Weekly Market Bullets

for the week ending 9/15/2023

  • US Equity Markets posted narrow losses last week as inflation data showed US consumer prices re-accelerating. The S&P 500 dropped 0.2% for the week and is now up 15.9% for the year. The Equal Weight S&P 500 continues to underperform, now only up 4.5% for the year. The Nasdaq was down 0.4% for the week to bring its gains for the year to 31.0%, while the Russell 2000 (small cap stocks) fell 0.2% for the week and is now up 4.9% for the year.

  • Global Equity Markets rose last week thanks to positive economic data out of China, which raised investor hopes that the Chinese economy is better than feared. Developed Markets rose 1.9% for the week and are now up 7.1% for the year. Emerging Markets were up 1.1% for the week to bring its gains for the year to 2.2%.

  • US Inflation for consumers turned up in August. The Consumer Price Index (CPI) in August was up 3.7% from a year ago, up from 3.2% in July and 3.0% in June. Core CPI, which excludes food and energy prices, remained elevated at 4.3% from a year ago, though that was down from 4.7% in July. With oil prices rising to their highest level of the year last week at over $91/barrel, the CPI will likely continue to face upward pressure.
Of Interest to Us
  • While it may have slipped in the first half of September, the Top 5 stocks in the S&P 500 hit a record weighting as of the end of August. At the end of August, the Top 5 stocks in the S&P 500 accounted for 24.4% of the entire index, an all-time record. Even with a modest pullback in some of these names this month, the Top 5 still account for 24.2% of the entire index. We would welcome broader participation in the market rally such that this weighting comes down.

Market Data

for the week ending 9/15/2023

If you have questions about the markets or would like to talk about your investments, please contact me at [email protected] or via phone at 704.940.3544.
Investors Trust Company helps its clients make sound financial decisions by providing strategic advice and asset management services with a high level of personalized attention. If we may help you or your clients with their investment management needs, please contact one of our Relationship Team members at [email protected].