Market Drama

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

May 8, 2023 

Watch Time: 4 minutes

Welcome to this week’s Market Drama!

  • The S&P 500 was up 1.9 for the week%, meaning it’s up 8% year-to-date.
  • Nasdaq was up 2.3% for the week and is now up 18% year-to-date. 
  • Economic Data:
    • April’s growth came in at 253,000, above expectations.
    • March payrolls were revised down significantly. 
    • The unemployment rate fell to 3.4%.
    • Year-over-year wages were up 4.4% higher than expected. 
  • Earnings:
    • Average hourly earnings went up more than expected. 
    • Earnings are coming in better than expected.
    • First quarter 2023 earnings are now tracking toward negative 4.5% (the market was expecting even worse numbers).

What to look out for this week: 

  • Monday, Tuesday, and Friday we’ll have Fed presidents Goldsby, Jefferson, and Williams, speak. 
  • Keep an eye on April CPI data coming in on Wednesday, and PPI data on Thursday.

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. 

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