Market Drama

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

May 1, 2023 

Watch Time: 4 minutes

Welcome to this week’s Market Drama!

  • The S&P 500 was up almost 1%.
  • Nasdaq is now up 17% year-to-date. 
  • The U.S. aggregate bond index was up and is now up 3.6% year-to-date. 
  • Economic Data:
    • Inflation data – The core CPE index came in as expected at 4.6% year-over-year. 
    • Inflation is coming down sequentially at a slower rate than we’d like. 
    • GDP data for the first quarter came below expectations at a 1.1% annualized growth rate. 
    • Housing data came in worse than expected but we saw strong consumption growth at a 3.7% annualized growth rate. 
  • Earnings:
    • The first quarter of the 2023 earnings season is more than halfway done. 
    • We’ve had positive surprises, especially on the sales front. 
    • 2023 consensus EPS estimates stopped falling. 

What to look out for this week: 

  • The big item to look out for this week is the FOMC.
  • The Federal Reserve is meeting Tuesday and Wednesday. 
    • On Wednesday there’s an 85% probability that they will hike interest rates by 25 basis points. 
  • On Friday we will see the employment data for April. 

Stay tuned for data on this week, 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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