Market Drama

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

February 13, 2023 
Watch Time: 3 minutes

Welcome to this week’s Market Drama!

  • The S&P 500 was down 1%.
  • Nasdaq was down 2.4%. 
    • Big drivers were: earnings and some comments by the Fed. 
  • Asset class highlight: oil was up 8.7%, inching towards $80 per barrel. 
    • Russia announced they are going to cut roughly 5% of their total production every day. 
  • Earnings: 
    • 69% of the S&P 500 have now reported. 
    • Roughly 70% of those companies have reported better-than-expected earnings. 
      • The average is 77%, so that’s lower than usual. 
    • The expectation for the next two quarters has come down. 
      • Forecast is now calling for -5.1% growth in the first quarter of 2023, and -3.1% year-over-year growth in the second quarter.
  • The Fed: 
    • There was a speech that Fed Chairman Powell gave last Tuesday that drove the market lower. 

When it comes to this week: 

  • Keep an eye on for CPI. 
    • Core expectations year-over-year of 5.4, prior month was 5.7. 
  • On the earnings front, we have 61 S&P 500 companies, so we are kind-of getting to the tail end of earnings season. 

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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