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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