Manager's Pulse: January 30, 2023

Manager's Pulse: January 30, 2023

January 30, 2023


U.S. equities closed higher last week after investors appeared to be more optimistic about the possibility of avoiding a recession. The NASDAQ outperformed the other domestic indexes, finishing 4.32% higher. Out of all the S&P 500 sectors, consumer discretionary (+6.4%) outperformed most, mostly fueled by large gains in Tesla, Inc. (TSLA) as Elon Musk spoke of his positive outlooks for the company. Technology (+4.1%) and communication services (+3.3%) also outperformed the other sectors, while health care (-0.8%) and utilities (-0.5%) underperformed modestly. Ultimately, the S&P 500 Index finished 2.48% higher. Economic data showed U.S. Real GDP rose 2.9% in 4Q22, slightly above expectations. Lastly, sovereign yields finished modestly higher last week, with the 10-Year and 2-Yeat U.S. Treasury yields finishing at 3.52% and 4.19%, respectively.


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The indices are presented as broad-based measures of the equity, fixed income, and consumer markets. The indices are provided for comparative and illustrative purpose to provide a comparison of the model against the broader-based equity, fixed income, and consumer market.  The indices are not intended to reflect the investment objectives of the model as the securities held within the model will differ in market volatility, concentration, investment objectives, and diversification among others from those of the indices. The indices are not managed, and returns do not reflect the deduction of fees, expenses, transaction costs or taxes that actual client accounts are subject to. Investors cannot invest directly in an index. Returns are not annualized for periods less than1 year.

 Trailing Major Index Returns and YTD S&P Sector Returns are sourced from Morningstar Direct.

* Sourced from JPMorgan Asset Management, publicly available at

 All other economic and market data sources may include, and is not limited to:

Edward Jones, publicly available at

Goldman Sachs, publicly available at

Rowe Price, publicly available at