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 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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