caps are underperforming the broader market. 
    • Concerns around the U.S economy losing some steam. 
  • Economic Data:
    • July retail sales came in better than expected. 
    • Unemployment rate remains abnormally low. 
    • GDP is mostly driven by consumption.
    • China had some alarming news that might impact the global economy. 
      • U.S. earnings could be impacted.

When it comes to next week:

  • We have flash services PMI data.
  • Chairman Powell will give his introductory speech at Jackson Hole.  

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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