Market Drama

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

August 8, 2023 

Watch Time: 2 minutes

Welcome to this week’s Market Drama!

  • The Stock Market:
    • The S&P 500 was down and so was Nasdaq. 
      • The sell-off in stocks and bonds came in the back of Fitch downgrading the U.S. government credit rating. 
      • We had mixed data for jobs and wages. 
    • Earnings: 
      • So far 84% of S&P 500 companies have reported.
        • Expectations are that earnings will be down 5.2% year-over-year.
  • Economic Data:
    • Slow hiring this Summer from U.S. employers. 
    • U.S payrolls came in shy of expectations at 187,000 (average last year were 400,000 per month). 
    • Payrolls expectations were 200,000.
    • Hourly wages ran hotter than expected at 4.4% year-over-year.

What to look out for this week: 

  • CPI and PPI for July data. 

Stay tuned for next week. 

– Andres

Disclosure: This material provided by Zoe Financial is for informational purposes only.  It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy or investment product. Nothing in these materials is intended to serve as personalized tax and/or investment advice since the availability and effectiveness of any strategy is dependent upon your individual facts and circumstances. Zoe Financial is not an accounting firm- clients and prospective clients should consult with their tax professional regarding their specific tax situation. Opinions expressed by Zoe Financial are based on economic or market conditions at the time this material was written.  Economies and markets fluctuate.  Actual economic or market events may turn out differently than anticipated.  Facts presented have been obtained from sources believed to be reliable.  Zoe Financial, however, cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. 

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