Market Drama

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

February 13, 2023 
Watch Time: 3 minutes

Welcome to this week’s Market Drama!

  • The S&P 500 was down 1%.
  • Nasdaq was down 2.4%. 
    • Big drivers were: earnings and some comments by the Fed. 
  • Asset class highlight: oil was up 8.7%, inching towards $80 per barrel. 
    • Russia announced they are going to cut roughly 5% of their total production every day. 
  • Earnings: 
    • 69% of the S&P 500 have now reported. 
    • Roughly 70% of those companies have reported better-than-expected earnings. 
      • The average is 77%, so that’s lower than usual. 
    • The expectation for the next two quarters has come down. 
      • Forecast is now calling for -5.1% growth in the first quarter of 2023, and -3.1% year-over-year growth in the second quarter.
  • The Fed: 
    • There was a speech that Fed Chairman Powell gave last Tuesday that drove the market lower. 

When it comes to this week: 

  • Keep an eye on for CPI. 
    • Core expectations year-over-year of 5.4, prior month was 5.7. 
  • On the earnings front, we have 61 S&P 500 companies, so we are kind-of getting to the tail end of earnings season. 

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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