Market Moment

Glen Eagle®: America’s Women-Owned Trading Desk®  

2/13/2023

  • U.S. companies announced 102,943 job cuts in January 2023 which represented a 440% increase in layoffs since January 2022. 41% of the layoffs came from the technology sector alone.
  • States are currently holding around $137 billion in rainy-day funds, which is the highest on record. If there is a recession this is helpful because state and local governments account for 11% of the US economy and 13% of all payrolls.
  • A total of 57 Ponzi schemes were discovered in 2022, which was nearly a 70% increase in one year. In aggregate the schemes represented $5.3 billion dollars, with close to 60% of that value coming from crypto-related ponzi schemes.
  • More than two-thirds of the companies in the S&P 500 have reported fourth-quarter earnings but only 69% of them have beat their earnings estimates (compared to 76% over the past four quarters).


MFS - "Beyond the News"

WSJ - "‘States Are Flush with Cash, Which Could Soften a Possible Recession"

Barrons - "Ponzi Schemes Surged in 2022. Many Involved Crypto"

Barrons - "Stock Market Has Its Worst Week of the Year. No News is Bad News."




Economic Calendar


Monday:

NY Fed 1-year inflation expectations (Jan), NY Fed 5-year inflation expectations (Jan)


Tuesday:

NFIB small-business index (Jan), Consumer price index (Jan), Core CPI (Jan), CPI (year-over-year) (Jan), Core CPI (year-over-year) (Jan)


Wednesday:

Retail sales (Jan), Retail sales excluding motor vehicles (Jan), Empire state manufacturing index (Feb), Industrial production index (Jan), Capacity utilization rate (Jan), NAHB home builders' index (Feb), Business inventories (Dec)


Thursday:

Initial jobless claims (Feb), Continuing jobless claims (Feb), Producer price index final demand (Jan), Building permits (Jan), Housing starts (Jan), Philadelphia Fed manufacturing survey (Feb), Household debt (SAAR) (Q4)


Friday:

Import price index (Jan), Index of leading economic indicators (Jan)


 

US Futures*

S&P 4,104.50 +0.12%

DOW 33,885 -0.03%

NASDAQ 12,392.50

+0.37%


World Markets*

FTSE 7,920.68

+0.49%

NIKKEI 27,427.32

-0.88%

HANG SENG 21,164.42

-0.12%


*values as of 9:30 AM EST 2/13/2023

 

Treasuries*

2 YR 4.547%

10YR 3.730%

30 YR 3.795%



Cryptocurrencies*

BTC-USD

21,624.75 -0.92%

ETH.CM

1,480.11 -3.85%

^CMC200

490.65 -1.80%




Currencies*

Euro $1.0687

Pound $1.2088

Yen $132.6720



Commodities*

Gold 1,868.50

-0.32%

WTI Crude 79.24

-0.60%

Silver 21.93

-0.66%



Upcoming Earnings Calls


Monday - FE, CAR, OWL, ES, SEDG

Tuesday - KO, ZTS, ABNB, MAR, ECL

Wednesday - CSCO, SHOP, EQIX, NTR, SCCO

Thursday- SO, CVE, ED, DLR, CEG

Friday - DE, PPL, CNP, AN, ABR



Client Focused Trading® for large institutions, pensions, hedge funds, wealthy families, and private equity for over 30 years.

Glen Eagle Wealth, LLC is a member FINRA and SIPC
This desk commentary is for informational purposes only



Carol Ann Fernandez
Rob Michel
Grier Vacek

Glen EagleWealth, LLC
4422C Route 27
PO Box 399
Kingston, NJ 08528
(609) 631-8231

Glen Eagle Wealth | www.gleneagleadv.com