Presidents Day
The market is closed today, Monday the 20th, for the Presidents Day holiday.
S&P Fell:
Last week the markets gave back a little bit more of January’s strong returns. The indexes finished the week with their worst week for 2023, with technology, communication services, and small caps dragging down the indexes. The S&P500 index fell last week. Heightened worries over further monetary tightening kept growth stocks in check after January producer prices came in higher than expected. The PPI advanced 6%, which was higher than analysts’ consensus estimates for 5.5% growth, but down from December’s 6.5%. The S&P500 ended Friday at 4,079, down from the prior week’s closing level of 4,090. Smaller cap companies showed late week strength as the dollar’s rise to a 5-week high caused large cap international biased names to pull back.
Gains last week were led by consumer discretionary, rising +1.6%, followed by gains of +0.9% in utilities and consumer staples. Other positive groups included industrials and communication services. The energy sector, 2022 major gainer, led last week’s declines with a -6.9% drop. Other decliners included real estate, down -1.4%, and materials, down -1.1%. The health care, technology and financial groups also pulled back slightly.
On the oil front, WTI and Brent closed lower at $76.34 and $83.00 a barrel, despite the International Energy Agency boosting its global demand forecast. Gold prices dropped to a one-month low and closed at $1850 oz, amid a rise in interest rates and a 5-week high in the UD dollar.
Year to date the S&P500 remains up over +6% with 2022 laggards leading 2023 returns. Cyclicals have outperformed defensive stocks by +7% YTD with consumer discretionary and technology sectors leading while energy and slower growth, utilities and staples lagging.
This week’s earnings calendar will include Walmart (WMT), Home Depot (HD) and TJX (TJX) as well as Medtronic (MDT), NVIDIA (NVDA) and Intuit (INTU).
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Keeping you Connected to Your Money: The Golden Cross of February 2nd, 2023
News or Noise: Bi – Weekly Release
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