Market Drama
Featuring Zoe CEO & Founder, Andres Garcia-Amaya, CFA
Welcome to this week’s Market Drama!
Stock Market Updates:
- The S&P 500 was down 1% for the week. Up 21.8% for the year.
- Nasdaq was up 0.2% for the week. Up 23.4% for the year.
- What drove the market?
- Earnings: Several technology stocks reported better-than-expected earnings, contributing to Nasdaq’s positive performance, as it is more heavily weighted toward tech.
- Treasury Yields: Rising treasury yields affected the S&P 500, which has greater exposure to sectors sensitive to interest rate increases. Both short and long-term rates have climbed.
- The 10-year treasury note closed at 4.24% on Friday, up from 4.07% the previous week.
- The economy shows no signs of entering a recession, leading to expectations of rising rates alongside economic growth projections.
- Inflation continues to impact both the stock and treasury markets.
Coming Up Next Week:
- PCE Inflation data.
- October Nonfarm Payrolls report.
- Initial 3rd Quarter GDP estimate.
Stay tuned for next week.
– Andres
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