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