Market in a Snap! February 6th – February 10th, 2023

By: Dave Chenet, CFA, CAIA®

 CloseWeekly returnYTD return
S&P 5004,090.46-1.11%6.54%
Nasdaq Composite11,718.12-2.14%11.96%
Russell 2,0001,918.81-3.16%8.95%
Crude Oil79.763.85%-0.67%
US Treasury 10yr Yield3.40%  

Source: YCharts, Yahoo! Finance, WSJ

Market Recap

Stock markets took a pause last week, posting the biggest five-day losses since mid-December, yet remain broadly positive on the year.  The decline was largely due to dampened expectations of a Fed rate cut by year-end as Fed Chair Powell reiterated the committee’s expectations that policy would likely remain tight.  As a result, the policy-sensitive 2 year treasury interest rate rose to 4.48%, its highest level since November and at levels close to multi-decade highs.

As we look forward to data for the week of 2/13-2/17, we keep an eye on continued corporate earnings as well as a much anticipated report on inflation due for release on Tuesday.  Expectations are for CPI to have increased by 0.5% through the month of January with the year-over-year figure at 6.2% – a decline from the previous month.

Chart of the Week:

Despite high profile recent layoffs, the labor market remains on solid footing relative to pre-pandemic levels.

Advisory services are offered through Presidio Capital Management LLC, Registered Investment Advisers.  Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Presidio Capital Management, LLC unless a client service agreement is in place.

Leave a Reply

%d bloggers like this: