Market Watch: Jobs Beat Estimates, Wage Inflation Retreats, Israel Invasion and Oil Surge, Speaker McCarthy’s Exit

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Market Watch: Jobs Beat Estimates, Wage Inflation Retreats, Israel Invasion and Oil Surge, Speaker McCarthy’s Exit

SPY
S&P 500

Last Week: .48%
YTD: 13.58%
1 Year: 13.90%

DIA

Dow Jones Industrial Average

Last Week: -.25%
YTD: 2.36%
1 Year: 13.90%

ONEQ
NASDAQ

Last Week: 1.70%
YTD: 29.80%
1 Year: 22.79% 

Russell 2000

Month: -2.12%
YTD: .33%
1 Year: 1.16% 

Large Growth

YTD: 27.25%
1 Year: 28.60% 

*As of 9/30/2023

Large Value

YTD: 3.53%
1 Year: 19.68% 

*As of 9/30/2023

Jobs and Wage Inflation

Non-farm payroll added 336,000 jobs in September, well above expectations. The market did not react well to this news. However, as we later saw, wage inflation cooled off, posting its smallest increase since June 2021. Hourly income rose just 0.2%. The digestion of this news resulted in a market rally. These mixed signals further point to the issue the Fed has trying to get inflation under control while trying to lead the US to a “soft landing”.

Israel Under Attack

Militant group Hamas staged an invasion of Israel over the weekend. Israel nor Palestine are major players in global energy resources, but they are both located in a key region for oil production. Oil futures are up over 3% as of Monday morning. OPEC also raised their long-term oil demand outlook, which contradicts the International Energy Agency (IEA), stating last month that we are now at the beginning of the end of the fossil fuel era.

House Speaker Ousted

Republican House Speaker, Kevin McCarthy, was removed last week in a historic movement. Lawmakers are under pressure to elect a new speaker quickly amid the crisis in Israel. The House cannot pass legislation without a speaker. The Biden administration is putting pressure on the House to elect a new speaker to help approve additional aid to Israel.

  • 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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