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 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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