Market Drama

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

January 29, 2024 
Watch Time: 3 minutes

Welcome to this week’s Market Drama!

Stock Market Updates:

  • The S&P 500 was up 1.1% for the week.

Economic Updates: 

  • Oil was the big surprise with oil prices being 6.6% up for the week.
    • It is now up 9% year-to-date.
    • Why was oil up so much? 
      • Both PMI data as well as GDP data the the fourth quarter of 2023 were better than expected. 
      • Both services and manufacturing data were better than expected. 
      • GDP data is more backward-looking but it shows that the economy grew at 3.3% annualized, better than the 2% expectation.
        • The biggest driver was consumption, which grew at 2.8%.
  • Inflation data: PCE data, personal consumption expenditures data came out. 
    • Core PCE (gets rid of the noise), came in better than expected at 2.9% year-over-year growth.

Coming up next week:

  • January 31st will be the next Fed meeting. 

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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