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February 6, 2024
January 2024 Economic & Market Highlights
The CPC Team
- January displayed mixed performance across markets. The S&P 500 and Dow Jones both had six record closes by the end of the month, while small caps reversed course from the upward trajectory in 2023.
- Emerging markets declined notably, with significant contribution from concerns about China's economic slowdown, particularly in its property sector.
- Corporate earnings were lackluster to start the year. With around 25% of the companies reporting, 69% reported earnings above estimates, below the 5-year average of 77%.
- The Q4 2023 GDP reading came in slightly above expectations, at an annual rate of 3.3%. While this did mark a slowdown from the previous quarter's annual rate of 4.9%, it is still considered strong.
- Federal Reserve Chairman Jerome Powell's policy meeting press conference was closely followed for indications on future rate cuts. Powell expressed skepticism about March marking the beginning of the rate-cutting cycle, citing inflation coming down without a slow economy or material increases in unemployment.
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