Market Drama

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

June 20, 2023 
Watch Time: 5 minutes

Welcome to this week’s Market Drama!

  • The Stock Market:
    • The S&P was up 2.6% for the week, that makes it, 14.8% year-to-date.
    • Nasdaq was up even more, 3.2% last week, 30% year-to-date.
    • Five weeks in a row in which stocks have been up. 
  • The Federal Reserve meeting last Wednesday, there was an agreement to stop the interest rate hike. 
    • Chairman Powell commented it might take a couple years before they start lowering interest rates. 
  • Economic Data:
    • Producer Price Index (PPI) declined month over month by 0.3%. 
      • Positive indicator that CPI will continue to come down. 
    • Core inflation came down to its lowest level since November 2021. 
      • It is not coming down as headline CPI (driven by energy and food prices, for instance). 
    • Why has the economy been more resilient than expected? 
      • Look at household savings – the extra savings that we saw during COVID are still working their way through the system. 
      • Households are running down their excess savings, but there’s still about $1.2 trillion of those excess savings.  

What to look out for this week: 

  • Chairman Powell will testify in the House and the Senate. 
  • Flash U.S. PMI for manufacturing and services. 

Stay tuned for next week. 

– 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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