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  • Writer's picturegiampieroriccio

Our Portfolios and Stock Market summary for the week of June 9-16, 2023

It was a good week for our Portfolios and the stock market, all closing with gains, as can be seen in the attached graph.

In summary, the most relevant events were the FED meeting, in which it was decided to pause the rise in interest rates in the US and the stimuli announced by China to reactivate its economy.

Histogram of the Portfolios returns for the week
Portfolio Returns of the week

On the other hand, the inflation report showed a slowdown in May, and the number of applications for unemployment benefits increased slightly, showing the first signs of a less strong labor market. All this was interpreted by the markets with a positive reading, supported by the expectation that the restrictive monetary policy that has caused so much discomfort to global investment portfolios will soon end.

The S&P 500 and Nasdaq indices reached their best levels since April 2022.

For the week that begins, we will have a holiday for the markets on Monday the 19th due to the Juneteenth celebration, and no particularly relevant announcements are expected, so we believe that the optimistic note in the markets will continue unless happens something unexpected.

However, we should not rule out the possibility that any disturbance to the global calm could trigger short-term profit-taking, since the last few weeks have seen steep rises in prices, and experience teaches us that corrections tend to happen in similar cases. In any case, there is still more potential for appreciation than for losses in the months ahead, so if there is a correction, it would be a good opportunity to enter the market for new investments.

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