Market Drama

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

May 23, 2023 

Watch Time: 3 minutes

Welcome to this week’s Market Drama!

  • The Stock Market:
    • The S&P 500 was up 1.6% for the week. 
      • It’s the first week in over six weeks in which we have seen the S&P breakthrough either down 1% or up 1%, so we broke through the lack of volatility.
    • Nasdaq was up even more, 3% for the week, for the week (it is now up 21% year to date). 
    • What’s going on beneath the surface? 
      • April jobs number was strong. 
      • Large technology companies went up. 
      • The AI story – disruptive new technology.
  • Economic Data:
    • Leading Economic Index (LEI) fell 0.6% in April. 
      • We are likely heading into a mild recession.

What to look out for this week: 

  • PMI Data. 
  • FOMC minutes.
    • We will see what the Fed was thinking and how closely they looked at possibly stopping hiking rates, in the coming meetings. 
  • Preliminary first-quarter GDP data. 

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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