Market Drama

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

July 31, 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 1% for the week.
      • It’s up 19.3% year-to-date. 
    • Nasdaq was up even more by 2%.
      • It is now up 37% year-to-date.
    • Oil was up 3% for the week and is now flat year-to-date. 
  • Economic Data:
    • What drove the markets last week?
      • The Fed meetings – hiking interest rates by 25 basis points.
        • The Fed Chair Powell was careful not to declare mission accomplished. 
    • The market is pricing. If you look at the future markets, they’re expecting the Fed not to hike interest rates any more and to actually lower interest rates in March of next year. 
    • Core PCE continues to moderate and come down. 
    • Oil has been on a tear, up now 19% in the last 30 days. 
    • CRM commodities index is up 11% in July. 
    • We are not totally out of the woods when it comes to inflation. 
    • Good news:
      • GDP data shows no sign of an imminent recession.
        • We see more of rolling recessions on some parts of the economy such as manufacturing and housing.
      • Economic growth remains resilient. 

What to look out for this week: 

  • U.S. payrolls from July and U.S. hourly wages.
    • Will give us a sense on how inflation might look in the coming months. 

Stay tuned for next week. 

– 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. Zoe Financial does not provide legal advice.

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