Market Drama

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

June 11, 2024 

Watch Time: 2.5 minutes

    • Welcome to this week’s Market Drama!

Stock Market Updates:

  • S&P 500 was up 1.3%. Up 12.1%, hitting an intraday record high of 5,375 for the index on Friday and a record closing on Wednesday. 
  • Nasdaq is up even more, 2.4% for the week. Up 14% YTD.
  • Market is no longer pricing interest rate cuts until late fall to this winter. 
Economic Updates:
  • Labor market going from too hot to slowly deteriorating:
    • Average hourly earnings growth going up 4.1% YoY. The expectation was 3.9%.
    • If wage growth remains elevated, it is not a good sign for inflation. 
    • Payrolls better than expected: 272,000 versus 190,000 new jobs. 
    • Unemployment rate went up more than expected to 4%, and labor force participation decreased to 62.5%.  No need for huge concerns, 4% is below historical averages. 

Coming Up Next Week:

  • CPI inflation data for May.
    • Core CPI forecasted to go up 0.3% MoM. 
  • Fed’s FOMC meeting.
    • Expected to hold steady rates at 5¼ to 5½. 

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. 

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