• Skip to main content
  • Skip to header right navigation
  • Skip to site footer
Bautis Financial

Bautis Financial

Secure your Castle, Achieve your Dreams.

  • Schedule a Call
  • Podcasts
    • Agent of Wealth
    • Clear a Path
  • About
    • Our Approach
    • Our Team
    • Our Difference
  • Who We Work With
    • Individuals and Families
    • Small Business Owners
    • Retirees and Pre-Retirees
    • 401k Plan Sponsors
  • Insights
    • Blog
    • Business Valuation Advisor
    • College Planning Hub
    • Discover How
    • Learning Center
    • Risk Score
  • Client Access
    • Wealth Center
    • Orion

Market Recap Week of 3/06/2023 Through 3/10/2023

March 13, 2023 by Bautis Financial
Stock Market Recap

The S&P 500 index fell 4.5% last week as a larger-than-expected rise in February jobs added to rate worries while investors also were spooked by the collapse of SVB Financial Group's Silicon Valley Bank.

The S&P 500 index fell 4.5% last week as a larger-than-expected rise in February jobs added to rate worries while investors also were spooked by the collapse of SVB Financial Group’s Silicon Valley Bank.

The index is still in positive territory for 2023, but barely — its year-to-date gain has slimmed to just 0.6%.

The index began the week’s slide on Tuesday after Federal Reserve Chair Jerome Powell said most-recent economic data are stronger than originally forecast, suggesting interest rates will rise beyond what was anticipated.

“If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes,” he said.

The comments added to the market’s nerves ahead of Friday’s release of February jobs data. Investors have been worried that a stronger-than-expected labor market could prompt the Federal Open Market Committee to raise interest rates more aggressively to tamp down inflation.

The February jobs numbers indeed came in stronger than expected.

Nonfarm payrolls rose by 311,000 last month, the US Labor Department said, well above the 225,000 jobs increase expected in a survey compiled by Bloomberg. Private payrolls rose by 265,000 in February, surpassing the increase of 215,000 private jobs expected. The unemployment rate ticked up to 3.6% in February from 3.4% in January, but that came as the participation rate rose and the size of the labor force expanded.

The market also was rattled on Friday by the collapse of Silicon Valley Bank, which represents the second-largest bank failure in US history. The California Department of Financial Protection & Innovation said it closed the SVB unit and appointed the Federal Deposit Insurance Corp. as receiver.

All of the S&P 500’s sectors fell last week, led by the financial sector that slid 8.5% amid the collapse of Silicon Valley Bank.

Materials dropped 7.6%, real estate was down 7%, consumer discretionary lost 5.6% and energy lost 5.3%.

This week’s economic data will feature key inflation readings, with the February consumer price index set to be released on Tuesday and the February producer price index expected on Wednesday. Other data anticipated this week include February retail sales on Wednesday, February housing starts and building permits on Thursday, and March consumer sentiment on Friday.

Get instructions on how to enable our Flash News Briefing skill to your Amazon devices:

Bautis Financial’s Amazon Alexa Daily Flash News Briefing
Category: Finance News, InvestmentsTag: Market Recap, Market Trends, Stock Market, Stock Market Update, Weekly Market Recap
Previous Post: « Income Tax Basics Tax Basics: Understanding Income Tax Laws
Next Post: Bautis Financial Advisor Commentary: March 13, 2023 Marc Bautis' Advisor Commentary »

Subscribe to Our Insights

Sign up to receive valuable financial insight and updates straight to your inbox each week.

Social

Follow along on social media

Contact

Bautis Financial
7 North Mountain Ave
Montclair, NJ 07042
Get directions
862-205-5800
Contact

Navigation

  • Schedule a Call
  • Podcasts
    • Agent of Wealth
    • Clear a Path
  • About
    • Our Approach
    • Our Team
    • Our Difference
  • Who We Work With
    • Individuals and Families
    • Small Business Owners
    • Retirees and Pre-Retirees
    • 401k Plan Sponsors
  • Insights
    • Blog
    • Business Valuation Advisor
    • College Planning Hub
    • Discover How
    • Learning Center
    • Risk Score
  • Client Access
    • Wealth Center
    • Orion

Copyright © 2023 · Bautis Financial · All Rights Reserved · Powered by Mai Theme

Return to top