Market Drama

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

December 19, 2022 

Watch Time: 5 minutes

Welcome to this week’s Market Drama.

  • The S&P 500 fell 2%. That puts it down 17.8% for the year.
  • 10-year treasury yield fell 17 basis points, which means treasury bonds’ prices went up. 
  • We had November CPI numbers out and they were better than expected.
    • For example, core CPI was up year-over-year by 6%. It was expected to be up 6.1%.
  • On Wednesday, the Fed announced that they’re hiking 50 basis points to 4.5%. 
  • Retail sales declined 0.6% from November month-over-month. This is important since consumption is 68% of GDP. The fact that retail sales are down is an indication that the most important driver of growth is not looking so hot going into next year.
  • Manufacturing PMI also declined to 46.2 from 47.7 in November. When it is below 50, it means contraction.

What to look forward to this week? 

  • On Tuesday, we have November housing starts and new and existing home sales out
    • Real estate and housing are really important indicators for the overall economy.
  • On Friday, the Personal Consumption Expenditure (PCE) Index for November comes out. 

Happy holidays and 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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