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 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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