Weekly Market Report for March 13-17, 2023

Weekly Market Report for March 13-17, 2023


    •S&P 500   +2.1%

    •Dow Jones +0.1%

    •NASDAQ   +6.5%

    •Russell 2000   -1.7%

Domestic equity markets finish the week mixed as inflation gauges ease and housing stabilization signs emerge in the face of bank failures. The U.S. Bureau of Labor Statistic’s Consumer Price Index (CPI) eased in February as prices rose 6% from the prior year. The Producer Price Index (PPI) eased at 4.6% annual growth. CPI and PPI are two separate inflation gauges the Fed uses to measure the economy, and each is moving lower. In housing, building permits stabalized in February boosting investor hopes for a turnaround in the housing market. Both the softening inflation figures and potential stabilization in housing struck in the face of two bank failures. Silicon Valley Bank and Signature Bank collapsed as customers lost confidence and sought to withdraw their deposits. First Republic Bank is the third mid-sized bank on the brink of failure over the past two weeks. The bulk is due to lost confidence, not risky bank behavior.

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