Market Drama

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

July 24, 2023 
Watch Time: 4 minutes
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Welcome to this week’s Market Drama!

  • The Stock Market:
    • The S&P 500 was up 0.7% for the week.
      • It’s up 18% year-to-date. 
    • Oil had a strong week as well, rebounded more than 2%.
    • We’ve seen the stock market rally off the October bear market lows. 
      • Big components of this change: inflation and earnings. 
      • If we hit the consensus expectation for earnings, we should see a drop of 9% year-over-year earnings for the S&P 500. This would mark the largest earnings decline reported by the index since Q2 of 2020. 
        • Analysts are predicting earnings growth of 0.1 centrally flat.
  • Economic Data:
    • Retail sales were up 0.2% month-over-month. 
      • Below the 0.5% expectations. 
      • Retail sales matter because consumption is 69% of GDP.
    • Consumers have been very resilient.
    • Housing starts fell to 1.4 million from 1.56 million the prior month. 
    • Initial jobless claims came in at 228,000 which was better than the expected 240,000.

What to look out for this week: 

  • The FOMC will take place Tuesday and Wednesday.
  • On Wednesday the Fed is expected to hike interest rates 25 basis points. 
    • What will they say after?
  • PCE inflation data comes out this week. 

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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