Wall Street Strategies
Hello! Sign in or Register

Afternoon Note

Mixed Economic Data

By Karina Hernandez, Senior Research Analyst
1/4/2023 1:50 PM

Major indices came out of the gate with a gusto but reversed course after the release of mixed economic data (more below). The averages then climbed back up into the green.

ISM Manufacturing

ISM Manufacturing posted its second straight contraction in December. Lower production, new orders, and exports signal weak domestic and foreign demand.



Job openings remain significantly lower than the March 2022 peak; however, the key in the report is quits. The quits rate remained relatively steady in November, increasing slightly to 2.7% as 4.2 million workers quit their jobs.


Most of the quits came from transportation and warehousing & utilities (+73,000) and health care & social assistance (+82,000).

All sectors in the S&P 500 are positive this afternoon with Real Estate and Communication Services leading. 

TableDescription automatically generated

There is possibly bargain hunting behind today’s gains along with a positive reaction to a drop in yields.  All eyes on the latest Fed minutes, which may give us a hint on when rate hikes will stop.


Log In To Add Your Comment

Home | Products & Services | Education | In The Media | Help | About Us |
Disclaimer | Privacy Policy | Terms of Use |
All Rights Reserved.