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Economic Update – January 4, 2023

THE WEEK ON WALL STREET

In a holiday-shortened week, erratic trading left stocks marginally down for the week.

The Dow Jones Industrial Average lost 0.17%, while the Standard & Poor’s 500 slipped 0.14%. The Nasdaq Composite index fell 0.30%. The MSCI EAFE index, which tracks developed overseas stock markets, edged 0.61% higher.1,2,3

STOCKS END LOWER

Steps by China to move past its zero-Covid policies triggered concerns that its economic reopening might aggravate inflation pressures, sending stocks lower and bond yields higher to begin the week. Technology stocks saw the most significant hit.

With dimming prospects of a Santa Claus rally (the historical tendency of stocks to rise in the final trading days of the year and the first two days of the new year), stocks rebounded strongly on Thursday to erase the losses of the previous two days. However, stocks again turned lower to end the week with small losses.

LOWER RISK APPETITE AMID UNCERTAINTY

In an otherwise slow week for news, two monthly reports were released highlighting the market’s headwinds. The first was State Street’s Investor Confidence Index, which measures the risk appetite of institutional investors. The December report showed the confidence of large asset managers in investing in risk assets, like stocks, has dropped over the past two months, explaining, in part, why stocks may have struggled of late.4

Meanwhile, the Atlanta Fed released its Survey of Business Uncertainty, which reflected both declining expectations around sales growth and employment, along with growing uncertainty about revenue and employment growth over the next 12 months.5

TIP OF THE WEEK
Spammers love to create emails that look like they’ve legitimately come from your bank or credit card issuer. How can you be safe? Never use a “click here to log in” link. Always go directly to the website address for your bank or credit card provider and log in there.

THE WEEK AHEAD: KEY ECONOMIC DATA

Tuesday: Purchasing Managers’ Index (PMI)-Manufacturing. Institute of Supply Management (ISM) Manufacturing. Job Openings and Labor Turnover Survey (JOLTS).

Thursday: Jobless Claims. Automated Data Processing (ADP) Employment Report. Purchasing Managers’ Index (PMI)-Services.

Friday: Employment Situation.

Source: Econoday, December 30, 2022

The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.

THE WEEK AHEAD: COMPANIES REPORTING EARNINGS

Thursday: Constellation Brands, Inc. (STZ), Walgreens Boots Alliance, Inc. (WBA), Conagra Brands (CAG).

Source: Zacks, December 30, 2022

Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.

CITATIONS:

1. The Wall Street Journal, December 30, 2022
2. The Wall Street Journal, December 30, 2022
3. The Wall Street Journal, December 30, 2022
4. State Street, December 28, 2022
5. Federal Reserve Bank of Atlanta, December 28, 2022

QUOTE OF THE WEEK
“Formal education will make you a living, self-education will make you a fortune”
Jim Rohn

THE WEEKY RIDDLE
What word doesn’t belong in this group: blast, paper, castle, coin, box, storm?

LAST WEEK’S RIDDLE:
Name the three English-language three-letter words that begin and end with the letter E.
ANSWER: eve, ewe, and eye.

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Jerry Slusiewicz may be reached at 949-219-0692 or 800-449-9501
jerry@pfpinvest.com
pfpinvest.com

This Economic Update should not be construed as a solicitation or an offer to buy or sell any public or private securities. Securities offered through Pacific Financial Planners. Please check with a Financial Advisor regarding your specific needs before making any investment decisions.

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Learn More About Mandee

In preparation for her continuing the family business and taking over full time once Dee retires, Mandee Carter, the Vice President and Associate Advisor of the Carter Financial Group, has been working alongside her father running the day-to-day business and learning the ropes, so to speak, since 2017.

Mandee received her BS in Psychology in 2016 and started her career in the Financial Industry in 2010 when she started helping in the office. After acquiring her degree, she came on full-time in March 2017 as Dee’s business partner and Main Associate Advisor helping clients navigate the intricacies of investing for retirement and overall successful financial planning.

In 2021, she was named an Elite Producer with American Equity amongst other accolades.

In Mandee’s spare time, she likes to go to the gym, spend time with her boyfriend, friends and family. She is an animal lover and rescuer. She has 2 German Shepherds that she rescued from the shelter 6 years ago. She still enjoys almost all things Psychology related and is constantly researching something. She enjoys meeting new client prospects and likes speaking with her current clients. She loves helping people.