Home   Logon   Mobile Site   Research and Commentary   About Us   Call 1.800.621.1675 or Email Us       Follow Us: 

Search by Ticker, Keyword or CUSIP       
Blog Home
Bob Carey
Chief Market Strategist
Click for Bio

Follow Bob on Twitter Follow Bob on LinkedIn View Videos on YouTube

  US Stock Markets Ended Jan. 20, 2023
Posted Under: Weekly Market Commentary
Supporting Image for Blog Post


Technology and Communication Services companies lifted stocks to close out the week as the tech-heavy NASDAQ 100 Index rose almost 3% on Friday and 0.7% for the week. The S&P 500 and Dow Jones Industrial Average were both lower for the week but gained on Friday on the strength of the Energy and Tech sectors. Earnings season has just begun and leading the way on Friday was oilfield servicer Schlumberger with its quarterly print coming in above analyst expectations. The company reported a seven-year high in international revenue which could provide a boost for comparable Energy companies. Next week, 89 S&P 500 components are set to release quarterly results. Alphabet Inc, the parent company of Google, traded higher by almost 7% on Friday after news of job cuts to control costs stemming from leveling off of demand from advertisers and cloud services. Labor reduction is a trend in the technology sector after Meta, the parent company of Facebook, and Microsoft have also announced layoffs bringing the total tech cutback to over 200,000 jobs. More news coming from various Fed officials points to slower hikes as inflation could cool faster than expected. Patrick Harker, the President of the Philadelphia Federal Reserve, said he expects the central bank to “raise rates a few more times this year” and “hikes of 25 basis points will be appropriate going forward”. Looking ahead to next week, data on home sales, consumer sentiment, and jobs are all set for release along with more corporate earnings reports.  

Posted on Monday, January 23, 2023 @ 8:26 AM • Post Link Share: 
Print this post Printer Friendly

These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
Search Posts
Market Commentary and Analysis
Market Commentary Video
Weekly Market Commentary
Weekly Market Watch
Monthly Talking Points
Quarterly Newsletter
Market Observations
Subscribe To Receive Email

US Economy and Credit Markets Ended Jan. 20, 2023
Sector Performance Via Market Cap
A Snapshot of Bond Valuations
US Stock Markets Ended Jan. 13, 2023
US Economy and Credit Markets Ended Jan. 13, 2023
This Covered Call Index Tends To Outperform The S&P 500 When Returns Are Modest Or Down
A Global Snapshot Of Government Bond Yields
US Stock Markets Ended Jan. 6, 2023
US Economy and Credit Markets Ended Jan. 6, 2023
A Snapshot Of How Stocks Have Performed So Far This Millennium
Skip Navigation Links.
Search by Topic
Skip Navigation Links.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
First Trust Portfolios L.P.  Member SIPC and FINRA. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
Home |  Important Legal Information |  Privacy Policy |  California Privacy Policy |  Business Continuity Plan |  FINRA BrokerCheck
Copyright © 2023 All rights reserved.