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 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. Zoe Financial does not provide legal advice.

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