“You Retire Once… I Help People Retire Everyday”
Connect With Us:
Have any questions?

Week in Review: Aug.7.2023 - Aug.11.2023

Get a free consultation today.
August 10, 2023

Market Recap


The S&P 500 index fell slightly, losing 0.3%, this week as data showed US consumer prices rose modestly in July and the tech and materials sectors lost ground. The market benchmark ended Friday's session at 4,464.05, down from last Friday's closing level of 4,478.03. The index is now down 2.7% for the month of August so far but still solidly in positive territory for 2023 with a year-to-date gain of 16%.

The US seasonally adjusted consumer price index, a measure of inflation, rose by 0.2% in July, right on expectations from a survey compiled by Bloomberg, following a 0.2% increase in June. Core CPI, which excludes food and energy prices, also rose by 0.2%, as expected, after the same gain in June.

The report also showed the rate for core CPI slowed to 4.7% from 4.8%. While this is still well above the Federal Reserve's 2% goal, the slower rate boosted investors' hopes for the Federal Reserve's Federal Open Market Committee to pause interest rate increases.

The technology sector had the largest percentage drop off the week, sliding 2.9%, followed by a 1% decline in materials, a nearly 1% fall in consumer discretionary and slip of less than 0.1% in financials. All other sectors were in positive territory for the week, led by a 3.5% rise in energy and a 2.5% boost in health care, but the decliners more than offset them.

Tech was weighed down by chip-makers, with shares of NVIDIA (NVDA) down 8.6% on the week, Micron Technology (MU) down 7.9%, ON Semiconductor (ON) down 7.6% and Advanced Micro Devices (AMD) down 7.1%.

International Flavors & Fragrances (IFF) led the drop in the materials sector, shedding 20%. The flavor and fragrance company reported Q2 adjusted earnings per share and revenue below analysts' mean estimates and reduced its 2023 sales guidance.

Also in materials, shares of Sealed Air (SEE) fell 14%. The company reported Q2 adjusted earnings per share above analysts' mean estimate but its net sales for the quarter missed the Street view. Sealed Air also cut its guidance for 2023 adjusted earnings per share and revenue.

On the upside, the energy sector's climb came as crude oil futures rose. Gainers included Valero Energy (VLO), up 9.6%, and Marathon Petroleum (MPC), up 8.6%.

The health care sector was boosted by an 18% weekly jump in the shares of Eli Lilly & Co. (LLY) amid the medicines company's acquisition of DICE Therapeutics.

This week, retailers including Home Depot (HD), Target (TGT), Walmart (WMT) and TJX (TJX) will be releasing their latest quarterly results. Other companies on schedule to release results include Cisco Systems (CSCO), Applied Materials (AMAT) and Deere (DE).

The economic calendar for this week features July US retail sales and import prices on Tuesday and July housing starts and industrial production on Wednesday.

Join our mailing list for the latest news and information about insurance and investing.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.