Market Drama

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

July 17, 2023 
Watch Time: 4 minutes

Welcome to this week’s Market Drama!

  • The Stock Market:
    • The S&P 500 was up 2.4% for the week.
      • It’s up 17% year-to-date. 
    • Nasdaq was up 3.3%.
      • Up 35% year-to-date. 
    • Main reason for market enthusiasm has to do with the inflation numbers for June. 
    • 25% rally over the last 9 months for stocks, mainly driven by valuation expansion. 
    • For earnings, companies are reporting above expectations. 
  • Economic Data:
    • Expectations for the Fed to cut interest rates in March of 2024, rather than in May of 2024.
    • We start to see that inflation is coming down.
    • Headline inflation for June came in at 3%.
    • Core CPI came in at 4.8% (better than expected and the lowest we’ve seen since October 2021).

What to look out for this week: 

  • Earnings will be a big part of the story.
  • June retail sales and housing market data.

Stay tuned for next week. Have a good one.

– 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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