Market Watch: Boeing’s Plane Woes, Holiday Spending, Shipping Woes, Florida’s FDA Nod

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Market Watch: Boeing’s Plane Woes, Holiday Spending, Shipping Woes, Florida’s FDA Nod

SPY
S&P 500
Last Week: -1.79%
YTD: -1.79%
1 Year: 20.64%
DIA

Dow Jones Industrial Average

Last Week: -0.61%
YTD: -0.61%
1 Year: 11.74%
ONEQ
NASDAQ
Last Week: -3.95%
YTD: -3.95%
1 Year: 37.37% 
Russell 2000
Last Week: -5.08%
YTD: -5.08%
1 Year: 8.64% 
Large Growth
YTD: -1.93%
1 Year: 44.51% 
Large Value

YTD: 0.09%
1 Year: 3.48%

 

Boeing Experiences More Issues

Friday, during an Alaskan Airlines flight, an emergency exit door blew off midflight. The FAA has since grounded most of Boeing’s 737 Max planes to be inspected. This most recent headline is just one of several troubling quality issues in the past year. Boeing has been trying to get the new planes back on track with new deliveries and orders since the two fatal crashes.

Holiday Shopping Increases

Online spending was up nearly 5% during the holiday season in November and December. Shoppers took advantage of retail sales discounts and increased usage of buy now, pay later options. Data shows consumers made more purchases, but not necessarily higher-priced purchases. According to Adobe’s Digital Price Index, e-commerce prices were down 5.3% year over year in December. This price index tracks prices across 18 product categories online. Most retailers release Q4 earnings in February.

Global Shipping Troubles

Issues with Iranian-backed militant group Houthi continue to shake up global shipping routes. Danish shipping giant Maersk made the decision to pause routes going through the Red Sea, where Houthi militants have been attacking cargo ships. The US has sent Navy military helicopters to the area and has successfully combatted four Houthi boats that attacked a Maersk boat last weekend. Boats coming to the western part of the globe are being routed around the tip of South Africa, which has triggered a large price increase in the cost of containers.

Florida Gets Greenlight from FDA

In a major approval from the U.S. Food and Drug Administration, Florida has been approved to import cheaper prescription drugs from Canada. Florida is the first state in the U.S. to pass and be granted approval to do so. The plan aims to reduce prescription drug costs for many Floridians. Large pharmaceutical companies have provided major barriers. Florida is likely to face additional hurdles before the plan takes effect. The FDA also said they are committed to helping other states seeking to import Canadian drugs. 

  • Alex Wolfe

    Alex is a Certified Financial Planner™. He brings nearly a decade of experience working with individuals, families, and business owners. Prior to working for Base Wealth Management, Alex worked for Fidelity Investments and an independent wealth management firm in Venice, FL. Through many years of practice, he specializes in helping clients navigate their financial goals through comprehensive financial planning. He received his bachelor’s degree in economics from Texas A&M University.

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2022 Tax Document Information

As a Base Wealth Management client, you should receive your paper tax documents via mail in the coming weeks. Or, if you previously had an online account with Pershing’s NetX360, you should be able to access your 2022 tax documents through that portal. 

If not, or if you experience any issues, please reach out to Tim O’Brien (tim.obrien@intervestintl.com).

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