Market Drama

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

September 18, 2023 
Watch Time: 4 minutes

Welcome to this week’s Market Drama!

  • The Stock Market:
    • The S&P 500 was essentially flat, down 0.2%.
    • Nasdaq was down 0.4% for the week. 
    • Oil was up 4% for the week, 13.5% year-to-date.
      • The average price for WTI is $75 per barrel.  Big driver were production cuts announced by Saudi Arabia and Russia. 
  • Macro Data:
    • Biggest indicator was CPI data.
      • Headline CPI rose 0.6% for the month of August, up 3.7 from a year ago (faster pace than July’s 3.2%).
        • Biggest headline there: oil prices affecting gasoline prices – increased 10.6% month-over-month. 
      • Core CPI went down from 4.7% year-over-year to 4.3% – deceleration of growth.
    • Retail sales numbers for August went up 0.6% month-over-month. Most of that price came from gasoline. 

Looking forward to next week:

  • Housing start data for August. 
  • FOMC meeting on Wednesday. 

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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