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M Notes:  Mon, 1-23 Thumbnail

M Notes: Mon, 1-23

Wk Close: 1-20-23
+ (-) %
Dow 33,375 -9287 -2.7%
S&P 3,973 -26 -0.7%
Nasdaq 11,140 +61 +0.6%
10-year 3.48 -0.03 -0.9%
Oil 81.40 +1.54 +1.9%


Markets:  They were mixed last week.  The S&P was down a touch, while the Nasdaq was up a touch.   

S&P roller coaster last week:  Holiday, down, down a lot, down, and up a lot.

Fed Balance Sheet:   $8.489 trillion (down $20 billion).   

Housing:  Starts dropped -1.4% in December and are down -21.8% YOY.  Existing home sales declined -1.5% in December and are down -34.0% YOY.

Industrial production:   Expectations were for it to be down -0.1%.  The actual number for December came in at -0.7%.  Take out mining and utilities, it was down -1.3%.  On a 3-month annualized view, industrial production is down -5.2%.

Inflation:  We got the first Wholesale Inflation update of 2023 on Wednesday.  It was down -0.5% in December and dropped from 7.4% down to 6.2% YOY.  

Jobless claims:  The weekly number came in at 190,000.  The four-week average is 206,000.

Radio:  Bill and I chatted about the Debt Ceiling debate going on in Washington.  Here’s the link: https://parker-wealth.com/bill-and-chris-podcasts/bill-and-chris-fri-1-20 .  You can normally hear Bill and I discuss Markets most Friday mornings at 6:38am, 7:38am, and 8:38am 1100 AM, WTAM. 

Retail sales:  Coming off sales dropping -1% in November, retail sales dropped another -1.1% in December.  But they are still up 6% YOY.



Focus of the week:  It will come on Friday morning when we get the PCE update.   This is the Inflation metric the Federal Reserve focuses on.  Expectations are for the PCE to drop from 5.5% down to 5.0%.

Earnings:  Some of the companies reporting this week:   Chevron, J&J, Microsoft, and Tesla. 

Economic calendar:  Durable goods orders, new home sales, the first read on Q4 GDP (Thu); and the PCE update (Fri).