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 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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