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 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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