Market Drama

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

June 26, 2023 
Watch Time: 3 minutes

Welcome to this week’s Market Drama!

  • The Stock Market:
    • The S&P was down 1.7% for the week. 
    • Nasdaq was down even more, 1.4% for the week. 
  • Economic Data:
    • On the positive side:
      • Housing starts for May came in much better than expected. In fact, groundbreakings on U.S. single-family home-building projects have surged the most in over three decades. 
      • Multi-family construction projects were also a big reason housing starts are still doing well. 
    • On the negative side: 
      • Results for manufacturing were below 50 – contraction of manufacturing activity. Versus services, which has been above 50 (meaning it’s growing). 
    • Fed Chair Powell testified in the House and the Senate.
      • Indicated there is a continued effort to fight inflation and keep interest rates high to bring inflation down. 

What to look out for this week: 

  • May Core PCE data – year over year- is expected to be 4.6%.

Stay tuned for next week. Take care.

– 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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